Hello world, we are Lyfe Labs! We are so excited to share our story with you. Today, we want to introduce ourselves, and to describe the vision we're building towards. First, let's talk about RareLyfe our first project we are launching.
🧐 What is Rarelyfe ?
RareLyfe is a Art & NFT marketplace to create a seamless platform that would cater to Art & NFT users, buyers, sellers, creators, and collectors. $LYFE is the native token that powers the RareLyfe marketplace. The $LYFE token is a medium for giving back to active participants, like users, traders and creators. We have created this beast with a vision to serve the community and solve short comings of previous NFT marketplaces. Why another marketplace we already have Opensea, Looksrare and X2Y2 ?
Despite monopolizing nearly 90% of the NFT trading market share, OpenSea’s road to becoming a giant has not been smooth. They initially adhered to the belief of an “NFT marketplace with everything for everyone”.
It is true that the OpenSea development team has contributed a lot, but without a large number of loyal NFT users in the crypto field, how could OpenSea have achieved its current glory? Nonetheless, the NFT giant seems to have forgotten that users should be rewarded for their contributions, it hopes to use the profits made on the chain to go public and embrace traditional capital.
On the road of development, OpenSea has drifted farther and farther from the beliefs upheld by Web 3, and the “people’s marketplace” finally turned into a “greedy monopolist” under the power of capital.
LooksRare and OpenSea are essentially doing the same thing, which is to defend the vested interests of major players such as whales, project parties, and VCs. From a pure profit standpoint, this doesn’t seem to be wrong. But this is contrary to the original intention of Web3 and their vision of being community first.
KOL Cobie also expressed that LooksRare’s token economics are similar to a ponzi ICO, where each participant is the base of a new pyramid.
Maybe we shouldn’t hold a negative attitude towards cashing out, but how can the project get nearly 50% of the platform’s revenue share through only 10% of the tokens released linearly? This is where the real doubt lies, and that number doesn’t even include the KOL investor segment. This has completely turned into a game of giant whales harvesting retail investors, creating an “invisible Ponzi game” and “sustainable ICO” with word games.
LooksRare has very good token economics, which has to be amazing. But the problem is that the project team used it in the wrong direction of incentives, like cutting down a tree with a well-crafted nugget pick, and the final result is likely to be unsatisfactory.
X2Y2, came into being created by yet another anon team just like Looksrare. The project started with “Inclusive Airdrop”, “No private sale” and “No trading rewards, no wash trading”, ideally calling it a social experiment and a game about demand and capital. X2Y2 faced a challenging time right from launch, they had issues with claiming airdropped tokens which paused the airdrop. After that event they set the wrong parameter settings, 56% of the staking rewards were distributed in the first phase causing a huge dilution of their token. @bitfish1, a Chinese crypto influencer, questioned the security of X2Y2’s smart contract which resulted in X2Y2 updating contracts and apologising to community. These black swan events have caused the token price to overshoot and they have recently chosen to go 0 royalties to creators which has forced a few blue chip NFT creators to block their marketplace trading their NFT’s. They are respectable opponents.
We will go into more detail about what will set us apart from our competitors in the upcoming weeks. However you will find some peeks of what we are planning to deliver in this article.
At Rarelyfe the motto is to reward, empower, and give back to the platform's users and creators. Community is #1 asset. Built by creators for creators!
✈️ Airdrop $Lyfe tokens to all NFT traders on any marketplace.
💎 Get rewarded = Users that buy or sell any NFTs on Rarelyfe earn $Lyfe tokens.
🤝 Share the platform fees = 100% of trading fees are earned by $Lyfe stakers.
⚡️ Royalty payments made at the moment of sale = Creators get paid instantly.
🚀 What can you do on Rarelyfe at launch?
Buy and sell NFTs in ETH, WETH, or a mix of both.
Make offers on NFTs in WETH.
Make an offer on all NFTs in a selected collection "Collection Offers".
Earn daily trading rewards.
Earn a share of the platform's trading fees in WETH.
Earn daily Referral rewards.
Earn daily Listing rewards.
More features will get disclosed as we get closer to launch. For now its 🤐🤐
🤔 Why should community trust Rarelyfe?
At Rarelyfe we want to create a safe protocol for our community to use their hard earned gains without the looming fear of being exploited.Thus, we are going to implement the following features to effectively reduce the rug-risk to a negligible amount:
🛡KYC ''Know Your Consumer' (KYC) is a security protocol we will be undertaking. By KYC'ing the core team, this protects the community against possible rug attempts as if this were to happen, our team would be 'doxxed' to the public.
🔒 Liquidity Locking All ETHs gathered from the ILO (Initial Liquidity Offering) will be added as Uniswap liquidity and the LP tokens will get burned permanently.
As a large and successful team, we have no reason to take your money. We have spent tremendous amounts of time and effort to build this protocol so rugging would be inconsequential. Our primary objective is to give back to the community who made us what we are today!
🤨 What can you expect?
Firstly we are going to launch a open Beta version . In which you will be able to list and trade your NFT's for 0 fees and get familiar with UI. There will be rewards for trading and listing on Beta version.
We are going to be releasing the Beta version ASAP so we can get your feedback and keep building together with the community right from the start.
💁🏼♀️ How can you help?
Give us all the feedback. Once open beta is live, send us all your bugs, feature requests, favourite colour, whatever.
💬 Join the Rarelyfe Community Discord: TBA
🐦 Follow and talk to us on Twitter: @Rarelyfe_
We'll be sharing a more detailed overview of the tokenomics , team and some peeks at future capabilities at launch, so keep an eye out. Follow our socials so you don't miss out.
Peace out ✌️
Adam
Head of Communication
Lyfe Labs