Powering the Approving Corgis NFT Ecosystem — $THORGI
Thundering Progress For Approving Corgis
After a smooth and successful launch of our Swap Traits portal, we are incredibly excited to announce the highly anticipated tokenomics and utility implementations for the Approving Corgis native token —$THORGI.
THORGI will be the primary resource that powers the Approving Corgis ecosystem, whilst also incentivizing and rewarding our NFT holders through the means of staking and exclusive events.
Upon creating THORGI, the team at Approving Corgis developed the utility of the token based on 4 key fundamentals — referred to as the “Four C’s of NFTs” — Collectibility, Customization, Connectivity, and Community.
The Traits Shop will showcase items that our community is already familiar with, however... Featured Sets will now become available to be purchased with THORGI, these sets will only be available for a limited time and once unavailable will be vaulted for a minimum of 1 year.
How is this even possible? With the coming update to our Swap Traits Portal, you will simply be able to purchase traits from the Traits Shop and equip them by using the Swap Traits function. As the Traits Shop is now in priority development further details and visuals of the user experience when equipping traits from the Trait Shop will be shown in the coming weeks.
By implementing this feature into the Approving Corgis ecosystem members that accumulate and hold THORGI will be heavily incentivized. As NFT investors ourselves we understand the disheartening feeling when you don't manage to mint a rare NFT, therefore we are giving our members certain aspects of control when it comes to the rarity of their Approving Corgis NFT.
As mentioned above, a range of new traits will now be available in the Traits Shop. However, our Super Rare Corgis will always be unique 1 of 1’s, remaining the holy grail when it comes to rarity.
The Puppy Lab
Breeding shouldn't be an excuse for another derivative drop! The Approving Corgis Puppy Lab is not your average breeding station - Approving Pups will inherit traits from both parents and will showcase completely new combinations of our most popular traits along with passively generating THORGI once staked via the Staking Portal.
Upon breeding your adorable Approving Pup it will be incubated for 72 hrs to then be claimable directly to your MetaMask wallet. For our THORGI holders — if you are just itching to see your Approving Pup we have added the option to accelerate the incubation period for up to 48 hrs.
THORGI Incubator Speed Up
Incubation Period: 72 hrs
24 hr THORGI Speed Up: Reduce Incubation period to 48 hrs = 100 $THORGI
48 hr THORGI Speed Up: Reduce Incubation period to 24 hrs = 200 $THORGI
Genesis I Collection of Approving Pups will be available for breeding this December followed by the Genesis II Collection available in the Marketplace via the Stud My Corgi functionality. More details on Stud My Corgi can be found below.
The Swap Traits portal addresses the single-use challenge of NFTs. By developing an application that allows the complete customization of an NFT, our members can enhance the look of their token and express their own personal style.
THORGI holders will have the ability to purchase outfits, headwear, backgrounds, eyewear, and limited edition traits in the Traits Shop as mentioned above. Once these traits have been obtained, Swap Traits V1.5 will enable the capabilities to begin swapping traits directly from the NFTs in your wallet.
Marketplace — Traits Shop V2.0
The Approving Corgis Marketplace will bring all Approving Corgis NFTs under one roof. Upon launch of the Marketplace, the Traits Shop will be fully integrated into Marketplace — housing everything in one place.
If you enjoy customizing your NFT the Marketplace is the place to be! Users will have the option to Buy and Sell traits that have been purchased in the Traits Shop or airdropped via exclusive events such as Discord activities and competitions, Twitter Spaces, and Clubhouse gatherings.
Stud My Corgi
Stud My Corgi will be another feature implemented into the Marketplace that will introduce an auctioning system for Approving Corgis and launching the final collection of Approving Pups (5000). By selecting your Corgi as a Stud, you are essentially listing your Approving Corgi for a service-based auction in order for others to sire within The Puppy Lab.
Stud My Corgi Guidelines:
- The service-based auctioning process is for temporary use in The Puppy Lab and is NOT for ownership
- Upon completing an auction for a Stud Corgi, the winner will be directed to The Puppy Lab. The Stud Corgi will be available to begin breeding immediately
- Auction winners will have a 24–48hr time period available to execute the breeding process. Not breeding within this time period will forfeit the auction and the Approving Corgi will be returned to the owner's wallet
- Members interested in listing their Corgi as a Stud will have the ability to select the amount of THORGI they would like to receive along with setting the Auction Duration, Reserve Price and Minimum Bid
More details will be released to our community members once we get closer to the Marketplace being live. Have no doubt that our incredible design team will deliver a clear walkthrough video for our community members to explain how the Approving Corgis Marketplace will function.
A match made in NFT heaven! OkCorgi is our very own social matchmaking application. Approving Corgis NFT holders will be able to connect with others to discover, chat, like, and build an OkCorgi profile. By passively holding THORGI in your MetaMask wallet, a range of premium features will be unlocked.
As discussed in the most recent Sunday Sploot Session — OkCorgi’s development status has been revised and will see completion in Q1 2022. OkCorgi is a social application we foresee being a very pivotal part of Approving Corgis and wish to build upon our massive success of the Swap Traits Portal and new creative innovations before encompassing all the features available to our NFT holders into a single social platform.
Staking Rewards & THORGI Claiming Portal
Staking is the ultimate utility for your Approving Corgis NFT. By staking your Corgi, you will receive $THORGI as a reward. As mentioned above, THORGI is the key to unlocking all the benefits available across the Approving Corgis ecosystem and future Metaverse developments.
The Approving Corgis Staking Portal will be available this December via our Features Tab on the Approving Corgis website. Community members that are holding Approving Corgis NFTs will be eligible to claim THORGI tokens through the Claiming Portal in the coming weeks. More details regarding the distribution process and how to claim your THORGI tokens can be found below along with a clear outline of the Staking Portal, Claiming Portal, and Tokenomics.
THORGI Tokenomics & Distribution
The THORGI ERC-20 token will have a max supply of 100,000,000 THORGI tokens and will only be obtainable for Approving Corgis NFT holders through the Claiming and Staking Portal.
Our THORGI token will be distributed in two phases:
Phase 1: Claiming Portal
Phase 2: Approving Corgis Staking Portal
Each Approving Corgis NFT owned prior to the snapshot date below will be eligible to claim THORGI in Phase 1. All Approving Corgis and Approving Pups NFT holders will be able to utilize the Staking Portal to yield THORGI in Phase 2 along with Approving Bone holders (Presale Pass) gaining a bonus when staked with your Approving Corgi and Approving Pup.
Below is an explanation of the distribution formula for each phase:
Phase 1 — Claiming Portal
The Claiming Portal will ONLY be available to early supporters of Approving Corgis as the requirements to claim will be inactive once the snapshot has been taken. All community members that have minted and/or purchased an Approving Corgis NFT before the Snapshot will be eligible to claim THORGI tokens via the Claiming Portal once live.
THORGI Token Claiming Penalties
It is imperative to the Approving Corgis brand that our THORGI token resides in the wallets of our loyal community members. For the health and longevity of Approving Corgis — members that have an Approving Corgis NFT listed under the mint price of 0.05 ETH at the time of the snapshot will incur a penalty of -50% of the total claimable amount when claiming THORGI tokens via Phase 1 for Early Supporters.
$THORGI Token Snapshot - December 12 @ 8 PM UTC.
Phase 1 Calculation:
Claimable THORGI Calculation (1 x Approving Corgi)
Claimable THORGI = (15 THORGI per day) x (# days held)
Approving Bone Bonus = 1 + (0.015) x (# days held)
Total Rewards: = (Claimable THORGI) x (Approving Bone Bonus)
A user has not listed his/her Approving Corgis NFT under the mint price and has held — 1 Approving Bone and 1 Approving Corgis NFT in the same wallet for a total of 10 days.
Claimable THORGI = (15 per day) x (10 days) = 150
Approving Bone Bonus = 1 + (0.015 x 10) = 1.15
Total Rewards = 150 x 1.15 = 172.5 THORGI
Phase 2 — Staking Portal
Once the Staking Portal is live users will have the option to deposit their Approving Corgis NFTs to earn staking rewards.
Staking Rewards and values are calculated as per the formula listed below:
Approving Corgi: 3 THORGI per day
Approving Pup: 1 THORGI per day
Approving Bone Bonus: 1 + 0.015 per day
A user has staked 1 Approving Corgi, 1 Approving Pup and 1 Approving Bone for a total of 15 days via the Staking Portal.
Staked Approving Corgi = 3 per day x 15 days = 45
Staked Approving Pup = 1 per day x 15 days = 15
Staked Approving Bone = 1 + (0.015 x 15) = 1.225
Total Claimable: 60 x 1.225 = 73.5 THORGI
Binance NFT Marketplace
Don’t worry Binancians! We didn't forget about you 😁 Community members that have an Approving Corgis NFT listed on the Binance NFT Marketplace are encouraged to follow the directions below for verification to claim THORGI tokens in Phase 1.
- A Screenshot of the Binance account where Approving Corgis NFTs are currently being held to be verified alongside the Transaction Details
- Transaction Details showing when the Approving Corgis NFT was deposited into the Binance NFT Marketplace account
- Please fill out the Google Form below with the above details. An Approving Corgis Moderator or Lead Council Team Member will confirm your eligibility via Discord once submitted
Google Form: https://forms.gle/amo7jSFjw1ugogXN8
Please Note: Approving Corgis NFT holders that currently have their NFT on the Binance NFT Marketplace will be required to withdraw their NFT from the Binance Vault Wallet into their own MetaMask wallet in order to use the Staking Portal.
The Big Idea
There is a clear direction when it comes to the future of NFTs — A complete digital economy and ecosystem for individuals to express themselves with no boundaries and unlimited possibilities. Your NFT is not just a profile picture but an expression of yourself in the digital world and future Metaverse.
Web 2 presented us with the potential of the Internet and how we choose to communicate and interact within the digital world. Web 3 will take us to completely new horizons as the phenomenon of Pokemon Go, Fortnite, and the innovation of AR / VR experiences are beginning to create the foundational pillars for the Metaverse to flourish.
Approving Corgis aims to leverage the creative ambition and insightful genius of its art and development team to create some magical experiences within the NFT Industry and Metaverse. By pushing NFT technology to its limits we hope to captivate like-minded Corgi enthusiasts but also those eager to experience NFT innovation.
🐶 Get to know the #CorgiCrew:
OpenSea | Approving Corgis: https://opensea.io/collection/approving-corgis-official
OpenSea | Approving Bone: https://opensea.io/collection/approving-bone