Solana NFT spotlight: RadRugs NFT project 💣

After buying a bag full of $SAMO and slowly getting acquainted with the Solana ecosystem, I came to realize that the NFT space is quite a thing. While Solana Monkey Business is the best NFT on Solana, there are plenty of new and fun NFT projects launching regularly. I've just dipped my toes in the water, but already came across this cool NFT project from RadRugs. Minting has not started yet but is expected sometime in November 2021.

RadRugs NFT website snapshot
RedRugs website snapshot

RadRugs NFT 💣

Contact details:

To stay on-top of updates, news about minting and presale of the RadRugs NFT project, join their discord by clicking here.

Rad Rugs NFT teaser
Rad Rugs NFT teaser 1.

What is RadRugs NFT?

RadRugs, the safe haven on Solana. This is one of the most interesting, and most promising NFT projects I have come across. Besides providing unique artwork through the RadRugs NFT (some teasers on this page), they aim to do a lot of good. How? The name of the project provides some clues. There are three aspects to the RadRugs NFT projects, all related to rug pulls. Or rather, preventing and minimize the damage from rug pulls.

If you don't know, rug pulls are when creators of a blockchain project abandon it right after the mint, or shortly after - leaving the minters and community behind. People that minted and invested money would then lose their investments as the price typically plummet after a rug pull.

Rad Rugs NFT teaser 2
Rad Rugs NFT teaser 2.

RadRugs NFT collection

They have designed 5,555 unique rad rugs NFTs on the Solana blockchain. A large majority of these will be available for minting at 0.5 to 1 $SOL each. Every minter will receive a unique 1:1 rug with different traits. An unknown % of the 5,555 rad rugs NFTs will be earmarked for redistribution to victims of other NFT projects that were rug pulled.

Minters that hodl a rad rug NFT will be part of the RadGang, become a so called "ruggie", and get special perks in the RadRugs NFT eco system, and gain access to the RadRugs DAO.

RadRugs NFT community-driven DAO

RadRugs hodlers can participate in the governance of the ecosystem through a community-driven DAO (Decentralized Autonomous Organization), where hodlers can help review NFT projects on the Solana blockchain and decide on compensation schemes for victims of rug pulls.

Rad Rugs NFT teaser 3
Rad Rugs NFT teaser 3.

RadRugs Leaderboard

In relation to the DAO, there will be a Ranking Leaderboard where NFT projects are reviewed by the community in the DAO. Each project is ascertained by different criteria and receive a score, or a safety ranking. Often there are several red warning flags available before a rug pull is made. This would be a collective effort by the RadRugs community to minimize damage made by rugpulls.

Rad Rugs NFT teaser 4
Rad Rugs NFT teaser 4.

Secondary market efforts

Besides the do-good, unique aspects and cool art. The founders of RadRugs NFT have stated that they will allocate funds to stimulate the secondary markets. The goal of this effort would be to keep the floor price of Rad Rugs NFTs above the mint price. Paperhands that sell at mint price or below get bought out. The NFTs that are bought back are then redistributed to rug pull victims, or burned.

RedRugs NFT Roadmap

RadRugs Roadmap
RadRugs Roadmap 2021-2021.

Conclusion

I will mint at least one Rad Rug NFT, love the art. 💎

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