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The Paradigm of NFT technology is currently limited to a degree. Many projects are seen as “Profile picture” or “Avatar” collections, and an astonishing number of them claim future integrations in the Metaverse. It's fair to say that some of these projects will deliver, although the paradigm is generally vague. We see an opportunity to expand the functionality of non fungible tokens.
The beauty of an NFT is that it is not interchangeable with another. Collections like Bored Ape Yacht Club have pioneered this membership/club aspect. Recently a decentralized data analytics company, degendata.io, listed itself for sale through an NFT. See https://degendata.io/sale. This is powered by smart contract technology releasing proprietary data access in order to actualize the transfer of business assets and control. The Watering Hole community and CryptoHippos NFT can be seen as not selling an existing business through decentralized technology, but building one together using it.
It is important to note that 20% of GROSS mint proceeds to date have been put aside into a community wallet. At this time the wallet is worth about $300,000. 20% of all future minting proceeds of this genesis collection will also go to the community wallet. Funds will be allocated based on governance applied through CryptoHippo NFTs. This paper consists of propositions for business activities, as the final operational say is down to a vote using the governance of token holders. We have honed in on ventures we see as good candidates for this community's future. Our current platform for decentralized governance is here: https://snapshot.org/#/cryptohipposvote.eth . The main point of the Watering Hole is to serve as a proof of concept as we are aiming to be pioneers in the use case of NFTs and more.
The Watering Hole will operate in many ways, but our first objective will be to acquire real estate for the Watering Hole, both in the real world and in the Metaverse. Hippos need land to inhabit, after all. Other animals(people) will be able to feed from our community just like in the wild, but for a fee. This will manifest as a short term rental business. We are currently amassing a portfolio of properties under contract and will close on the ones the community deems appropriate. While real estate is somewhat of an active business with potential prospecting, renovations, and upkeep, we will also engage in more passive activities. The Watering Hole will also be brought to virtual life in the Metaverse by purchasing at least one parcel of land in Decentraland or Sandbox. Holdings in various cryptocurrencies will also be a key diversification for the CryptoHippos community.
The Remainder of mint proceeds are being used to build out the overall CryptoHippos brand and further fuel the founders’ vision. The community wallet is allocated to ventures that the community votes to participate in. All the proceeds are governed by token holders. By having membership to the CryptoHippos community you also gain priority access to the later products we create with blockchain technology. These products will of course come only after the completion of the genesis roadmap, with proven stability over a number of months. The founding team will eventually expand in size to accommodate maintenance of the genesis project along with other developments. Direct labor used for Watering Hole ventures will be sourced from within the community first.