What Is VIBES? A Real-time Experiment Pushing The Boundaries Of NFTs

Today I minted 3 new NFTs on screensaver.world (an NFT marketplace on the Polygon network).

To the average viewer, these look just like any other NFT, but these NFTs are special because they’re infused with $VIBES.

(Heads up: the above 3 NFTs have now sold, but you can always see the latest available VIBES NFTs at sickvibes.xyz)

Infused? $VIBES? What?

VIBES is a real-time experiment to discover what’s possible when you push the boundaries of what can be done with NFTs. Here’s how it works:

The $VIBES Token πŸ’°

At the heart of VIBES is the $VIBES token, which is a fungible token used in the VIBES ecosystem.

The $VIBES token creates the key incentive mechanism in the ecosystem because it’s a tradable digital asset that can be valued by the market.

This doesn’t necessarily mean $VIBES has a specific value. Instead, its value will be determined by how much value or utility the market thinks it has.

Provenance Mining βš’οΈ

A key utility of the $VIBES token is that it’s circulated in a process called Provenance Mining.

When an NFT is created it can be infused with $VIBES tokens which are then locked to that NFT.

Those tokens are then unlocked at a fixed rate over time to the owner of that NFT who can claim the unlocked tokens and reuse them in the VIBES ecosystem or sell them on the market.

A Real-World Example πŸ‘¨β€πŸ”¬

Let’s go back to the NFTs I mentioned at the top, specifically checkered_03.mp4

This NFT is infused with 270k $VIBES. At the time of writing, 270k $VIBES is equal to $487. You can see real-time stats for this NFT here.

checkered_03 Stats

The catch is that all these $VIBES aren’t available right away. Instead, they’re unlocked at a rate of 1000 $VIBES/day. These unlocked $VIBES are then claimable by whomever currently owns the NFT.

At the time of writing, I still own this NFT, but ultimately I will sell it to the highest bidder (update: the NFT has now been sold).

Once the piece has been bought, the new owner will essentially be earning 1000 $VIBES/day, just for holding my art. Not bad πŸ‘Œ

Of course, this assumes the new owner wants to actually claim the $VIBES.

Perhaps they leave the $VIBES unclaimed and resell the piece. Assuming the $VIBES are still worth something, they can probably sell it for a much higher price than what they initially paid (unclaimed $VIBES are transferred with the piece).

Maybe the new owner does claim the $VIBES, but doesn’t sell them. Instead, they hold them hoping they’ll increase in value. In the future, they will even be able to use the $VIBES they own to infuse their own NFTs, theoretically increasing the value of that NFT.

$VIBES Utility

The example above illustrates how VIBES, using Provenance Mining, adds value to the act of holding an NFT over time.

Right now (Aug 5th 2021) VIBES is still very new. As of this writing, I am one of only 4 artists who have $VIBES infused NFTs and there’s not much else you can do with the $VIBES tokens other than hold them or sell them (and even then, there’s not yet enough liquidity to sell large amounts).

In the future, as VIBES grows, more utility will be added to the $VIBES token. The possibilities are limitless, but here are a few examples of how VIBES can enhance the utility of an NFT.

Update, Sep 6th 2021: There are now over 30 VIBES curators and 100+ VIBES NFTs. The community is growing! πŸš€

Build Artists x Collector Relationships 🎨

As an NFT moves around between collectors, one could publicly track how many $VIBES each collector earned from that NFT and rank them by who held it the longest.

This could even be aggregated across multiple NFTs from a single artist which might tell the artist who their most passionate collectors are, so they can build a relationship with those collectors.

Make NFTs More Accessible 🀝

Because a collector earns value by holding a piece, they could conceivably recoup some of the initial cost of buying the NFT (as $VIBES tokens after a period of time) and then resell the NFT at a lower price, allowing art to more easily be circulated at reasonable prices.

Standalone Utility πŸ› 

The $VIBES token itself also has standalone utility.

For example, governance of the VIBES ecosystem could be decentralised with decisions being made democratically by holders of $VIBES tokens – the artists and collectors who actually have a stake in the ecosystem.

Consider a scenario where the amount of governance power one has could be based on how much $VIBES one has mined over time.

Because of the nature of the supply of $VIBES being circulated over time, this would directly correlate a person’s governance power with how long they have been invested in the project, as opposed to simply how much money or $VIBES tokens they own.

$VIBES could even be used to create decentralised, distributed art collectives, where members pool an amount of their $VIBES to collectively buy an NFT.

VIBES Is An Experiment

Doing This Shit Live
From the official VIBES documentation.

VIBES is inherently experimental. Whether any of this is actually a good idea or not remains to be seen.

VIBES has some key mechanics, like the $VIBES token and Provenance Mining, but beyond that, what VIBES is and can be will change over time.

If you’re interested in being a part of VIBES and in experimenting and pushing the boundaries of NFTs, digital coordination, and web3 applications then hop into the VIBES Discord or dive deeper into the official VIBES docs to learn more.

Join VIBES on Discord β†’

Read the official VIBES docs β†’

We also recently held a VIBES Community Call to talk more about what VIBES is and to answer some of your VIBES related questions. Listen back to that below.

If you want to earn some $VIBES of your own through Provenance Mining, check out the currently available VIBES NFTs at the VIBES tokens gallery.

VIBES Tokens Gallery β†’

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