Has anyone else got onboard with the Random Walk NFTs project built on the Ethereum L2 solution Arbitrum?
Every time an NFT is minted, the price of the next mint increases by about 0.1%. After 5,000 NFTs are minted, mint price would be 0.24 ETH. After 10,000 NFTs are minted, mint price would be about 60 ETH. Given the exponential increase in price, it's hard to imagine there being more than 5,000 NFTs minted??
This is a social experiment! ETH will be distributed to some of the minters. After there hasn't been a mint for 30 days, the last minter is eligible to withdraw half of the ETH in the NFT contract. The other half would stay in the contract and would be distributed using the same mechanism. For example, suppose Minter A is the last minter and there is 100 ETH in the contract. There is no mint for 30 days and Minter A withdraws 50 ETH. Minter B now mints and there is no mint for 30 days. Minter B can now withdraw 25 ETH. It would take many withdrawal events to get all the ETH from the contract.
Already more than 3200 have been minted and over 15 ETH collected. It’s about to start to get very interesting!
The art is amazing as well. I view it as a generative constellation. Imagine you are standing on a 2D plane. You can take a step in one of the 4 directions (forward, back, left, right). Imagine you decide the direction of your step randomly. If you do this a few million times and plot it you will you will get images that look like Random Walk NFTs.
Most importantly there’s no rug to be pulled. The contract has been deployed, nobody has any special privileges. The creator of the NFT would have to buy the NFTs like everybody else. The creator does not get the ETH that people paid for minting. The ETH will be distributed to some of the minters as explained above. This is inspired by how Satoshi launched Bitcoin. He did not give himself any special privileges and had to mine the coin like everybody else.
I want to get the word out that the best NFT project going is on the Ethereum L2 solution Arbitrum!
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