Moonbeans: AMAZING Moonbeam NFT Marketplace

Read Time:6 Minute, 53 Second

The Moonbean website. Source: Moonbean.io

Bean holders receive passive rewards from every transaction; these rewards are currently paid out in the form of USDC. The community can change the rewards token that they receive by a vote via our DAO. My name is Rico Richardson, and in this post I’m going to tell you all about Moonbeans.

Background

Before we dive deep into Moonbeams and what it’s about, let me first give you a quick explanation on Moonriver and Moonbeam and then tell you something about what NFT’s are.

What is Moonriver?

In June 2021, Moonriver first launched as a parachain on the Kusama network. Moonriver is a sister network of Moonbeam, and provides an environment to test new code under real economic conditions. Developers now have access to start experimenting and building on an incentivized canary network connected to Kusama.

New code will ship to Moonriver first, where it can be tested and verified under real economic conditions. Once proven, the same code will ship to Moonbeam on Polkadot.

What is Moonbeam?

Moonbeam is a developer-oriented blockchain that strives to provide compatibility with the existing Ethereum developer toolchain and network. It does this by providing a full EVM implementation, a Web3-compatible API, and bridges that connect Moonbeam to existing Ethereum networks. This allows developers to deploy existing Solidity smart contracts and DApp frontends to Moonbeam with minimal changes.

Right, so now that we’ve got a basic understanding of Moonbeam and Moonriver, let’s have a look at Moonbeans.

What is Moonbeans?

The NFT marketplace. Source: Moonbeans.io

A place where artists, creators, and crypto enthusiasts come together on a single platform to create and trade top NFT’s on Moonriver. That’s what The MoonBeans NFT Marketplace is about. It’s platform features the ability for clients to mint, purchase and bid on a number of NFT collections which is done on the Moonriver network. With the benefit of having low gas fees, rather than the tremendous amounts you have to pay on Ethereum. One third of the marketplace profits goes back directly to Beanie holders while another one third goes to beans holders. It’s all automated and you’re entitled to 0.002% for each Beanie that you hold.

What are NFT’s?

NFT’s are non fungible tokens. Fungibility refers to items that are replaceable for the exact same item. Which means that non fungible tokens cannot be replaced. There is only one of them. Think of an original Van Gogh or one of a kind legendary Pokémon card. NFT’s are the one of a kind assets in the digital words. Examples are crypto punks, Sol Bears, Pixel Dudes etc. The digital tokens can be thought of as certificates of ownership for virtual assets (such as in-app items and digital art) or physical assets (such as real-life paintings and even houses). So in short, they are verifiable proofs of authenticity and ownership within a Blockchain network and are not interchangeable with each other which introduces scarcity into the digital world.

Token and tokenomics

Supply allocation. Source: Moonbean Gitbook.

Beans have a fixed supply of 1 million and can never be minted. The initial 100k stored by the treasury has been used for cross chain liquidity. Which means that all beans are now circulating. It uses a tax mechanism of 5% in which 2% goes into rewards, 2% is used for liquidity injection, and 1% for marketing. Of which this video isn’t part of because this video is not sponsored nor gives me any tokens. Which it should, but that’s a different story. Then there is Moonseeds which are the canary token of moonbeans and the successor of babybeans. Which I won’t go into detail about in this video but rather than that I’ll make sure to put a link in the description where you can read up on it.

Disclaimer

And since we’re taking a break now anyways, please know that I’m not a registered financial advisor. My posts and videos are not ment to be financial advice but are ment to be educational and entertaining only. Never invest money you cannot afford to miss because there is nothing as volatile as crypto.

Beanie NFT’s

There are 5 types of Beanie NFT’s which are Miami, Smol, Catty, Gir and Loki. These NFT’s offer passive income to you as a holder as well by allowing you o earn profit sharing off of the buying and selling of NFT collections on the MoonBeans Galactic Trading Co. There is a minimum fee of 5% for the sale of all collections on the Galactic Trading Co marketplace. The breakdown of these rewards to the beanie holder is that 1% goes to the beanie holders, 1% to the Moonbeans holders, 1% goes to the developers fund and 2% to the collection owner. 5 Beanies are owned by the team and there is a total of 462 beanies in existence. What might be good to know is that the rewards are being paid out in Moonriver tokens which have the ticker of MOVR. Beanie rewards also need to be claimed manually.

Attributes

If we click on an NFT, we will see information like the overall rarity, with all the items and attributes of your beanie that determines the rarity of it but also the listing history. So in this example we can see that this gentlemen wasn’t able to make up his mind because it kept getting listed and delisted and with different prices. It also shows who the owner is which allows you to check how many beanies someone holds, and the value breakdown of his portfolio using the floorprice.

Purchasing tokens

So the NFT’s can be purchased on the website where you can search collections but also check and see the recent trades and 24h trading volume on Moonbeans. Now the Moonbeams token can be bought on Solarbeam, Huckleberry finn, Sushiswap and Beamswap. By the way, did you know I made a dedicated video on Huckleberry Finn and on Beamswap? I’ll be sure to link them at the end of this video and in the description for you to check it out. Huckleberry Finn is actually my most favorite dex on the Moonriver network, because I’m a big fan of the systematics of Tom and FINN. So be sure to have a look and see if it’s something of your interest.

The team and Roadmap

They call themselves the Chefs. The team of Moonbean. Source: Moonbean.io

Now usually I talk about the team and roadmap in my videos, but let me show you a quick overview of their team. Here it is. They are not doxxed, and use funky names. So other than a link to Telegram and Twitter there is nothing to know about them so if that’s important to you, than this project isn’t for you. Their roadmap consists of 3 phases. The first phase is called Sow and growth. With things like the launch of the website and other stuff that already happened. Phase 2 is Nurture and propagation. Developing partnerships, automate listings, and NFT and token staking for instance. And then in phase 3, which is called Rooting and establishment, they want to do things like moonbeam compatibility, marketing campaigns and put educational documents on their website. Right now they are working on phase 2, as you can see by these green and yellow dots. Green is done, yellow is underway.

Socials

Right, if you’re enthusiastic about this project and want to emerge yourself completely with it, know that you can find them on Telegram, Twitter, Discord, Subsocial, and Medium and you’ll also be able to check the contract on the moonriver moonscan. They also have a github for the tech savy people among us, but I’m not one of them so go and enjoy that too if you are.

Now if you like watching over reading, check out my visual presentation here:

If you like everything crypto, please subscribe to my channel and watch this playlist over here. My name is Rico Richardson, thank you for reading and I’ll see you next time. Doei!