“Why are people spending so much money buying pictures over the internet?”
Yes, it’s strange. It makes no sense at first, like a joke that got out of hand and became an entirely different thing altogether. Something confusing. Something disturbing. Upsetting. Frightening.
The growth of NFTs have brought out profound questions on asset speculation mania, digital innovation, and even social identity. So today let’s talk about all that in context of our newly announced partnership with LunaBulls and Terra Cards.
LunaBulls and Terra Cards are two of the first projects launched on the Terra Blockchain. With our partnership announced today, a special set of NFTs will go for auction next week within these projects. Winners of these auctions receive an NFT that provides lifetime status designations (and benefits) on the Kash platform. This partnership marks the first time that the holder of an NFT on the Terra Blockchain receives unique utility benefits that tangibly affect their app experience.
If the winners of these NFTs transfer them to other users, the lifetime status designation moves over to the new owners as well. This is where NFTs get exciting. It’s no longer a picture that anyone can just save on their hard drive; it’s a representation of authenticity and access. It’s a key. What vaults these keys unlock will become far ranging over the course of the next decade, limited to only the imagination. It’s an evolution of the concept behind owning a specific domain name (www.hope.com), an email address (mike@gmail.com), or a rare piece of artwork. Yes, you can print a copy of the Mona Lisa and frame it in your room. But it’s not THE Mona Lisa.
Let’s go over these Mona Lisas.
LunaBulls has created more than 10,000 unique profile picture (“PFP”) artworks representing various bull-like figures, each with a distinct set of characteristics and clothing. There are over 13,700 members on the LunaBulls Discord server, and with this partnership, Kash has already created NFTs for the LunaBulls marketplace with special edition Kash LunaBull NFTs that will enable the holder to automatically receive lifetime Diamond status on the Kash platform. These Diamond benefits include the maximum allowable earnings rate (currently a 6% increase over the base rate) on cash deposits, concierge phone support with a personalized representative at Intellabridge, and access to a private Diamond member lounge.
Terra Cards is a collection of 600 NFTs representing various projects within the Terra Ecosystem, Kash DeFi included. This NFT project was created in large part as a charity initiative, with half of all proceeds being donated via Angel Protocol. Owners of any Kash Terra Card NFT will receive lifetime gold status on the Kash DeFi platform, with 2% increased interest rate, increased token rewards for savings activity, and waived fees on select debit card transactions. In addition, one special edition Terra Card will be custom created for special auction on the week of October 25th which will provide lifetime Diamond status on the Kash DeFi platform.
Full details of the Kash token and its corresponding status system will release next week.
NFTs cannot be monolithically lumped together because they’re so distinctive. LunaBulls has given people in the Terra ecosystem genuine camaraderie within a digital community. Terra Cards is an homage to the entire ecosystem with a strong mission-driven focus through its charity alignment. The dollar (or token) value for which these NFTs sell for simply reflects the distinctively unique value propositions they bring to their respective communities.
With anything new, there is always fear, uncertainty, and doubt. NFTs take a combination of pre-existing concepts and combine it together to form something entirely new altogether. And the most curious aspect is that…you don’t quite know what new world will be beyond the other side of that door. There’s a few signals in this space with Axie Infinity (where you actually get PAID to play video games!) and Crypto Punks. Today with this announcement, we’re stepping right through that door altogether. And we’re excited to see what’s on the other side. Take a walk (and perhaps a bid) along with us.
