Many people have asked us for more details about the Bitmonds 2022 Roadmap, here are the answers.
As always, we do not reply to a single email or comment on social media, preferring to do it in an official and transparent way. Trying to give you not only the technical details, but also the business motivations that drive our path.
With the Bitmonds project we have launched the world’s first interactive 3D Digital Collectible, which provides the tactile experience of a physical object. Not only to be kept in an Album, but also to be shown and worn every day on your smartwatch.
A new concept of Digital Fashion. In its rarest pieces, becomes Digital Luxury.
The first step of our Roadmap 2022 is the migration of all Bitmonds on Polygon NFT Blockchain.
Why have we waited until now?
Mainly because the Ethereum network, often seen as an over the top, was not ready and is still not ready. Without a complete transition to the Proof of Stake logic, the waste of resources to validate the blocks and the constantly rising gas fees do not make it an adequate player for a mass market and long-term project.
In recent months, we have seen many projects in which the value of the collectible has been “drugged” by gas fees, the true driver of an increase in value after each change of ownership.
For this reason, we have been waiting for a partner ready now, but which will guarantee full compatibility in the future with the new Ethereum network and with the main support tools (Metamask, Opensea…)
How will the migration take place? In a very simple way.
From a certain moment on, each new Bitmonds generated will be as NFT on Polygon, while in the meantime a tool will proceed with the migration of all the previous one. According to our estimates this should last around a month and will be transparent to our collectors.
We will create a new wallet on Polygon for each Bitmonds account containing at least one collectible within it. What are called Holders.
In a first phase, these wallets will be “custodial” and they will be managed by us. It is the safest way to manage a migration on such a complex project.
This will immediately allow to obtain advantages in terms of transparency. It will be possible to see on the tools provided by Polygon blockchain the number of Holders actually operating on the project and the availability of Bitmonds in the single wallets.
In addition, the Bitmonds graphics will be uploaded to an IPFS (a peer to peer content storage network). As the purest standard of creating an NFT provides.
When will all arrive? We are working to complete everything by May/June.
Subsequently, the second expected development step will be the introduction of Crypto Payments in the generation of new Bitmonds. We foresee the possibility of associating your Metamask wallet with a Bitmonds account.
This will not replace but complement payments in FIAT currencies. We will always try to allow access and use of the Bitmonds project to a wide audience and not necessarily experts in Cryptocurrencies. It is an important part of our vision.
This step will be preparatory to a third intervention that we are going to make on the Marketplace, to improve a theme that has influenced the liquidity of exchanges between collectors. The Automation of the passage of Bitmonds from Seller to Buyer after receiving the payment, thanks to the use of a new engine based on cryptocurrencies, but which always maintains the possibility for the buyer to pay with their own credit card.
The fourth development step in our Roadmap is the introduction of an Auction functionality in the generation/drop phase of new Bitmonds. It is a very important feature for the future of the project, because it is closely linked to the evolution of our business model.
We can finally tell you something that we have been defining for a few months.
The Third Collection, which will end in September with the Season Summer, will be the last in which it will be possible to generate new Bitmonds by collectors. This is a fundamental step to define an order of product scarcity.
The three official Bitmonds collections will have less than 200 thousand pieces circulating in the world. To give an idea of scarcity, the Bitcoins have been forecast in a number of 21 million pieces.
Other Bitmonds will still be created, but only as Drops Limited Edition restricted and sold in Auction on the Bitmonds portal.
The graphics will be more similar to the Bitmonds Digital Art presented with the Third Collection and will mainly consist of co-branding operations with artists, brands, influencers.
Our long-term goal will be to have fewer Bitmonds generated than the number of people who wish to have one.
The business model of the project and of our company will shift to the exchange trading fees.
We too bet on the fact that in the future the Bitmonds market will be more liquid.
In support of this assumption, after the end of the Third Collection and the shutdown of the Generator section, we will enable the possibility of redeeming Bitmonds on a personal wallet.
This will open up the possibility of using external marketplaces such as OpenSea. Doing it now with the Third Collection in progress, would introduce risks for the evolution of the Roadmap indicated above.
We can anticipate that already today, the NFT concept of Bitmonds on Polygon has been tested on Opensea, and the solution we are working on will lead to offer the same interactive 3D experience available on our portal.
Something truly unique and innovative in the panorama of NFT projects that we have seen launched to date. As always we have done until now.
Is that all we have to expect from 2022? Actually no. But leave us a few secrets in our pockets. 😉