CRIPCO Project Research

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Introduction

CRIPCO is an NFT marketplace and building ecosystem for NFTs endowed with high quality IP rights - what one might call an “IP 3.0 hub”. CRIPCO aims to build an NFT ecosystem where everyone can create secondary content and merchandise with the tooling provided by CRIPCO’s platform. DAO partners can upload NFTs of their intellectual property, such as emojis, videos, icons, and users can buy these NFTs to make videos, virtual avatars, merchandise, which they can use to monetize. CRIPCO’s marketplace will first be launched on Solana, with plans to expand to Polygon, and Flow. IP3 is the utility on initial exchange offer from CRIPCO. Sale price is 0.2$. CRIPCO has formed an exclusive partnership with IPX, formerly known as LINE FRIENDS. IPX, as a DAO member of CRIPCO, will upload NFTs of its IP to populate the ecosystem. 

 

What is CRIPCO? 

  • CRIPCO is an NFT marketplace built on Solana complete with tooling that allows users to purchase and trade these NFTs which could be used to create secondary content and merchandise. 
  • CRIPCO DAO partners, who are IP owners, will upload NFTs of their intellectual property. The IP might be emojis, videos, icons. Users can buy these NFTs to make videos, virtual avatars, merchandise, which they can use to monetize. 
  • Users may further customize these NFTs and then sell them on CRIPCO’s NFT marketplace.
  • IP3 is the utility token used for transactions on CRIPCO. Users will have to purchase IP3 in order to conduct transactions. IPD is the governance token on CRIPCO, and is minted by locking up 10,000 IP3. 
  • NFT collections, called “pocket universes” on CRIPCO, may be featured on the NFT marketplace, provided it passes a vote by the DAO members.  
 

IP NFTs

NFT Tooling

Transaction Fees

DAO onboarding

CRIPCO

1%

Opensea

x

x

2.5%

x (free listing)

Magic Eden

x

x

2%

x (onboarding by magic eden team)

LooksRare

x

x

2%

x (free listing)

X2Y2

x

x

0.5% (reimbursed)

x (free listing)

Gem.xyz

x

x

0 (on aggregator)

x (free listing)

 

  • CRIPCO believes that “the unilateral content delivery method of existing IP companies is not suitable for the Web 3.0 era.” To solve that, CRIPCO is pioneering a new paradigm of allowing individuals to leverage the potential of IP by selling IP tokenized in the form of NFTs.
  • NFT collections on CRIPCO are called “pocket universes” (universe), and the marketplace and the wider ecosystem it resides in is called the “multiverse”, in CRIPCO language. 
  • CRIPCO marketplace has a transaction fee of 1% when traded in ETH (compared to 2.5% on Opensea, 2% on magic eden, 2% on LooksRare). Referrers take half of the transaction fees of the referred. 
  • The CRIPCO marketplace plans to gradually roll out the following features: collection bidding, bulk buy/sell, dashboards where users can see statistics, such as listing ratio, blue chip NFT holder ratio, and whale holder ratio, and NFT prices and trade volume visualisation dashboards.
  • With CRIPCO’s NFT utilities, individuals and companies are not only able to create their own NFT collections, but also able to create secondary content with NFTs they hold, such as motion captured videos, stickers, emojis, and webcomics. 
  • Finally, DAO members, which consists of IP companies, IP creators, online shopping malls, auction houses and global celebrities, will actively expand the ecosystem by participating in CRIPCO.
  • The utility of the NFTs sold on CRIPCO, combined with the recognisable nature of the IP of the NFTs and the NFT customisation tooling offered on CRIPCO, makes CRIPCO a unique NFT platform unlike other marketplaces.

 

Platform Specifics

Secondary Content Creation from IP 

  • CRIPCO’s most notable feature is its secondary content creation platform. 
  • Because of CRIPCO’s exclusive partnerships with existing IP holders such as IPX (formerly known as LINE FRIENDS), CRIPCO is able to put together a strategy to further build utility for these IPs, which can then be used by users to produce secondary content. 
  • CRIPCO has plans to introduce a variety of secondary content production engines to enable motion capturing, web-comic production, POD (print-on-demand), sticker designing, and background image designing. 
  • Users can buy the NFTs on sale and create secondary products, complete with single sign-on (SSO) functionalities, thereby allowing holders to login into multiple metaverse platforms with their NFTs. This design is to make CRIPCO the center hub of NFT purchases and the design workspace for users to customize the NFTs that constitute their online identity.
  • CRIPCO has partnered with MARRPLE to enable users to make print-on-demand merchandise with the NFTs they have bought. A user can buy NFTs representing IP on CRIPCO’s platform, customize it, and then connect with MARRPLE’s platform to make apparel, sports, electronics, home decor, and other products.

Curation Contracts

  • CRIPCO is a curated NFT platform. New NFT collections (pocket universes) have to be approved by DAO members through a vote on the curation contract.
  • Only approved NFT collections can be sold on the marketplace and proceed to interact with other objects in the metaverse.
  • Applications cost IP3 to submit. The exact breakdown of this cost has yet to be determined, though a small portion will be sent to the Treasury, with the rest locked until the curation decision is confirmed.
  • The DAO can vote to remove a collection from the approval list.
  • The exact process for this has yet to be determined, but will require a higher threshold than successful applications. Removals may be necessary in cases where inactivity, copyright infringement, security vulnerabilities or other unforeseen complications arise.
  • IPD holders are eligible for these votes.

Revenue Streams

  • CRIPCO has three revenue streams: 
    • NFT Sales: 70% of CRIPCO’s original NFT drop revenue will go to the treasury.
    • Marketplace: CRIPCO Marketplace sales fees will go to the treasury. 
    • NFT Tools: CRIPCO NFT Tool usage fees will go to the treasury.
  • Revenue Sharing: 
    • The treasury’s revenue will be split between IP3 holders and IPD holders, with percentages to be determined. 

 

Tokenomics 

Overview 

CRIPCO has two tokens: IP3 and IPD. IP3 is the utility token, to be used for purchasing assets on their platform, while IPD is for governance token. 

IP3 has a total supply of 300,000,000 (300 million). It has an initial circulating supply of 6.15 million (2.05% of the total supply). At genesis, there is only the IP3 token. There is no IPD at genesis. IPD tokens needed to mint by locking up 10,000 IP3 tokens. 

Therefore, the theoretical maximum supply of IPD is 30,000 (300 million divided by 10,000). 

Vesting Schedule 

Below is the market cap table of IP3.

Group

Allocation %

Tokens Allocated

TGE Unlock (%)

Tokens unlocked at TGE

Price

FDV

Vesting Schedule

SEED SALE

1%

3,000,000

5%

150,000

0.03

9,000,000

9.5% each month for 10 months after 1 year cliff from listing

PUBLIC SALE

1%

3,000,000

100%

3,000,000

0.20

60,000,000

No Lock-up

PRIVATE SALE A

5%

15,000,000

10%

1,500,000

0.06

18,000,000

9% each month for 10 months after 1 year cliff from listing

PRIVATE SALE B

5%

15,000,000

10%

1,500,000

0.06

18,000,000

9% each month for 10 months after 1 year cliff from listing

TEAM

5%

15,000,000

0%

0

0.00

0

10% each 2.4 months after 18 months cliff from listing

ADVISOR

5%

15,000,000

0%

0

0.00

0

10% each 2.4 months after 18 months cliff from listing

MARKETING / PR

10%

30,000,000

100%

30,000,000

0.00

0

No Lock-up, the remaining is held in reserve for marketing and PR of the IP3 DAO

TREASURY

18%

54,000,000

100%

54,000,000

0.00

0

No Lock-up, the remaining is held in reserve for the reward to the IPD holder through a smart contract

LIQUIDITY REWARD

50%

150,000,000

100%

150,000,000

0.00

0

No Lock-up, the remaining is held in reserve for future contributions to the IP3 DAO

TOTAL

100%

300,000,000

 

 

 

 

 

 

  • IP3 tokens in the treasury are used as staking rewards for IPD stakers. The airdrop emission system is calibrated against network growth targets to ensure incentive alignment. This means that while on paper 0% of the IP3 tokens in the treasury are unlocked at TGE, emissions have already begun, and would gradually enter into the circulating supply. 
  • A similar line of reasoning stands for tokens allocated to marketing and the liquidity reward allocations. They are not locked, but the emission schedule into the circulating supply is not predictable. The amount of tokens from these three categories (Treasury, Marketing, and Liquidity Rewards) entering into the circulating supply is difficult to model and depends on actual playout of the project’s development. For this reason, charts below assume all tokens from these three categories are 100% unlocked.Screenshot_2022-06-25_at_4.28.28_PM.pngScreenshot_2022-06-25_at_4.27.23_PM.png

Screenshot_2022-06-25_at_4.28.49_PM.png


IP3 Utility 

Here’s the list of utilities of the IP3 token: 

  • Transaction Currency - All sales, purchases and general transactions within the CRIPCO will be settled in IP3.
  • NFT collection Application Fee
  • Staking
  • Voting Incentive
  • Early-Access to Listings
  • Access to DAO Treasury Special Events
  • Treasury Voting Applications 
  • Other exclusive Perks & Benefits 

IPD Governance  

  • IPD is used for all governance decisions affecting the CRIPCO platform. Details on the exact types of governance decisions, their approval processes, the curation smart contract and more can be found under the DAO Governance section. IPD confers a voting weight of 1. Below is a brief description of proposed IPD utility cases:
  • Pocket-Universe Approval 
  • Smart Contract Upgrades 
  • Treasury Decisions
  • Staking Reward 
  • NFT Reward 
  • Fee Discount – IPD holders will get their fees discounted when using the CRIPCO platform.

 

Roadmap 

2022/Q3

- Marketplace launch
- B2C NFT mint service incorporation: Users, such as artists, entrepreneurs, and investors, will be able to easily produce NFT projects using CRIPCO’s B2C NFT solution.

2022/Q4

- Referrals: referrers will have a portion of the CRIPCO Marketplace’s revenue distributed with them.
- Advanced purchase types: the CRIPCO Marketplace will support advanced purchasing features such as sweep, where one can purchase multiple NFTs at once, and Collection Bid, where one can bid on the entire collection/
- Statistics dashboard: a dashboard where one can analyse NFT collections in a variety of ways will be released.
- Motion capture: users will be able to create motion capture content with the NFTs they hold using the newly launched NFT utility, and will be able to monetize from it.
- POD (Print-on-demand): users will be able to create merchandise with the NFTs they hold using the newly launched NFT utility, and will be able to monetize from it.
2023/Q1
- Web-comic service: users will be able to create web-comic content with the NFTs they hold using the newly launched NFT utility, and will be able to monetize from it.
- Sticker service: users will be able to create stickers with the NFTs they hold using the newly launched NFT utility, and will be able to monetize from it.
2023 Q2/Q3
- Launch of the v2 marketplace: The CRIPCO team will present a new platform experience to the users with creatively designed interface and experience.

 

Partnerships

CRIPCO has established partnerships with a list of brands and companies with IP rights. These brands and companies would be onboarded as early DAO members, who would also supply the marketplace with IP NFTs. 

CRIPCO has an exclusive partnership with IPX (formerly known as LINE FRIENDS). LINE FRIENDS initially focused on developing its offline retail business. LINE FRIENDS broadened its business in character IPs from merchandise to life-like IPs as dynamic virtual influencers in 2020. By moving its offline stores online, LINE FRIENDS also succeeded in expanding its digital brand experience and strengthening its online commerce, transforming into a digital IP business. 

According to a press release published on Globe News Wire, the company's total IP transactions reached around USD 833 million last year with around 28% CAGR in total IP transactions since 2016, and a 31% increase in online sales compared to 2019, despite the pandemic. CRIPCO’s partnership with IPX fits with IPX’s announced strategy to pioneer new metaverse and NFT businesses. 

Other partnerships CRIPCO has secured include:

  • Seoul Auction Blue: an online auction platform, and a leading player in the Korean art auction market in terms of market share and auction records. Seoul Auction blue covers antique and modern Korean art, as well as collectibles, wine, and jewelry;
  • Kasina: a global leading street select shop brand, with annual sales of $70 million. 
  • MUSINSA: Korean online fashion retailer.
  • Fujiwara Hiroshi: a leading player in Japanese street fashion, producer, musician, designer, and global artist. He served as director of Nike’s HTM line and Levi’s Fenom line, and represents Yoshia Porter’s Head porter line, and an owner of two brands, Good Enough and Fragment.
  • Edison Chen: Hong Kong actor, singer, rapper, fashion designer and entrepreneur, with multiple Cantopop and Mandopop releases. 
  • KB (Kyubum Lee): streetwear fashion designer and entrepreneur.
  • Marciano Media Group (MMG): a multidisciplinary creative studio specializing in original IP development, production, and strategic marketing.
  • NAVER Z: a company developing an application where users can create different 3D avatars online using facial recognition, AR, and 3D technology.
  • James Fauntleroy: a songwriter & producer who has been one of the most successful hitmakers in pop, R&B, and hip-hop music.

  • IPX: a leading IP business company with various mega IPs such as Brown&Friends and BT21.

  • PlayDapp: a blockchain gaming platform that makes digital assets accessible to the masses.

  • Coolrain: a leading art toy designer who is receiving a lot of attention from brands and artists around the world.

  • Blitzway: a world's best figure development/manufacturing company.

 

Token Sales

The details of the token sale of IP3 are as follows:

Total Token Supply  300,000,000
IEO Valuation $60,000,000

Percentage of total token supply to be sold at IEO

1%

Number of tokens to be sold

3,000,000

Token sale price

$0.20

Number of tickets

2,000

Tokens per ticket

1,500

Price per ticket

$300

Capital to be raised from public sale

$600,000

 

Investor Details 

Links and references

 

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