Doki Doki - A Complete NFT Ecosystem for Creators, Collectors, and Investors
One project is changing the face of NFT collecting and distribution
|Andrew Steinwold||May 26||4|
Today we have an awesome guest post from the Doki Doki Finance team. I have been following the Doki team for some time and love the team, product, and vision behind the project - Disclaimer: We (Sfermion) have a position in $DOKI & $BND. A guest post is always appreciated by me because it allows me to learn directly from the founders and provides content for the blog. I am aiming to increase the number of guest posts AND posts from myself going forward so hope you enjoy!
The Power of Gachapon Machines
Art and valuable collectibles have been the purview of the wealthiest in every society for thousands of years and valuable NFTs are no exception to that rule. The highest valued NFTs are only available to those that have the most crypto to buy them. Doki Doki was created to change that model and make selling, buying, collecting, and investing in the NFT space fair, fun, and accessible to everyone.
Gachapon machines are wildly popular in Japan with entire stores filled with dozens of collectible dispensing machines. A buyer finds a machine with the types of items they are seeking, puts in their money and receives a mystery ball containing a physical collectible. Like opening a pack of cards, some of the items will be rare and more valuable than others, but the chance of completing a collection or getting an item that is really valuable keeps people coming back for more.
More Fun and More Value For Collectors
Doki Doki brings the concept of “Gachapon” to the blockchain in the form of a unique NFT platform, and the audiovisual experience makes it no less exciting for players. The potential for immediate value from a spin of a Doki Doki machine increases the likelihood that users will keep trying to get very valuable NFTs or complete a collection.
Each machine in the Doki Doki marketplace is themed around an artist or a storyline and so different machines attract different users. The real difference with Doki Doki's NFT marketplace over other platforms is that the costs to get an NFT are significantly lower and nobody has to be wealthy to get something good. The process of spinning the machines can be a little bit addicting as users spin to complete their collection or to obtain rarer and more valuable NFTs.
Larger brands like Sushi, Cometh, Pranksy and others have seen the value in the gachapon model and have partnered with Doki Doki to create machines for their communities. The success of these partnerships also provides great talking points as Doki explores partnerships with large brands in real life.
A Better Model For Artists and Brands
The other side of this model is that artists and brands that launch NFTs through the Doki DeGacha machines can make their work accessible to more people while not having to worry about how to price or market one piece at a time like they would have to in other NFT marketplaces. Now creators can focus on growing their fan base without sacrificing potential revenue.
Easy to use interface for creators
The Doki team also understands that the process of creating NFTs can be difficult for artists not familiar with NFTs and even those with experience. The Creator’s Dashboard streamlines the entire process and makes it as easy as point and click to mint new NFTs, load NFTs into their personal Gachapon machine, set up a profile, and manage the machine settings such as name, description and price per spin.
More Spins, More Fans, and Better Outcomes
In terms of overall revenue and number of NFTs acquired, Doki Doki rivals some of the largest names in the NFT space. Every spin in the table below represents an NFT acquired. It also paints a clear picture that the Doki model works for collectors, artists, and investors. The fact that on average wallets using Doki Doki machines spin 53.5 times is a testament to the idea that Doki machines are as much about the fun of spinning as they are about collecting.
As if leveling the playing field, making a better model for artists, and making NFTs accessible for all income levels wasn't enough, the founders of Doki Doki took the value proposition even further by implementing tokenomics that rival the best economic models in DeFi. The ecosystem started with two tokens - DOKIand AZUKI. Both of these tokens have their own special model. Azuki tokens are used for spinning certain DeGacha machines and DOKI is the primary token that supports the entire ecosystem. In addition, there are also machines that require ETH to be spun and those have a role in tokenomics as well.
There will only ever be 50k DOKI tokens in existence, so the supply is severely limited. 15% of all ETH generated by DeGacha machines that accept ETH goes towards adding more liquidity to DOKI with tokens re-distributed to stakers as LP and holding incentives. Platform users can also stake or provide liquidity for DOKI to earn AZUKI tokens. This is similar to NFT farming, as AZUKI can be spent to spin certain DeGacha machines and obtain NFTS from some of the best artists in the world.
Some DeGacha machines require AZUKI tokens and those can be obtained through high yield farming or by buying directly on Uniswap and other Layer1 or 2 decentralized exchanges. A portion of all AZUKI played on Degacha spins are burned forever, which reduces the supply and off-sets farming emissions.
The team began with a mission to make NFTs accessible to all and to give artists a better way to earn with their NFTs and they also were committed to maintaining a standard of quality for the DeGacha machines they launch. Every artist and brand selected for the Doki Doki ecosystem must have a strong following and a standard for art that will satisfy the thousands of collectors that use the DeGacha machines on a daily basis.
## Layer 2 = No Fees
All of this amazing innovation in this NFT platform happens on Layer 2. The Doki Doki team executed a smooth transfer of their platform from Level 1 Ethereum to Level 2 on the Polygon chain. For users this essentially means there are no fees for playing Gacha and acquiring amazing collectibles. In addition, they've also deployed yield farming via Cometh Swap and they are also launching on Sushi's layer 2 Polygon implementation.
ChainBinders Takes Everything To A Whole New Level
You may be pretty excited to check out everything going on with Doki Doki that you've read so far, but the team never stops producing more innovation and their new ChainBinders Project clearly shows their commitment to excellence. The team hired over 40 artists, writers, and musicians from around the world to create hundreds of multimedia NFTs with amazing stories behind them and launched a new token called BND with novel tokenomics, burning mechanics, and integration with better than any NFT platform and better than most DeFi projects.
How? There was a 3-week sale for BND, which minted ~1,250,000 BND backed by a reserve pool with over 2600 ETH. Players can spend BND to play the special Chainbinders Gacha, and 50% of the NFTs can be burned to redeem real value in ETH.
Chainbinders Gacha Page: https://degacha.com/playgacha/3/0xeFd7b1DC887b79568A59c39e6d35B6F2F2D18f02
As you can see from the Gacha interface, each play costs 10 BND, and the Gacha machine contains ~125k NFTs in total. BND token spent is 100% burned, and there will be exactly zero BND left in circulation after players have obtained all 125k NFTs from the machine. There are 6 rarity tiers from Secret to Common, and the rarer the NFT, the higher its redeemable value in ETH.
There is also game theory involved - when players burn their NFT for ETH, a portion goes back into the reserve which increases the value of other NFTs still being held by collectors. Chainbinders can be described as the ultimate NFT holding game, as the collection becomes more scarce and valuable due to the mechanics described above.
Just a few days after the Chainbinders Gacha launched, Doki Doki NFTs achieved trending status on OpenSea, with over 1.1k unique holders and 50 ETH traded. Many Chainbinders NFTs are being exchanged for higher than their redeemable value in ETH. It will be interesting to see how everything plays out in the long term.
When burning a Chainbinders NFT, there is also a small fee used to buyback DOKI and burn AZUKI, adding to the value proposition of the two native tokens in the Doki Doki ecosystem.
But That's Not All
Now the team is taking everything they have done to this point and are completing the circle of innovation they started just 7 months ago by creating a new type of value for NFTs. The new model will allow NFTs to create additional value the way staking tokens in DeFi does, but with a model that works just for NFTs. More details on this are coming soon.
The Doki Doki team is creating innovative new models to make NFTs more fun, more profitable, and exciting for everyone in the ecosystem. Their success is embodied in a community that is committed to the Doki Doki ecosystem vision of innovation and fairness for all involved in the NFT space.