Cripco IP3 Introduction
CRIPCO is an NFT marketplace and building ecosystem for NFTs endowed with high-quality IP rights - what one might call an “IP 3.0 hub”. CRIPCO aims to build an NFT ecosystem where everyone can create secondary content and merchandise with the tooling provided by CRIPCO’s platform. DAO partners can upload NFTs of their intellectual property, such as emojis, videos, and icons, and users can buy these NFTs to make videos, virtual avatars, and merchandise, which they can use to monetize. CRIPCO’s marketplace will first be launched on Solana, with plans to expand to Polygon and Flow. IP3 is the utility on the initial exchange offer from CRIPCO. The sale price is 0.2$. CRIPCO has formed an exclusive partnership with IPX, formerly known as LINE FRIENDS. IPX, as a DAO member of CRIPCO, will upload NFTs of its IP to populate the ecosystem.
Introduction to CRIPCO?
CRIPCO is an NFT marketplace built on Solana complete with tooling that allows users to purchase and trade these NFTs which could be used to create secondary content and merchandise.
CRIPCO DAO partners, who are IP owners, will upload NFTs of their intellectual property. The IP might be emojis, videos, or icons. Users can buy these NFTs to make videos, virtual avatars, and merchandise, which they can use to monetize.
Users may further customize these NFTs and then sell them on CRIPCO’s NFT marketplace.
IP3 is the utility token used for transactions on CRIPCO. Users will have to purchase IP3 in order to conduct transactions. IPD is the governance token on CRIPCO, and is minted by locking up 10,000 IP3.
Why use a DAO?
At its core, the Multiverse DAO called CRIPCO is designed to guarantee transparency and accountability in all platform decision-making, whether that be platform curation, smart contract upgrades, or treasury fund usage. All DAO proposals are public, therefore DAO members are incentivized to act in alignment with the interests of platform users, with ensuing reputational damages for dishonest or low-quality governance/voting.
DAOs also offer a unique opportunity to coordinate skills, talent, and information across the globe, enabling a dynamic organization that spans international borders. By integrating a wide pool of stakeholders and aligning their incentives, DAOs can enable cooperation between parties and draw from a huge pool of expertise. By integrating a diverse array of stakeholders into CRIPCO including creators, brands, influencers, programmers, platforms, and more, the multiverse will become the world-leading NFT platform in the global metaverse.
By using a DAO to manage the curation process, the DAO can successfully maintain NFT quality within the multiverse and make strategic platform decisions that offer a curated experience for customers, whilst ensuring legal compliance where necessary through its wide array of stakeholder expertise.
Platform Specifics
Curation Contract
The curation contract is the DAO’s primary function and is used to keep a list of approved pocket universes. Only approved pocket universes can be interacted with within the multiverse.
Pocket-universe applications cost IP3 to submit. The exact breakdown of this cost has yet to be determined, though a small portion will be sent to the Treasury, with the rest locked until the curation decision is confirmed.
Applications may also include an IP3 bounty shared between all voting wallets proportionate to voting weight. This bounty is designed to attract votes, and therefore scrutiny from the DAO. It will be shared between all voting wallets regardless of the ultimate outcome. Bounties also create a fixed cost for submitting applications, decreasing the likelihood of low-quality applications.
Successful pocket-universe applications require:
A quorum of 20% of the total voting weight
A 2/3rds majority
This relatively high approval threshold ensures that any accepted applications should be of high quality. Low-interest applications will be ignored. The Multiverse Application voting periods will last for 1 week, allowing time for a thorough assessment of the application’s merits by all interested parties.
Once a multiverse application is approved, the address of the relevant NFT contract gets included in the relevant approval list, allowing it to function and interact with the marketplace platform.
Finally, the DAO can vote to remove a pocket universe from the multiverse approval list. The exact process for this has yet to be determined but will require a higher threshold than successful applications. Removals may be necessary in cases where inactivity, copyright infringement, security vulnerabilities, or other unforeseen complications arise.
IP3 Organogram, source: CRIPCO Whitepaper
Tokenomics of IP3
As discussed previously, CRIPCO will have two distinct tokens. A utility token to handle transactions between users within the marketplace, and a governance token used exclusively within the DAO.
The utility token is called IP3, and the governance token is called IPD. At genesis, only IP3 will be available. A user can lock up 10,000 IP3s to form an IPD. IP3 is designed for public use, whereas IPD is designed to ensure effective multiverse governance.
IP3 is the utility token of the CRIPCO platform. Its primary function is as the medium of exchange between transacting parties. All sales and transaction fees within the Multiverse will be settled in IP3.
Beyond this, holding IP3 will grant users certain privileges, benefits, etc. when using the platform. Here is a deion of the proposed IP3 token utility cases and values:
What will be the benefit of having IP3?
According to the CRIPCO whitepaper, IP3 users will benefit from holding and using IP3 token. Below are the benefits.
Transaction Currency - All sales, purchases, and general transactions within the Multiverse will be settled in IP3.
Pocket Universe Application Fee
Staking Fee - All NFT universe applications must include a set amount of staked IP3 depending on the size of the collection. If the application is approved, then the corresponding IP3 application fee will be burnt. The submitter will receive their IP3 back minus any fees if the application is rejected.
Voting Incentive - IP3 is used in the application process in order to attract DAO votes and reach the minimum quorum required for a listing. Submitters may attach an IP3 bounty which is shared amongst voting IPD holders upon a completed application (regardless of the result).
Early-Access to Listings - IP3 holders can receive up to 48 hours early access to new universe listings, offering an exclusive chance to purchase desirable NFTs before they hit the main market.
DAO Treasury Special Events - IP3 holders will be able to stake their IP3 in return for access to exclusive events, discounts, and more, organized by the DAO Treasury.
Treasury Voting Applications - IP3 can be used to submit Treasury governance decisions to the DAO in conjunction with DAO wallet support.
Exclusive Multiverse Perks Benefits - Due to the multiverse’s collaborative approach to integrating brands, creators, companies, and more within the DAO, it is anticipated that certain exclusive bonuses, such as discount codes or more can be provided to IP3 token holders.
Vesting Schedule
IP3 will start with a 300M genesis supply. Below is the market cap table of IP3.
How can I buy Cripco IP3?
The simplest way to buy MATIC is through cryptocurrency exchanges. You can establish an account with an exchange like Bitget, and then fund the account with fiat by credit card, Apple pay and Google pay.
