How to Jax: Your Guide to Enjoying, Earning and Levelling Up in the Jax-WhaleStreet Ecosystem

How to Jax: Your Guide to Enjoying, Earning and Levelling Up in the Jax-WhaleStreet Ecosystem

Reinventing Music NFTs - from static NFT-fied files, to a whole ecosystem that incentivizes the artist, collector and fan. Let’s dive in.

Everything can be on the blockchain. All you need to do is ‘mint that sh*t’, right? What takes way more smarts and commitment is to make something that’s not just on the blockchain but ‘of’ it. As in, create things that can’t exist outside of the metaverse. Like And the Jax artiste ecosystem on WhaleStreet.  

Going beyond simply linking a media file to an NFT, MetaJax and WhaleStreet have built an economic and creative ecosystem that incentivises everyone in it - producer, artist, collector, and fan. Entire NFT albums which you can enjoy with NFT tickets. NFT tickets you can stake and earn tokens. Tokens and tickets you can ‘commit’ to level up through silver, gold, platinum and palladium to earn more rewards. And when you level up all the way to the top - Jaxium - you and even share in the ownership and revenue stream of the ‘master’ of a song.

Chapter 1: Bridging tokens from Ethereum to Polygon

We have released the Jax ecosystem on the Polygon network. Here’s how to get started.

You will need to bridge two tokens - $HRIMP and MATIC. The latter you can purchase from Uniswap. $HRIMP can be farmed on WhaleStreet or purchased on Uniswap.

Then, get on to to transfer these two tokens to your Polygon wallet.

Once on the site, select the a token (let’s start with $HRIMP) and how much you want to transfer. Hit transfer, you will be asked to sign two transactions. Do note that this process will likely take 7-10 minutes so brace yourself for the wait.

Repeat the process for the MATIC token now. Same process, sign two transactions and wait without anxiety.

Check your assets on Polygon - both your tokens must be visible and available.

Great. The bridge is complete. But before you dive in and begin aping on the shiny NFTs, here’s a parenthesis about the bounty of ‘Progressive NFTs’ on the Jax ecosystem on WhaleStreet.

Parenthesis on Progressive NFTs

Progressive NFTs offer collectors the opportunity to participate as owners in the entire performance or recording experience.  These NFTs are progressive in that a collector can pair JAX tokens with their Progressive NFTs and redeem 10 NFTs from a lower scarcity tier for 1 NFT from the next tier. There are 4 possible redemption events with the final JAXIUM redemption representing up to 40% ownership of the actual music video and recording rights.  Not only that, but hodlers earn staking rewards all along the way.

This model offers fans who love the artist and music they are experiencing the opportunity to have ownership of that same experience or recording.

At the foundation of the Progressive NFT model is the Silver NFT. There are 1,000 of these NFTs for every song produced from a live performance project or studio recording, + 40% more. In other words, if a project has 6 singles produced it will mint 6,000 + 4,000 Silver NFTs. If a project has 12 singles produced, it will mint 12,000 + 8,000 Silver NFTs. Thus begins the JAXium journey of opportunity for fans and collectors.

Silver NFTs can be won through Dutch Auctions at where 100 of these will be auctioned every 8 hours once dropped.

Owners of Silver NFTs will have the opportunity to "commit" their silver NFT to a specific song from the project, along with a certain number of JAX tokens, and receive a leveled up Gold NFT. There are three more levels all the way to the 1-1 Jaxium Master NFT.  

All Progressive NFTs can be traded and sold on secondary markets like OpenSea.

Chapter 2: Diving into WhaleStreet

Your journey begins with purchasing a Silver NFT. These are the foundation NFTs for every album. At the very first step, they double as tickets to view and listen to the songs.

Click on ‘Farm JAX’ and you will be asked to connect your wallet to the polygon network. Once connected, you should be able to view the albums on display.

Click on album to view. You will now be able to buy silver live NFTs.

Select and it’ll tell you how much $HRIMP you’ll need. Choose and click proceed. And boom. The Silver NFT is yours and is automatically staked in the album contract. With staked Silver NFTs, you should be able to view and listen to any song in the album.

You can also check out the metrics and statistics in the bottom right.

So what happens when you stake NFTs? You automatically earn JAX tokens as rewards. You can claim rewards by clicking claim.

You can also unstake your NFTs and they will be sent over to your wallet, from whence you can transfer/trade them.

Note: You can Unstake only those purchased in a previous epoch. This is to ensure purchasers/stakers rewarded tokens in that epoch itself. Silver NFTs can also act as NFT tickets to an album release. Creators can sell them as tickets to a release or to access copies of the album.

You now have the foundation in place. The Silver NFTs are bought, automatically staked and earning you JAX tokens. You can access and view and listen to the album. It’s now time to level up. Time for another parenthesis on levelling up.

Parenthesis on Levelling Up

Supporting a song was never this cool. Imagine smashing the like button on a song on social media. The platform gets all the revenue. On Jax, the artist is rewarded and so are you, the listener. When you have Silver NFTs, you have access to the entire album. Levelling up means committing Silver NFTs and JAX tokens to one song. This is how you play favourites.

Here’s how this gamified awesomeness works.

Owners of Silver NFTs will need to commit one Silver NFT and 10 JAX tokens and receive a GOLD NFT for that song.

An owner of 10 Gold NFTs can pair them with 100 JAX tokens and redeem them for 1 Platinum NFT.

Likewise, 10 Platinum NFTs paired with 1,000 JAX for 1 Palladium NFT.

Finally, the 10 Palladium paired with 10,000 JAX for the 1 of 1 JAXIUM Master NFT.

The 10 redeemed NFTs at each level are burned once redeemed, meaning they no longer exist. The JAX tokens that are paired along the way are distributed with 60% returned to the JAX treasury pool to be recycled and rewarded again, 20% passed on to the artist(s), 10% to WhalesStreet for operations, and 10% to MetaJAX for administration.

There is a certain number of JAX tokens allocated as rewards for each album. These are subject to change with every album, but in the beginning, the rewards are set to 300,000 JAX per album. The number of available NFTs is lower as you level up, and the reward allocation is higher. Besides, the duration of rewards is also higher than your base Silver NFT level. The breakdown is as follows -

Silver Level for the entire album

Total JAX rewards allocated  : 100,000

Rewards are halved every two weeks.

JAX rewards during 1st two weeks : 50,000

JAX rewards during 2nd two weeks : 25,000

JAX rewards during 3rd two weeks : 15,000

JAX rewards during 4th two weeks : 10,000

Duration of rewards for Silver levels : 2 months since the album launch

Gold Levels for the entire album

Total JAX rewards allocated  : 50,000

No halving of rewards every two weeks.

Duration of rewards for all Gold levels : 3 months since the album launch

Platinum Levels for the entire album

Total JAX rewards allocated  : 50,000

No halving of rewards every two weeks.

Duration of rewards for all Platinum levels : 3 months since the album launch

Palladium Levels for the entire album

Total JAX rewards allocated  : 50,000

No halving of rewards every two weeks.

Duration of rewards for all Palladium levels : 3 months since the album launch

Jaxium Levels for the entire album

Total JAX rewards allocated  : 50,000

No halving of rewards every two weeks.

Duration of rewards for all Jaxium levels : 3 months since the album launch

Chapter 3: Leveling up

Things get pretty straighforward and simple once you’ve absorbed the parenthesis on levelling up. To level up, you will need to commit a certain number of NFTs and JAX tokens. Here’s what you do.

  1. First step is to ‘approve’ using the JAX token. Next, you ‘approve’ using Silver NFTs. This is a one time operation.

For levelling up from Silver NFTs, you need one Silver NFT and 10 JAX tokens. After committing, you can see that the Silver NFTs are burned and the Gold NFT is shown in this view.

Let’s try to level up some more. For the next level, you will need 10 Gold NFTs and 100 JAX tokens. So 10 Gold NFTs are burned and you have a Platinum NFT .

And that’s that. We hope this guide was helpful in your journey into the musical bylanes of WhaleStreet. What we created with the dreamers at Jax has become a bit of a sleeper hit, pied-piping its way through the metaverse, and also making life-changing money for artistes. Playing non-zero-sum games is such a joy.