The token is the art piece in itself. The token seed was generated on-chain at the time of creation. Fittingly we packaged math, art, music, royalties, instant liquidity, and scarcity into an NFT project dubbed as EulerBeats. For more information on specific tracks, feel free to check out this Dune Dashboard which shows median mint and burn costs by LP track. Originals birth a new art + beat based on the Euler's totient function. Bonding curves are mathematical formulas that link the total supplies of issued tokens to the total reserve committed to issuing them. Meaning that when a print is sold, no one party needs to do anything to make those splits go to the proper rightsholders. Using metadata from the actual purchase transaction along with Eulers function, each output is a piece of artwork with unique colors, shapes and sounds all properties that give each piece a different level of rarity. Aug. 15, 2019. EulerBeats takes an innovative method to mint, ownership, and royalties. When you interact with the EulerBeats project, you are instantly thrown into an experiment that nudges its way into various disciplines of study, including music theory, math, tokenomics, blockchain technology, and more. d2d" The author of this report holds cryptoassets and owns an EulerBeat and potentially other NFTs mentioned in this report. In addition, the bonding curve for Genesis was designed for price discovery and thus makes it practically impossible at current ETH price levels to collect all prints for a single Original. it forced a token distribution to users) and increased Uniswap volume even amidst the vampire attack of its liquidity. As the EulerBeats documentation notes: . team remove the Bonding Curve/Burning Mechanism for their holders? The Aavegotchi Bonding Curve was created on 14 September 2020 via a bonding curve smart contract powered by Aragon Fundraising. PROOF is hosted by serial entrepreneur and technology venture capitalist Kevin Rose. The price of each of the 25 Enigma original tokens were determined by the highest winning bid in an OpenSea auction. After the conclusion of a presale for 500,000 GHST, the bonding curve was immediately opened. EulerBeats is a careful and creative ensemble of math, art, music, royalties, instantly liquid tokens, and scarcity into a neat digital pack. The second option for off-chain royalties is to permit the use of a piece of content (e.g. Ownership of the original LP comes with its fair share of perks: As we said, prints are direct copies of the original LP. Unlike other crypto projects where data is stored on IPFS (which still requires someone to maintain the data) or a centralized provider, EulerBeats tracks exist forever on Ethereum. NFT or fungible token royalties arent built-in natively to existing token standard or contracts and therefore require their own platforms (e.g. (If youre interested in getting into the weeds on how this is all done, the EulerBeats about page and Discord server are great places to start.). Ethereum eulerbeats.com Joined January 2021. . The name Euler is a nod to the mathematician Leonhard Euler (pronounced oiler) whos phi function was used to generate the beat tracks and cover artwork. Other potential solutions to align creators and collectors include platforms like Zora which enable collectors to set a collectors royalty which further aligns NFT owners and creators. Most use cases are for buying and selling into the curve, e.g. . Prints only come with the ability to use the NFT for personal purposes (not commercial). PrimaFelicitas. A bonding curve contract is an automatic market maker (a smart contract that enables users to buy and sell tokens) with the following properties: A token can be minted (bought) at any time according to a price set by a smart contract. ConsenSys backed company, Treum recently released EulerBeats, an NFT project that creates algorithmically generated music on Ethereum. The EulerBeats crew handcrafted 10 limited edition Futura Master NFTs to serve as the official artist statement and creative introduction for Futura. If you burn your print, you receive 90% of the current print price of that LP. These NFTs will be provably unique, random combinations of generative music and graphics generated by the EulerBeats team utilizing a set of original musical building blocks. Burning a print in the case of EulerBeats is a lot like selling the print back to the project itself. Commercial Royalties Genesis LP NFT owners maintain non-exclusive royalty-free licensing to use, copy, or display the Genesis EulerBeat, including commercial purposes. Since the project launched on February 15, total EulerBeats Genesis royalties have surpassed 1000 Ether ($1.5m). SuperRare), new token standards (as with Zora NFTs), or need to be integrated at the aggregation level (e.g. This is because the pricing is on a dynamic bonding curve. Considering that prints over 90 require significant capital investment (minimum 50 ETH) and the current max is 57 ETH its unlikely that many consumers will purchase these soon. Thank you for the beautiful and thoughtful initial design of the Genesis release. Is your head spinning yet? Bonding Curves, Burn Funds, and Other Complicated Things As we said, prints are direct copies of the original LP. The art + music generating script then utilizes the seed to generate the 27 Enigma tokens. Say its the first day this project launched. A Cute and Chubby Bonding Curve The purchase price increases with a bonding curve to create hype and FOMO reward early supporters so that more people will buy these cute little things. Check all NFT projects listed on The Dapp List. The coprimes matrix is used as input to generate the rhythmic base. provides an elegant explanation of the differences in media storage choices between different NFT projects. A percentage of the print price gets instantly placed into a reserve in the smart contract. Futura is the third EulerBeats NFT drop. They bundled math, art, music, royalties, quick liquidity, and scarcity into an NFT initiative called EulerBeats. The simplest and most well-known case is a one-dimensional bonding curve that links one reserve asset with one token to be issued. Treum, which has a copyright on EulerBeats is already seeing the impacts of copycats. In straightforward terms, a token bonding curve aka bonding contract is a method of raising funds through utilization of buy and sell functions. Burning reduces the current supply to n - 1. At the moment of generation, the token seed was produced on-chain. Buyers of Originals shouldnt need any more incentive other than the historical significance and the uniqueness of the art + music EulerBeats NFTs. The bonding curve effectively means that per print cost rises significantly over time. October 15, 2021. SushiSwap made Uniswap more valuable for users (e.g. In addition to the royalties, holders of Originals have full commercial rights. Are EulerBeats Prints valuable? The technique used to create these pieces is based on a math function developed by Leonhard Euler, a notable 18th-century mathematician. With 10 handpicked Futura Master NFTs and a series of unique generative Mixes, Futura music will usher in remix culture. This is a common critique of blockchains since open source software can be easily forked and therefore the intellectual property rights are not imbued into the platforms. Join the EulerBeats. For prediction markets, a bonding curve would link the supplies of YES, NO, and optionally DRAW tokens to the total reserve staked in the prediction market. We show how in a video in the FAQ section. The bonding curve is unlimited in size, has no time limit, and offers an opening price of 0.2 Dai per GHST. Holders of Ethereum NFTs EulerBeats have already earned over $1.1 million in royalties. Even rings rotate in one direction and odd rings the other way around. EulerBeats is just a few weeks old, and the team behind it has plans to evolve it in many directions. the more people that buy tokens, the higher the price goes up, the less people that buy tokens, the lower the price goes. People want to own a piece of culture. Treum.io, a ConsenSys-backed firm founded in 2016, is a pioneer in the blockchain field. We can extrapolate and see how this technology will affect almost every business. funds held in the bonding curve pool applicable tothat Print Token (the "B urn Reser ve"). 1.5k members in the bankless community. Each Print has a value backed by Eth on a bonding curve. I can burn my print and receive 9ETH for it, a profit of 8ETH! Sildenafil was initially developed by Pfizer to treat high-blood pressure with a relatively limited . to chat with the creators and collectors. Another place the EulerBeats project pushes at the edges of NFT tech is at a much needed one on-chain royalties. Remixes themselves will be able to be further remixed via the same mechanism. One important aspect of EulerBeats is that all the data required to recreate the Genesis LP tracks (artwork + music) is stored on-chain. Here's how it works: 1. We can extrapolate out and see how this technology can affect pretty much every business. 8% of the purchase price of an EulerBeats print goes to the original EulerBeats owner, 2% goes to the project, and 90% is held as a refundable reserve if the print is ever burned. However, as you can tell from the bonding curve above and given that some of the higher bids for Genesis LP tracks on OpenSea are in the 300-500 ETH range, theres little likelihood that all 120 prints are minted. The relationship between arithmetic, physics, music, and art is inextricably linked. Music, for the most part, has had a highway-to-hell-of-a-time getting ported onto blockchains. EulerBeats are algorithmically-generated music tracks and artworks. Pre-setting how token value will increase or decrease: A bonding curve . If the EulerBeats website is ever shut down, you can use the seed and the script to generate your art and the beat. Additionally, Binance copying EulerBeats or CryptoPunks doesnt make the projects less valuable, but instead reinforces to the market (and speculators) that there is value in these NFTs. Simply said, EulerBeats is a collection of distinct audio-visual NFTs. A brief discussion of Bonding Curves and how they apply to projects on the rLoop Network. EulerBeats is an NFT project pushing at the edges of this potential, and pointing us in the direction of where these powerful new technologies can go. Holders will be able to pick musical qualities from any Futura Mix they own to create new, unique Remix NFTs via a pleasant and engaging internet front end. The market subconsciously understands this concept. Leonhard Eulers contributions to mathematics are well known and include geometry, infinitesimal calculus, trigonometry, algebra, and number theory, as well as continuum physics, lunar theory, and other areas of physics [, reflected his passion for sound. He believed its possible to quantify the degree of agreeableness which might be translated as sweetness, charm, or tunefulness. The relationship between math, physics, music and art is tightly intertwined. Thus, the burning process returns ETH to the print token burner from the reserve. Move the chart to see how rates have shifted. SCARCE stands for ( S cheduled C lose A nd R elease of C umulative E arnings). 84% of the print price is stored in a reserve to refund burned prints. 2. The generative art details, however, are only the tip of the iceberg. A yield curve is a line that plots yields (interest rates) of bonds having equal credit quality but differing maturity dates. Each ring could have the same width as the others (less common) or different widths, in ascending order, descending order, or randomized. 25 of the 27 total beats in the collection were auctioned off, with one "set aside to donate to a DAO," and the other "set aside for the EulerBeats . Some tracks based on algorithmic creation of the music and art are mathematically more rare than others. Each new print of a given original in circulation is priced according to a bonding curve, where price goes up as token supply in the exchange declines. That means that they start cheap and get increasingly more expensive as each one gets bought. We try to include at least one public json rpc url as part of the cli, so everything might just work for you, but if it doesn't. We recommend getting a free account from Infura or Alchemy . The center half in one direction and the outer half in the opposite direction, and last of all, they could all rotate in different ways in a randomized manner. The Treum team has a proven track record of launching some epic blockchain firsts, including but not limited to implementing the first non-financial use case for tracking oil samples for BHP Billiton, bait-to-plate tracking of yellowfin tuna from Fiji to New York with WWF, and live auction of tokenized Game Worn Jerseys for the Sacramento Kings. This bonding curve provides liquidity for sellers as well as locking in reserves for the project (i.e. In addition, the bonding curve for Genesis was designed for price discovery and thus makes it practically impossible at current ETH price levels to collect all prints for a single Original. The flow of these royalty is explicitly encoded into the NFT smart contracts. This means that when someone comes along and mints one of these NFTs, the art and music are created then and there. Why would any content owner or creator ever take this approach? A bonding curve is a mathematical concept used to describe the relationship between price and the supply of an asset. With the proliferation of this technology, all of that goes away. a print owner doesn't have to worry about being paid out, the reserves will always exist based on the pricing model). The Genesis LP is one side, and Enigma LP will be the other. As the NFT landscape evolved, trading cards and gaming assets came next, although theyre still fairly rudimentary. They just flow automatically into the proper digital wallets. We launched EulerBeats to commemorate, . At ANY point in time, anyone else can force the sale of an asset at the currently listed price. If you could fly through a music NFT, this would be it. This can open up new possibilities on the secondary marketplaces as well as create interesting game theory experiments for the people who hold the prints. Not a lot of people know about it yet, and I come along and think its pretty cool. Diamonds are forever. The basis of the bonding curve is the idea that when a person purchases an asset that is available in a limited quantity (like Bitcoin), then each subsequent buyer will have to pay slightly more for it. Each new print of a specific original in circulation is priced using a bonding curve. This is EulerBeats. EulerBeats Enigma originals are ultra scarce NFTs and are capped at 27 - completing the other side of the EulerBeats record. If the project does start to take off, and people start buying prints of LP 01, the print price is going to grow exponentially. These levers help to produce interesting view patterns and also eliminates some edge conditions like an empty area. We also cover the generative art scene, the NFT gaming/metaverse, and founders building new tools for creators and collectors. Here we get to the crux of why EulerBeats has built in all these complex contraptions By incorporating a bonding curve and burn fund, EulerBeats baked in the conditions to incentivize early supporters of the project. In layman's terms, there is no inner or outside identification of the surface. Revenue Royalties from prints of the respective track (8% of newly minted prints goes to the Genesis LP holder while 2% goes to Treum). This determines the colors used on the cells. The price goes up as the supply increases, but goes down as supply decreases. On today's early-access episode, @NFTstats takes over for @Kro while the travel team prepares for the last leg of the EU roadshow tour. It becomes more expensive to mint the prints as more get sold. It sounds like there is a lot more yet to come within the EulerBeats project. The EulerBeats project may go on to act as a historical case study, showing us just how powerful the potential for NFTs truly is. . The album explores the limits of 3D generating art and sound. From Cryptokiddies and Cryptopunks, to meme NFTs involving pepe the frog, Artists are trying to find new ways to generate income and exposure with NFTs. This is because deflation increases the value of money, therefore, the real value of bonds will increase over time. Each of the 27 EulerBeats tracks comes with 1 original track and 120 prints (copies) which are sold (printed) on a bonding curve, meaning the first track is exponentially cheaper than the 120th print. That is, while selling a print, no one party has to do anything to ensure that the splits are distributed to the appropriate rights holders. To further explain how the Enigma release introduces a bonding curve that makes it practical to buy all prints for a token we started the print price at 0.1 ETH and the print price increases in about 0.1 ETH increments through the 110th print token. We've grown accustomed to perceiving digital stuff in a specific manner, and this new technology has a way of altering our entire perspective on things. Herein lies some pretty sweet ideas for creators of all kinds. As the first 50-60 prints are bought the entry price and . Suddenly we can envision a scenario where a little restaurant halfway across the world plays my song, and that song playback is recorded on the blockchain. The Originals will be auctioned off using an English-style auction running for 48 hours with 5-minute extensions if there are new bids within the last 5 minutes of the auction.The token floor will be set at 2.71. What is EulerBeats? Interacting with the EulerBeats project automatically throws you into an experiment that nudges its way into many fields of study music theory, math, tokenomics, blockchain technology and more. The Euler Record is a limited edition set of algorithmically generated art + music based on the Euler number and the Euler-Totient function. Using metadata from the actual purchase transaction and Euler's function, each output is a piece of artwork with distinct colors, forms, and noises all of which give each piece a unique sense of rarity. This economic policy, also known as Harberger Taxes, enforces citizens to value their own assets and pay a self-assessed tax based on that value. However, while their inherent value is minimal, that doesnt mean they arent potentially valuable. From there, anybody may purchase an EulerBeats print, which serves as a reproduction of the original in the same way that purchasing a CD does.