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FTX launches new IEO "CRIPCO" to create IP 3.0 ecosystem NFT market.

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FTX launches new IEO "CRIPCO" to create IP 3.0 ecosystem NFT market.

FTX recently announced the launch of a new IEO: CRIPCO. Here is an overview and specifications of the IEO CRIPCO:

FTX's official Twitter account announced a new IEO pre-sale. This IEO is CRIPCO, a Solana blockchain-based NFT trading market aimed at creating a new type of NFT exchange. CRIPCO divides NFTs into two forms: one where creators upload NFT collectibles with intellectual property (IP) and the other where users utilize these IPs to create derivative NFTs.

CRIPCO aims to transform the works of creators from "one-way transmission" to "multi-directional interaction" using decentralized autonomous organizations (DAO) and token mechanisms. It has also introduced a series of tools to assist users in creating derivative NFTs.

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IEO Auction Rules

According to the FTX subscription page, the IEO auction date for this round is on July 8th at 9 p.m. Taiwan time. Users who wish to participate in the auction must pledge 150 FTT 24 hours before it starts and pass Level 2 KYC.

The total number of subscription tickets for this round is 2,000, with each ticket representing 1,500 IP3 tokens, totaling 3 million tokens, accounting for 1% of the total supply.

The minimum subscription price per ticket is 250 USDT, while the maximum is 300 USDT + 5 FTT. In terms of IP3 subscription price, it is approximately between $0.17 and $0.2 (excluding FTT price).

Participants need to create a sub-account named "IP3-IEO" and transfer subscription funds into the sub-account. If the subscription is successful, the funds in the IEO subscription account will be converted into IP3 tokens within a few hours. In case of subscription failure, the funds will be fully refunded, and the FTT subscribed successfully in this round will be completely burned.

Auction rules summary:

  1. Before 9:00 p.m. on July 8th, pledge 150 or more FTT (≥ 150 FTT) and pass FTX Level 2 KYC
  2. Create a sub-account "IP3-IEO" and transfer subscription funds
  3. Minimum subscription price per ticket is 250 USDT, maximum is 300 USDT + 5 FTT (latter recommended)
  4. More FTT can be pledged to qualify for more subscription tickets

CRIPCO Introduction

CRIPCO is an NFT trading market that addresses intellectual property (IP) issues on the blockchain and establishes a new NFT ecosystem, officially referred to as "IP 3.0 Ecological Hub."

Its goal is to protect the IP of creators while allowing users to use CRIPCO's development and creation tools to remix the purchased NFTs.

The operation works by creators uploading their creations, which will be sold on the platform after being approved by CRIPCO DAO members through voting. These NFTs contain the creators' IP, such as emojis, videos, and images. These IP-containing NFTs are called "Pocket Universes."

After purchasing these NFTs on CRIPCO, users can remix them into products like videos, virtual characters, and then trade these products. The platform and its broader ecosystem are collectively referred to as the "Multiverse" by the official.

CRIPCO has collaborated with IPX (formerly LINE FRIENDS), which shifted its IP business to hyper-realistic dynamic IPs in 2020. Other collaborators include Japanese street fashion pioneer Hiroshi Fujiwara, Hong Kong singer Edison Chen, and Korean online fashion retailer MUSINSA.

By utilizing DAO and token economics mechanisms, CRIPCO allows creators' works to transition from one-way dissemination to multi-directional interaction. This approach enables users to profit from IP creation, such as turning images into videos, game characters, or printing them on clothes, mugs, and more. The more remixing thrives, the more beneficial it is for creators' brand value.