Why Rug Radio Held Off on a PFP Drop—Until Now

NFT

In the present day’s most vibrant Web3 communities have been largely anchored round non-fungible tokens (NFTs) designed to function folks’s on-line profile photos. However Rug Radio deliberately waited to launch its personal set.

Lots of the most profitable initiatives to this point that make the most of NFTs—distinctive blockchain tokens that signify possession—have leveraged the PFP format to develop into recognizable icons of digital property area, such because the Bored Ape Yacht Membership, CryptoPunks, and Cool Cats.

These NFTs usually have a singular mixture of randomly-generated attributes, whether or not that be a background, clothes, or equipment. However their underlying artwork model is what makes a challenge distinct, identifiable at a look, and a part of one thing greater.

Rug Radio didn’t need its decentralized content material platform to develop purely round its personal model, defined founder and co-CEO Farokh Sarmad on a current episode of Decrypt’s gm podcast, however somewhat function a spot for folks with PFPs throughout collections to congregate.

“I did not need folks to alter their PFPs for Rug Radio as a result of Rug Radio is the home of everybody, whether or not you are an ape, a punk, [or] a cat,” stated Farokh, referencing the aforementioned NFT initiatives. “I wasn’t making an attempt to divide folks.”

The founder additionally famous that he didn’t need to launch a line of PFPs with no plan in place for the way they’d be included into Rug Radio’s ecosystem, which sprang into movement when the platform was launched simply over a yr in the past.

Farokh Radio: Can a Crimson Scorching NFT Discuss Platform Develop Past Its Host?

Rug Radio is launching its personal set of PFPs tomorrow after quite a few months of planning. Designed by NFT artist Corey Van Lew, the tokens—which Farokh described as a “enjoyable challenge”—will assist make followers of Rug Radio extra seen.

“It’s giving our neighborhood a face,” stated Farokh. “My important aim with that is only for the neighborhood to be completely happy [and] to have one thing to be pleased with.”

Because of Rug Radio’s inclusive perspective in the direction of different NFT initiatives, the PFP challenge is titled “Faces of Web3.” The challenge was unveiled in early December at Artwork Basel, the worldwide artwork honest.

The startup’s title is an homage to being “rug pulled,” a time period coined in crypto for when initiatives go sideways with zero warning, usually to the misfortune of these concerned. And whereas it’s presently only a podcast platform the place Farokh’s voice is the principle draw, Rug Radio aspires to develop far past that.

Beforehand, Rug Radio launched a line of 20,000 Genesis NFTs, which yield RUG tokens to those who maintain the photographs of the crypto-themed carpets. RUG tokens are the platform’s foreign money of trade and are additionally rewarded to lively listeners and viewers on Rug Radio’s platform.

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The tokens will play a key function in Rug Radio’s upcoming mint, the place house owners of a Rug Radio Genesis NFT can mint one of many new PFPs so long as in addition they possess at the very least 690 RUG (about $0.06 per token as of writing), or personal sure NFTs by Van Lew.

“We’re not charging [people] for the PFP, they only need to have a certain quantity of RUG tokens,” Farokh stated, drawing a distinction between “Faces of Web3” and different PFP launches.

Farokh first contacted Van Lew in regards to the challenge in August of final yr, saying he was the one artist that Farokh needed to work with. He additionally famous that Van Lew will “get his justifiable share” from the challenge for his work.

A current assertion from Rug Radio’s Twitter account defined the mint’s hyperlink will likely be shared instantly by Farokh in an upcoming Twitter area, warning about misrepresentations they might probably see.

Your day by day reminder that you’ll get the mint hyperlink instantly from Farokh dwell throughout a Twitter area. So please be secure and DO NOT click on hyperlinks that pop up in your timeline, DMs, or mentions.

Once more, you’ll hear his voice as he shares the mint hyperlink. That is the one mint hyperlink.

— Rug Radioᵍᵐ 🎙 (@RugRadio) February 4, 2023