Exchange NFT gifts with Santa.FM 🎀
Metaversal is one Bankless newsletter for weekly levels on NFTs, virtual worlds and collectibles
Dear Bankless Nation,
Gift exchanges, where friends and family randomly exchange gifts with each other, are a regular part of the holiday season.
Of course, with blockchain and NFTs it is easy to program an extended gift exchange where people come from around the Earth can participate in a random gift exchange together.
One project that brings one such NFT gift exchange to life for this holiday season is Santa Claus.FMa new NFT gift exchange protocol that allows you to deposit an NFT to receive a new NFT from the gift pool on Christmas Day.
As with anything new in web3, you should approach this app as an experiment! If you try it, do it for fun and only deposit NFTs you can give away.
All that said, let’s go over the basics of Santa.FM and how it works for today’s post!
-WMP
🙏 Sponsor: Uniswap Labs — Better Prices, More Listings: NFTs on Uniswap✨
Santa Claus.FM is a newly launched NFT gift exchange protocol created by the VenturePunk web3 studio, which is led by Jordan Lyall. You can deposit NFTs into the Santa.FM gift pool until December 24, 2022 at 10 p.m. PST, after which you can redeem an equivalent number of new NFTs from the pool the following Christmas morning from 6 a.m. PST.
Since Santa.FM is a decentralized peer-to-peer protocol, it needs a way to exchange Ethereum-based NFTs verifiably randomly and without centralized interference or administration.
Towards that goal, keyword i Chainlink verifiable randomness feature (VRF) resource, which allows web3 projects to safely exploit gas-efficient on-chain randomness.
Consequently, Santa.FM relies on Chainlink VRF to ensure that the gifts deposited to the gift pool will be fairly and randomly distributed. As the VenturePunk team has explained:
“The Santa.FM smart contract will only accept the random number if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This gives you automated and verifiable assurances directly on-chain that the randomization of NFT gifts is provably fair and was not tampered with by the oracle, external entities or our VenturePunk team.”
To prevent the influx of spam, the Santa.FM pool only accepts deposits from NFT pools verified on OpenSea. The VenturePunk team has kick-started the pool with a handful of NFTs ranging from collections like Art Blocks to SupDucks, and after public contributions the pool is now +770 NFTs and counting as of this writing.
Ahead of the Boxing Day gift exchanges, you can see all the inserted NFTs set to be randomly distributed via the pool’s OpenSea profile page. In my opinion, there is definitely some cool stuff in here so far!
-
Must santa.fm and connect to your Ethereum wallet
-
click on Open Exchange button
-
Select the NFT you want to gift and then tap Approve contract and complete the authorization transaction with the wallet
-
Print Add gift and complete the final deposit transaction
-
That’s it! If you participate, you can return to the same dashboard on Christmas morning and choose Unopened gifts opportunity to start redeeming your gift claims on a 1:1 basis
Santa.FM is festive, communal, experiential, fun and open. My kind of experiment, in other words. But if you look deeper, it’s also a sign of things to come. In our increasingly digital world, we are bringing our old customs online in new ways as we gain more techniques and understandings. Santa.FM does this in light-hearted style for holiday NFT gift exchanges, but it’s also just the tip of the iceberg for all the culture that’s going to hit the chain via NFTs in the years to come. Believe it!
-
🧑🎄 Check out Santa Claus.FM — just remember that this year’s gift pool closes in four days on the night of December 24!
-
🗓️ Read my previous article 2022 NFT Highlights in case you missed it!
William M. Peaster is a professional writer and creator of Metaversal– a bankless newsletter focused on the rise of NFTs in the crypto-economy. He has also recently contributed content to Bankless, JPG and more!
Subscribe to Bankless. $22 per month. Includes archive access, Inner circle & Divorced.
Trade NFTs across major marketplaces to find more listings at better prices. NFTs on Uniswap are open source, trustless and self-sufficient. To celebrate NFTs on Uniswap, we are flying $5 million to certain historical Genius users. Start trading NFTs today on Uniswap.
👉 Get started now!
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Mediation. From time to time I may add links in this newsletter to products I use. I may receive a commission if you purchase through one of these links. In addition, the Bankless writers have crypto assets. See our investment information here.
