Holder Benefits

On our Shill & Grill Twitter space with Gotto, we were able to confirm that all features on the platform are available to the public with the team monetising various aspects. NFT holders will benefit from gamification of the platform and get rewarded for use and engagement.

CATNIP

Several allusions to CATNIP have been made outside of the Whitepaper. It would appear to be some sort of points system or token earned that can be used in the Primes Vending machine in return for prizes. How CATNIP is earned remains to be confirmed. Whether or not prizes are randomised or not also remains to be seen.

Team Members	Role

Powered by

Arcalion

• Founder and CTO

Noxira

• COO
• Twitter: @NoxiraNFTs

Gotto

• Head of Marketing
• Twitter: @tgotto95

Yoko

• Lead Artist

Loggy

• Community Lead
• Twitter: @OSULoggy

Bammy

• Discord Game Manager
• Twitter: @banpouk

Vxnom

• Lead Collab Manager
• Twitter: @Vxnom_Sol

Nxxn

• Alpha Caller
• Twitter: @sol_nxxn

The Platform

The first thing that comes to mind when looking at their platform is that they are covering a lot of different areas. Whilst this isn’t necessarily a problem, I haven’t seen many projects create so many different functions and still maintain quality across them all. To quote the great Ron Swanson:

That being said, there are exceptions to this rule, the most obvious one being Famous Fox Federation and there’s certainly no reason why a similar platform cannot emerge. It will all come down to execution.

Prime Habits

First thought that it was just another GM streak like Okay Bears does. Even as an Okay Bears holder, I don’t bother with the GM streak as it just strikes me as very spammy. When everyone is tweeting GM from the same source, it loses all meaning – and that’s with GM having already basically lost all meaning already but that’s a rant for another day.

If they can find a way to promote social engagement from their holders in a way that isn’t repetitive, then I will certainly hold a more positive view of it. The rewards system definitely looks more appealing than with Okay Bears (at least for me). Where Okay Bears earns you raffle tickets, it would appear as though Prime Habits earns you Gems which can be exchanged for prizes. With my terrible luck with raffles, I find the ability to accumulate and win smaller prizes more appealing than never winning a big one.

Lending Protocol

This is definitely what caught my eye as an avid lender but as someone who already uses Lender Labs (and loves it), The Primes have their work cut out for them if they want me to use their protocol instead. It’ll ultimately come down to how good the features, UI and analytics are.

Raffle Aggregator

The only product that is something that I haven’t seen before. If I’m being cynical, really the only raffle platform people use is Famous Foxes. Maybe Monet. Is there really so much data out there that an aggregator is necessary?

Casino Games

Again, probably not something that interests me personally but from a project perspective, there’s already plenty of coin flip, chance games out there already. Grabbing that market share may prove to be a challenge.

BetCord

I personally think this is going to be fun for about 5 minutes and then people lose interest. I’ve seen too many Discord bot games come and go and yet for whatever reason, Rumble Royale reigns supreme. I just think there are far more engaging games that communities can run that don’t require a Discord bot. Poker anyone?

The NFT

As with all NFT projects, the big question is always ‘Where does the NFT fit in?’. We were able to confirm on our space with them that the main utilities (lending protocol, raffle aggregator etc.) will not be gated behind the NFT but rather the ability to earn rewards from engagement. Perhaps holders will get discounted fees for use as well? However, in almost every case where NFT holders get platform discounts, you need to be using the platform A LOT for those discounts to accumulate to a level that means anything.

I do have to give credit to the team for recognising the limitations and arguably self-destructive decision that is gating features that the public would benefit from behind an NFT. Skribr Network Lead, DeNomics, breaks down this phenomenon in his article, Tool Access NFTs, Good or Bad?

Business Model

One thing I’d like to dive into more is what elements of the platform will generate revenue from the project. Gotto was able to clarify on our space that the features of the platform will earn a fee for the project whilst remaining open to the public. I personally prefer this model significantly more to the upfront lump sum revenue of an NFT that gates those features as it means ongoing revenue. The sticking point here will be that they need to make the UI/UX so good that people are willing to cop the extra fee to use their platform rather than directly go to the source for themselves.

To the team’s credit as well, a lot of the platform has already been built which is a huge green flag. It is a fantastic sign when a team has their own skin in the game by putting their own funds and time to create a working product prior to launch.

Conclusion

For a project that frequently cites their desire for innovation in their whitepaper, there is alarmingly little that is new on what they are building. Only the Raffle Aggregator is something I have not seen before. All the other products also have longstanding competitors that they will have to work hard to gain market share from. Their best bet is in being able to set themselves apart by creating a UI/UX that beats out all the rest but this is no easy feat.

Overall there are more questions I would want answered before committing to buying in. To collate them all in one location:

• What role does CATNIP play in holders being rewarded?
• Can they create a product that can compete with everything else that is already on the market?

The potential is certainly there. In my mind, the best case scenario is that the platform absolutely explodes with users and the revenue generated goes towards rewarding holders. Think Famous Fox Federation. That way, valuation of the NFT is not based purely on valuation of the platform services it gets access or perks to, but also the reward mechanisms in place.