Metaversal is bankless newsletter Weekly level-ups for NFTs, virtual worlds and collectibles
Dear country without banks
Gift exchanges, where friends and family exchange gifts randomly, are a holiday staple.
Of course, with blockchain and NFTs, it’s easy to program an extension of the gift exchange. In the world You can participate in the random gift exchange together.
One project to bring such NFT gift exchanges to life this holiday season is Santa FMa new NFT gift exchange protocol that allows you to deposit NFTs to receive new NFTs from the gift pool on Christmas Day.
As with all new web3 features, this app should be used as an experiment. If you try, do it for fun and only deposit NFTs that you are willing to transfer.
So let’s go over the basics of Santa.FM and how it works in today’s post.
-WMP
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Santa FM is a recently launched NFT gift exchange protocol created by VenturePunk web3 studio. Jordan LyallNFTs can be deposited in the Santa.FM gift pool until December 24, 2022 at 10:00 PM PST. After that, you can redeem the same value for new NFTs from the pool starting at 6am PST on the following Christmas morning.
Santa.FM is a decentralized peer-to-peer protocol, so we need a way to exchange Ethereum-based NFTs in a verifiably random way, without centralized interference or control.
towards that purpose, Chainlink verifiable random number function (VRF) resource. This allows web3 projects to safely leverage gas-efficient on-chain randomness.
Therefore, Santa.FM relies on Chainlink VRF to ensure fair and random distribution of gifts deposited into the gift pool. As the VenturePunk team has explained:
“The Santa.FM smart contract only accepts random input with valid cryptographic proof. Cryptographic certificates can only be generated if the VRF process is tamper-proof. This provides automated, verifiable assurance directly on-chain that the NFT gift randomization is provably fair and has not been tampered with by Oracles, external entities, or the VenturePunk team.“
To prevent an influx of spam submissions, the Santa.FM pool only accepts deposits from OpenSea-verified NFT collections. The VenturePunk team kicked off the pool with several NFTs ranging from Art Blocks to collections like SupDucks. Due to public donations, the pool is now +770 NFT, counting as of this writing.
Prior to the gift exchange on Christmas Day, you can see all the deposit NFTs that are set to be randomly distributed. Pool’s OpenSea profile pageThere’s definitely some cool stuff here so far in my opinion!
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went to santa.fm connect ethereum wallet
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click open an exchange button
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Select the NFT you want to give as a gift and press contract approval Complete the authorization transaction in your wallet
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press add gift Complete the final deposit transaction
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that’s it! Once you’ve joined, you’ll return to the same dashboard on Christmas morning and unopened gift Option to initiate a 1:1 gift claim redemption
Santa.FM is celebratory, collaborative, experiential, fun and open. In other words, an experiment like mine. But looking deeper, it’s also a sign of things to come. In an increasingly digital world, as we gain more technology and understanding, we are bringing old practices online in new ways. Santa.FM is doing this in a lighthearted style for holiday NFT gift exchanges, but in the next few years he’s just the tip of the iceberg of all the cultures that will be on-chain via NFTs. believe in!
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🧑🎄 Checkout Santa FM — Remember, this year’s gift pool ends in four days on the night of December 24th!
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🗓️ Read our previous post 2022 NFT Highlights In case you missed it!
William M. Peester is a professional writer and creator of metaversal— Bankless newsletter focused on the emergence of NFTs in the crypto economy. Recently, we also provide content to Bankless, JPG, etc.
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It is not financial or tax advice. This newsletter is strictly educational and is not investment advice and is not a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Please consult your accountant. Please do your own research.
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