8biticon’s Manifesto - Create & Sell Digital Art as NFTs

Quick Intro

Hi all, my name is Matvey and I am the founder of Bitmedia. I designed the 8biticon avatar builder back in 2012 and since then this pet-project of mine continues to successfully exist and offer flexibility and simplicity of pixel avatar design. In fact, I have received countless grateful emails and often people asked me if they could license the project from me or buy out completely. Well, the answer has always remained the same. 8biticon is a free service (if used non commercially) and the only thing I asked of its visitors was to share a link to our website. Nevertheless, I believe that the time has come to take the next step and from now on…

We give you a chance to create, manage and sell your avatars as NFTs!

Ideology

Taking into account that for the past 7 years Bitmedia has been all about blockchain development and projects based on it, we just couldn’t go past NFT without becoming part of the movement. :) Therefore, we have decided to leave 8biticoin as is but now allow its users to tokenize their images (avatars) and turn them into standalone NFTs.

Moreover, from now on the 8biticon users are not only the rightful owners of their images but also have a chance to get rewards from all future sales of their avatars and design elements they feature. I will expand on this further in the Token section of the article.

Wonder why we are doing this? To tell you the truth, it’s an experiment. We would like to test the idea behind the NFT but go beyond the basic DOGE gif ownership, taking its ideology to a level of a more complicated but very interesting tool. We want to create a mix of a DeFi instrument and the rights of an art piece ownership. Yep, you become the owner of an avatar right after you claim it or cover the token generation costs as we like to call it. This stipulates that there is no way other people can download it or even recreate via our randomiser.

Last but not least, we are currently in talks with other projects in a bid to legitimise the rights distribution of purchased assets. Now, let’s get into the details!

Art, avatars and NFT

First and foremost, 8biticon is all about letting our community create cool pictures. We have always allowed people to download the stylish avatars that they design and now, the rights to these avatars will also belong to their creators. What does this mean? When finalising your avatar you will receive an NFT token that will be associated with the record on the blockchain, stating your ownership rights and making sure that your avatar cannot be replicated.

Then, you just hold it, gift it, sell it (on Opensea or other similar marketplaces) or go and design some more and make a whole series out of it!

8biticon 2.0

  • Essentials - Will remain as is for the connoisseurs and fans of the platform. This series will retain the original look from which 8biticon began. Only difference is that you can now buy the avatars you create and turn them into assets.
  • Originals - This new series comes with the all new format and a few technical changes. Although the gist remains the same, a new format of 32x32 boasts better proportions and brings greater detail to each new avatar. There are new textures and shades and overall the Originals is no longer about the pixel. It is the new iteration with new style and digital aesthetics :)
  • Specials - It is all in the name. We have taken the Originals series and added themes to it. You can now opt for a Samurai, Zombies, a Santa Claus and many more. Imagine a samurai with a zombie head wearing Santa’s attire. Why not, right?

So then, dear art connoisseurs! Put on your monocles, get your pipes going and enjoy!

Economics and Tokenomics

The updated version of the service now offers 3 different series of avatars!

  • All transactions linked to avatars, be it purchases, payments or remuneration are done via smart contracts. They will be secure and transparent but imply a certain transaction fee.
  • The art piece (avatar) price is calculated from its minting price and the demand adjusted markup.

    • Minting Price - Covers all expenses related to the service and includes: development, art, hosting, CDNs, storage and smart contract functionality. This cost is applicable when you purchase all art related elements for the first time.
    • Demand adjusted markup - Alters the element price based on how many times it has been bought. DAM allows us to create a market within a market, fuelling an internal organic price increase based on the demand. Therefore, the art piece price is calculated via the following formula:

      calculation

      NOTE:

      n - Number of elements in the configurator. There are currently four elements available to the users (haircut, eyes, mouth, clothes)

      B - Minting price. Each layer costs 0.003ETH, which means that a complete picture costs 0.015ETH

      N - Number of times each element has been purchased

      k - The uniqueness coefficient. It is a calculated ratio of the number of elements in the layer to the total number of elements. The ratios can be found on the 8biticon website, since they are subject to change with smart contract renewals.

  • 80% Reward Sharing: It is an incremental part of the equation and acts as a derivative from the Demand Adjusted Markup. Let’s say you buy an avatar with a specific pair of glasses. Every other user who will buy an avatar with the same glasses after you, will have to pay a premium and 80% of that premium will be paid to you. Same logic is applicable to the third person who buys the same glasses. Only this time, the 80% will be split between you and the second user with the same glasses element.
  • Note that all future revenue linked to the token will be channeled to its current owner, whilst all previous payouts will remain with the previous token holder. Therefore, if you decide to sell your token/avatar, you will keep the already realised revenue but will not continue to accumulate rewards from element’s future DAM.

These are the main pillars that will let community members get rewards from purchase and sale of NFT 8biticons:

  • Reward Sharing. Takes place whenever the element you own gets purchased on the market. Keep in mind that the earlier you buy your favorite elements, the greater your revenue will be from the subsequent elements’ purchase by other community members.
  • Resale of NFTs via marketplaces. All early NFTs will always retain high value, explained by the fact that they will constantly generate revenue via Reward Sharing.
  • Referral income. It is another stellar way how the community members can generate additional revenue and we have tried our best to make it transparent, safe and of course, cool!

Token 101. How does it all work?

Since we are done with the technical side of things, let’s investigate the tokenomics. All transactions and tokens will be based on the Ethereum blockchain and its ERC721 token standard. This way, the token can be easily traded or exchanged either outside or within the 8biticon platform. We could have left the transaction side of things out, but instead decided to integrate a simple and straightforward transaction interface into 8biticon so you could manage all your avatar related transactions in one place.

All you have to do in order to get started is to register with Metamask and then your account will automatically attach to your 8biticon profile (more on this below). Next, you can just go ahead and start purchasing the avatars you like whilst it all works without additional payment systems or even 8biticon. Just you, your browser and your new avatars! Purchased avatars automatically get linked to your ETH account and then, the world is your oyster. Either hold to it and wait for reward sharing and referral bonuses to kick in or sell it on any of the available marketplaces. All transactions related to your avatar can be accessed on 8biticon via your Metamask account and include current balance, purchased tokens, referral and reward sharing revenue.

Rewards withdrawal

Make sure you read this carefully because this part is important. The Ether that you get as your rewards will be stored on the smart contract and hence, all withdrawals will also be done via the smart contract. This means that there will be a tiny fee involved with every transaction that is being made in relation to your account, which you can monitor on 8biticon. In fact, we have put all rewards and other remuneration in one table to make it easier for you to manage these transactions. As for smart contracts, it will only store the general stats, recorded from the day of its origination. More detailed data will be specific to the 8biticon platform, which may incur some minimal inaccuracies. Oh, and the network will take a fee in case you decide to store your rewards within the platform, although again, this will happen only if the reward size is smaller than the set minimum amount. Keeping this in mind, make sure you withdraw your rewards as soon as you get a chance to do so.

Referral Program

Our referral program is designed to replicate the commonly used affiliate practices and it’s logic is built into the smart contract. You can become part of it by purchasing your first avatar, which will put in a record into the smart contract and give out a referral link that you can then use to get your friends in. Once that is done, you will receive a commission of all purchases that people who clicked on your link make, governed by the following formula:

  • Referral commission = 15% of base price + 5% DAM

How to get started?

Since everything is designed to work via smart contracts, all you need to do is open an account with Metamask and fund it with a minimum amount of ETH required to purchase an avatar. Don't have ETH? You can buy it on a myriad of global exchanges with your credit card or go to any crypto exchange that you trust. Once Metamask is set up and you have ETH on your account, do the following:

  • Got to the Catalogue and select the Series you like the most
  • Create your avatar. You can come up with your own by choosing from all the available elements or generate a random one with our randomiser.
  • Purchase the avatars you create
  • Wowawiwa! You now own your own art in the form of an NFT! Hold on to it and get revenue or just resell it on a marketplace.
  • Oh, and don’t forget to tell your friends about us and share your referral link on forums, social media and generally, all over the place!

8biticon packs a punch!

Creativity is endless with 8biticon NFT art maker. Make full use of the art tools to create the most valuable NFT avatar in the industry