Mint Mechanics
As the security of the SPEAR network at genesis is largely dependent on the decentralization of Dory NFTs, we will strive to make it as accessible as possible for anyone to own a Dory if they want to support the SPEAR project. One of the ways we will accomplish this is by using the Infinite (ERC721i) contract from Charge Particles to pre-mint all Dory NFTs and minimize the gas required to participate in the NFT crowdfunding.
A second approach we will take to promote a fair and decentralized distribution is by using the SPEARList to allow the community to reserve their spot before the limited Dory NFTs are sold out. This whitelist would be our preferred method for the Free Mint and Staggered Public Sale stages as discussed below. We will be giving away whitelist spots daily on our Twitter account and Discord server right up to the SPEAR mainnet launch.
Free Mint
There will be a total of 3,000 Dory NFTs allocated for this stage which allows for one free mint with a guaranteed spot. However, since we will be using the ERC721i standard as discussed, there won't actually be any minting fees involved. Potential owners only need to pay for standard transfer fees on the Ethereum network. Even though the NFTs will be pre-minted, NFTs will be randomly assigned which means this process will work very similar to standard minting.
Fixed Price Sale
A total of 30,000 Dory NFTs, which will be divided into three stages of 10,000 NFTs each, will be sold for a fixed price on OpenSea in a staggered schedule. Each of the stages would mark the kickoff of Phases 2, 3, and 4 and will be used to fund the development of the deliverable for each stage. The SPEARList for each stage will allow for each account to purchase two Dory NFTs per wallet.
For example, our deliverable for Phase 2 is the SPEAR Protocol testnet. To fund this development, we could set the mint price of the first 10,000 Lochos NFTs to 0.08 ETH. For the next stage, our deliverable for Phase 3 is the SPEAR mainnet and we could set the mint price for this batch to 0.15 ETH, and so on (These mint prices are general guidelines only and are subject to change). Similar to the Free Mint mechanics, the NFTs will be randomly assigned to the buyer which will work in the same fashion as standard minting.
English-style Auction
The last 300 Dory NFTs known as The Immortals will be auctioned off as ultra-collectibles. We will use an English-style auction on OpenSea with a reserve price of 1 ETH. Auction participants will be placing their bids on-chain which extends the bidding period by 10 minutes. Once the timed-auction is concluded, the user with the highest bid will be granted the NFT for which they placed the bid.
Ephemeral Soul Binding
Dory NFTs that are part of the Lochos and Immortals sub-collections will be in the form of ephemeral Soul Bound Tokens (eSBT), which means they will be non-transferable to a different account temporarily until the SPEAR mainnet is launched. This is done for security which prevents a potential attacker to buy up a controlling share of the NFTs right after the phased minting events are completed.
One exception is that an owner of a Dory NFT from these sub-collections can sell back their NFT to the smart contract only and will be refunded with half of what was paid originally. The returned NFT would then be available to be purchased by other interested parties through an auction.
To compensate the holders of Dory eSBTs, they will receive an airdrop of Kopis PAPs proportional to their purchase price. This will be done in two batches, the first one would be right after the Dory was initially purchased and the second is when mainnet is fully launched.
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