Liberty Square
About Liberty Square
Liberty Square is an NFT collection consisting of 9,999 sinister squirrels on the Solana Blockchain. They are a project built with a focus on future development. From media to infrastructure, their focus is on building what they believe adds value to the project and the Solana ecosystem.
Since inception they continue to stand by their 5 core tenants:
- Art matters.
- Builders build. Technology is in a constant state of motion.
- Decency is free.
- If it is not fun, don’t do it.
- Community is important…people want to make money.
The art was created by co-founder Skribble Squirrel and was the foundation of the projects conception. There are over 450+ traits each being hand illustrated and designed to fit within each piece and not simply laid on top of it creating a more intentional feeling to the artwork.
They also have a series of Lore to go along with the project.
The collection is split up into 12 individual ‘Gangs / Breeds’ as follows:
- The Reapers –Total Supply: 222 – % of Drop: 2.5%
- Padre – Total Supply: 356 – % of Drop: 4%
- The First Order – Total Supply: 444 – % of Drop: 5%
- Crimson Cadavers – Total Supply: 667 – % of Drop: 7.5%
- Shadow Sect – Total Supply: 711 – % of Drop: 8%
- Banda De Ladrones – Total Supply: 800 – % of Drop: 9%
- Nutcrackers MC Member – Total Supply: 889 – % of Drop: 10%
- Nutcrackers MC Enforcer – Total Supply: 889 – % of Drop: 10%
- Oak Street Boys Banger – Total Supply: 889 – % of Drop: 10%
- Oak Street Boys Brawler – Total Supply: 889 – % of Drop: 10%
- The Dusty Nut Outlaws – Total Supply: 1067 – % of Drop: 12%
- Squirrels for Liberty – Total Supply: 1067 – % of Drop: 12%
Among them are 12 ‘Legendary’ sets. Each Gang / Breed will have 1 specific set of 1/1s totaling 144 pieces. These are the rarest NFTs in the collection.
By owning 1 NFT from each Gang / Breed the holder technically own ‘a collection’ and will be rewarded with a staking multiplier depending on the rarity. *refer to the Utility section*
Tokenomics:
Out of the 9,999 total supply, 500 NFTs were withheld for distribution as follows:
Team Distribution: 272 pieces to be distributed to current and future team members.
Promotions: 216 pieces to be distributed via promotions and airdrops.
One complete Legendary Set held back for future giveaway.
The collection carries a 4.4% secondary market royalty fee with 100% of the proceeds going to the Internal Operations Wallet. Any excess in that wallet will be transferred to the Liberty Savings and Trust Wallet on a 2 times a year basis.
As a holder of Liberty Square you gain access to various different utilities offered by the project.
Intellectual Property Rights:
All IP rights are granted to holders according to their Terms which can be found within the Discord.
Air Raid Campaign:
As a holder you automatically qualify for Airdrops in the future. These will come in the form of Liberty Square NFTs, 1/1s, pieces from other collections they acquire and so on.
The Liberty Mercantile:
This is the center of all their merch, raffles, auctions and other fine digital goods. Holders will have the ability to buy merch, enter raffles or bid on auctions with $FLTH and FIAT.
They will also release assets earned from their Treasury wallet from time to time into the Liberty Mercantile.
Liberty Research:
This has only recently been announced but not yet released at time of writing. The goal of Liberty Research is to build robust tools that are scalable. Holders will obviously get preferred access to any tools built by the project.
The Mausoleum:
This is their Deflationary Mechanism. All staking rewards earned in The Mausoleum will be fairly distributed amongst all holders of unlisted NFTs at random points throughout the year.
Staking:
Liberty Square also offer a staking platform for their NFT where holders can earn $FLTH.
$FLTH will have a lifetime supply of 8,888,888.88 units.
The staking rewards are determined by rarity as follows:
- Common = 2 $FLTH
- Rare = 4 $FLTH
- Ultra Rare = 6 $FLTH
- Legendary = 8 $FLTH
Holders who own ‘a collection’, which is 1 of each Gang / Breed, will have staking multipliers available to them as follows:
- Common Collection = 1.25x multiplier = a bonus daily reward of 6 $FLTH.
- Rare Collection = 1.5x multiplier = a bonus daily reward of 24 $FLTH.
- Ultra Rare Collection = 1.75x multiplier = a bonus daily reward of 54 $FLTH.
- Legendary Collection = 2x multiplier = a bonus daily reward of 96 $FLTH.
- Mixed Collection = 1.25x multiplier = a bonus daily reward 6 $FLTH.
Liberty Square also offers a raffle style mechanism to burn your NFTs to receive a reward.
They have 3 different methods to do this:
- Destruction
- Nuclear Destruction
- Annihilation
I wont go into detail here as the information can be found on their Discord and Whitepaper but essentially they allow between 15-50 people (depending on what method is used) to submit a certain number of NFTs to be ‘burnt’ with 1 winner chosen once the pool is filled.
The winner is rewarded either 1 NFT of The Reaper breed, a Legendary multiplier or 12 NFTs with a collection staking multiplier of 2.25x.
This is a great way to reduce the total supply of the collection and consequently, the amount of $FLTH created.
| Team Members | Role |
|---|
The Founding Team consists of 3 members:
Sekrit – Co-Founder: Builder – https://twitter.com/sekritsqrl
Skribble – Co-Founder: Art & Illustration – https://twitter.com/skribblesqrl
Shadow – Co-Founder: Logistics & Operations – https://twitter.com/shadowsqrl
The rest of the team:
Queen – Marketing & Community Manager: https://twitter.com/casanova_queenn
Reli – Community Overlord & Marketing: https://twitter.com/Ireliphon
Wolf – Security Expert: https://twitter.com/dontfeedwolfeth
Frisk – Director of Partnerships & Collaborations: https://twitter.com/0xFrisk
Bryce – Advisor of Strategy & Growth: https://twitter.com/Brycesworld
Unfortunately there is not much background information on the team apart from their Twitter profiles. No information regarding their experience in the space, past projects or expertise in their assigned roles within the project.
Liberty Square has been around for about 8 months coming to the market with a 0.88 SOL mint price. At time of writing the floor price currently sits around the 8 SOL mark.
Upon researching Liberty Square, it was great to see the organization of the project. 90% of the information is readily available and accessible to the public which is a real relief. Its not standard practice for a project these days but Liberty Square seems to be an exception.
Looking through their Twitter, its good to see they have a decent amount of followers, are consistent with posting and garner a decent amount of interaction amongst posts. The team is also making an effort to gain exposure conducting regular AMAs with the community and appearing on various podcasts and Twitter spaces.
With a 10,000 piece collection, a low listing count is one sign of a strong community indicating that holders would much rather keep the NFT as opposed to selling it, especially since the floor price has appreciated a lot since the initial mint. Liberty Square has a consistently low listing count ranging from 90-550 listings since the collection came to market.
The Total Sales Volume is also another indicator of popularity and demand amongst a project and Liberty Square has an impressive 314k SOL in traded volume.
Looking at the percentage of total collection held by individual wallets tells me this project has a really good ratio of different holders and is not just owned by a select few wallets.
The biggest wallet owns 5% of the total supply but that is the Liberty Square Treasury Wallet: (71PQZSuFVUNqnKeko1zTQW3bABT6pK4VCyRpnG9c6Gmo). The second biggest holder is 1.7%. Even if we assume the top 10 wallets are held by Treasury / Team it still only amounts to 13% of total collection so not too concerning as the treasury also has a buyback system in place.
I really like their burn mechanism they have too. Its good to see these selling out with the community as it reduces the total supply of the collection and reduces the amount of $FLTH in circulation which gives the mechanism a deflationary aspect.
One thing i like to see is the distribution of mint funds upon selling out a collection. It was great to see that only 272 NFTs out of the whole collection where used to compensate the whole team. That tells me the project is focused on growth, reinvesting back into the business.
The lifetime supply of $FLTH is capped at 8,888,888.88 which is a positive but again, if the project cannot give ample value to the token then this is kind of irrelevant.
In saying that, there were still a few concerns i wanted to address:
- Lack of background information on the team.
- No Roadmap publicly available detailing goals and future developments for 2023. The current roadmap has not been updated since 2022 and we are over a quarter of the way through 2023.
- Not a really important concern but one thing i view as unprofessional is having swear words in a whitepaper or roadmap.
- Multiple projects. Its always a huge concern when a new project deems it necessary to release multiple different collections.
Granted, some are considered free artwork airdrops but on top of their Gen1 collection ‘Sinister Squirrels’ they have also released ‘The Hallowed’, a new collection announced for 2023 ‘The Degeneratz’ and on their Twitter bio it also states they have ‘Arkade’ and ‘Legendz’ which i cant find any information on.
While they do allow new mints to be available in $FLTH, the question still remains “Why does a new project need to launch different sub collections as opposed to concentrating on and providing value to the original one”?. It could be seen as a value add to holders who mint using $FLTH to try and flip for profit but if there is no utility or value tied to these new collections then the demand to buy them with SOL wont be there. Nevertheless, they still seem to consistently sell out these 10,000 strong sub collections. - The Hallowed collection grants holders the ability to stake their NFT for half the $FLTH rewards of a Sinister Squirrel. This increases the amount of $FLTH in circulation.
I also contacted their founders via Discord with a few questions to which they said they would get back to me with answers. Its now been 2 weeks with multiple messages and they still have not answered the questions.
The questions i asked for answers to were:
1. Is there a document i can have a look at that details the projects goals and plans for 2023?
2. How exactly is The Mausoleum a deflationary mechanism?
3. How was the mint funds distributed amongst the project and team?
4. In your Twitter bio it references Legendz and Arkade, are they projects owned and created by Liberty Square?
Unfortunately i have been unable to get answers to these questions from the founders which i wasn’t too impressed with.
In conclusion, i do think this project holds value, has a strong community and decent team behind it but i really don’t like how many sub collections they are releasing when they could be using that time and money to bring further value and utility to the Gen1 collection. If you are looking to get involved in Liberty Square then i would recommend waiting until we get some clear information on their plans for 2023 and how they plan to bring value and manage each collection.