A $2.7 mn bundle with high value digital assets will be tokenized on WhaleStreet and the B20 tokens - keys to the B.20 experience - will be available for purchase on our platform from January 23
The B.20 smart contracts represent a pilot project, which is a subset of WhaleStreet’s upcoming “Art-Democracy” module.
On the 12th and 13th of December 2020, Metapurse bought all the 20 1/1 Editions of Beeple NFTs on Nifty Gateway, totalling around $2.2 million.
Following this, three museums dedicated to Beeple were built in 3 Virtual worlds namely, Cryptovoxels, Decentraland, and Somnium Space.
On the 22nd of January 2021, all the NFTs representing the Art, Museums, and Land will be locked up in a Vault.
On the 23rd of January 2021, Metapalooza - a cross-metaverse launch event - will kick-start a social experiment in the spirit of decentralization and democratization of art, as the B.20 project.
This document explains the smart contracts written for the B.20 Vault, Sale, Buyout and Redeem processes.
1 : Vault
- On the 22nd of January 2021, Metapurse will transfer to the Vault, approx 33 NFTs:
- 20 Beeple NFTs
- The Museum in Cryptovoxels
- CV Parcel tokens on which th CV Museum is built
- The Museum in Decentraland
- DCL LAND tokens on which th DCL Museum is built
- The Museum in Somnium Space
- SS land tokens on which the SS Museum is built
- Metapurse then locks up the Vault. By ‘lock up’, we mean that any permissions to modify or transfer the NFT are frozen. However, access to the B.20 experience will remain open, as intended.
- Metapurse retains ownership of the Vault.
The Vault is represented by the SimpleVault.sol smart contract.
2 : B.20 token
- On the 22nd of January 2021, B.20 tokens - ERC20 tokens representing keys to the Vault, will be created.
- A total of 10 million B.20 tokens will be minted.
- Of these, 1.6 million B.20 tokens will be sent to the SimpleMarket.sol smart contract.
- The B.20 token is represented by the Token0.sol smart contract.
3 : Sale
- On the 23rd of January 2021, Metapurse will sell 1.6 million B.20 Tokens for 0.36 DAI each.
- The Sale will have a max cap of 576K DAI, aka, only a maximum of 1.6 million B.20 tokens will be sold.
- There is no individual cap.
- The Sale has no end date.
- The Sale ends when the max cap has been reached.
- The Sale is represented by the SimpleMarket.sol smart contract
- DAI token is represented by the Token1.sol smart contract.
4 : Buyout
- 30 days after the Sale, a Buyout process will be enabled.
- Anybody can initiate the Buyout process by bidding for the Vault in DAI, whose deposit value must be above a start threshold value of 10 million DAI. If the bidder does not have sufficient DAI, they can also deposit B.20 tokens, as long as the combined deposited value exceeds the threshold in DAI value.
- Once initiated, the Buyout process will last for 48 epochs, where each epoch is 8 hours.
- During the bidding process, one of two things can happen.
- Anyone can outbid the previous bidder. On a successful outbid, the previous bidder can withdraw their DAI deposit.
- If B.20 holders are not convinced of the highest bid amount, they can stake their B.20 tokens to stop the Buyout process. If the total B.20 tokens staked exceeds a stop threshold, the Buyout process is deemed revoked, and the highest bidder can then withdraw their DAI deposit, and the start threshold value increases by 8%.
- If the Buyout process is revoked, it can be re-initiated by anyone.
- At the end of a successful bid in the Buyout process,
- Ownership of the Vault is transferred to the highest bidder.
- The B.20 tokens deposited by the highest bidder are burned.
- The total DAI deposited by the highest bidder now represents the total value of the B.20 tokens.
- Buyout is represented by the SimpleBuyout.sol smart contract
- DAI for the Buyout process is represented by the Token2.sol smart contract
5 : Redeem
- Following the Buyout process, a Redeem process will be enabled.
- Anybody that holds a B.20 token can exchange them for the DAI deposited by the highest bidder from the Buyout process.
- The B.20 token gets burned and an equivalent amount of DAI is sent to the B.20 token holder.
- The Redeem process remains active until all B.20 tokens have been burned and the total deposited DAI by the highest bidder has reached zero.
Note:- Redeem is represented by the SimpleRedeem.sol smart contract