IlluminatiDAO Resurrects Early On-Chain Profile Picture Project
IlluminatiDAO has resurrected an old on-chain profile picture project, CryptoFace, according to a tweet from Truth Labs.
According to the announcement from the team, CryptoFace - which was launched three months before CryptoPunks - was initially created as part of a hackathon but abandoned quickly after very little external traction.
"CryptoFace’s development pre-dates any ETH NFT standards, so it has been sitting on the blockchain with only a handful of contract interactions in the past 5+ years. The CryptoFace project was broadly intended for identity-based use cases, such as using the profile pictures within social media apps. This is in contrast to CrytpoPunks, as early news articles focused on their description as collectible digital art," says Alex Taub, co-founder of Truth Labs.
Taub outlined the DAO's decision to resurrect the project in greater detail in his Medium post released earlier today.
While the DAO is resurrecting the project as close to the original intent, one major change will come in the IlluminatiDAO resurrection - the project will have a set supply.
"The IlluminatiDAO’s opinion was that leaving an unlimited supply wouldn’t maximize the historical significance of the project (being the first set collection on top of the OG contract)," reads Taub's post.
How Will It Work?
Each minter will be able to specifically customize their PFP using CryptoFace, rendering a likeness in a single transaction.
In that transaction, all minters will register their unique hash to the original smart contract and produce an NFT that utilizes the metadata from the original contract hash, yet on the new smart contract from the IlluminatiDAO. This will allow the NFT to maintain "direct provenance from the historical contract while being usable and meaningful on modern token platforms and dApps."
In another twist, initial minters will also receive a royalty on any sales of the NFT in the future, equal to 3% of the total sale. Any new buyer will receive the commercial license to the image and corresponding NFT.
Who Is Eligible to Mint?
All Illuminati NFT and 187 NFT holders will be eligible to mint one CryptoFace per NFT held via the CryptoFace.me website.
There will be no cost associated with the mint, and all holders will have 30 days to mint their respective NFTs.
Another 1,000 mints will be available via raffle for goblintown.wtf holders, a Truth Labs project.
Additionally, another 685 spots will be open to the public via a PREMINT raffle. The PREMINT raffle will close on Monday, October 10 at 11:59 p.m. ET.
This is a developing story and will be updated by the Lucky Trader Staff.