What do three guys named Chad, Trey, and Blake have in common, besides sounding like a trio of lacrosse high school bullies? They all had their hardware wallets stolen, along with the 24-word seed phrases.
That's the basic premise of the rather peculiar Secret NFT called "Waifu Stole My Seed NFT". This if one of many upcoming Secret NFTs in Secret Network. I chose to write about this NFT before any of the others that are in my backlog (got some catching up to do) because of a cool aspect that I will describe further down the page. As a high level description, it has a game mechanism that can be both single player or multiplayer. The prize of the game? A shared prize pool of 5-digits.
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I already introduced the poor victims: Chad, Trey, and Blake. And the crime that was committed. But what about the waifus? The Waifus are are the actual thieves that managed to steal the sad boys' wallets and seed phrases. They are also featured as the artwork of the NFTs.
The whole purpose of Waifu Stole My Seed NFT is to recover the three wallets, and more importantly, the contents of the three wallets. This is what the game mechanism is all about, which ties in nicely with the secret metadata possible through the SNIP-721 standard from Secret Network. Parts of the seed phrases are hidden in the NFTs, and the person, or persons, that manage to figure out a complete seed phrase can recover the related wallet.
At first, based on the initial information about the project, I couldn't understand the flow of the game. But after speaking to "TurboDogg" on Discord, a member of the team behind Waifu Stole my Seed, I understood it better. And I must say that it is a cool concept overall. There are some potential risks, mainly around mint and if they do not mint out. But that can be alleviated through different measures without breaking the game or the concept.
Another aspect that may be negative, is not being fully doxxed when doing a game with huge rewards. In relation to this, "TurboDogg" shared one of his social media profiles with me, as to semi-doxxed himself to me on the condition that I wouldn't share that info. I suggested that he'd further doxx himself to some people in Secret Network, as to allow people to have more faith in the project.
On a sidenote, I'd say that, regardless of the project and it's intentions, some level of doxxing is beneficial in terms of creating trust. Either way, I don't know the team in any way, but this at least showed some level of transparency instead of being fully doxxed. Which is positive.
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The utility comes down to the game. A majority of the proceeds of the mint will go towards the total prize pool. Currently, they have stated a mint price of 50 $SCRT (which I advised might be a bit too high). By the looks of it, this price may come to change, which would ultimately affect the total prize pool of the game. In terms of supply, it is set to 3,000 at the moment. Again, that number may be a bit too optimistic. Could be subject to change.
In this Secret NFT review, I will base my explanation on the current information of a 50 SCRT mint price and a supply of 3,000 NFTs.
The way it works is that 30 SCRT out of 50 SCRT will go to the overall prize pool. As you may remember, it was the wallets of Chad, Trey, and Blake that got stolen. That's 3x wallets. Each wallet will receive 10 SCRT per minted NFT.
30 SCRT x 3,000 is 90,000. This means that each wallet would contain a whopping 30,000 SCRT.
Now, to recover a wallet, the whole seed phrase needs to be collected. Here is where the secret metadata comes into play. Each NFT will contain a fragment of a seed phrase, along the lines of "Word 16: apple".
Each of the three wallets has a 24-word seed phrase. This means that a combination of 24 NFTs containing word 1-24 for a specific wallet need to be collected. This can be done for all three wallets.
The clue as to what wallet the words belongs to will be tied in to the official Discord of Waifu Stole My Seed NFT, where people will be able to solve the mystery.
Obviously, this is no easy task, which brings in another interesting dynamic: a group of people collectively working together to collect NFTs. The goal of the group would be to recover one or several wallets together. Whoever manage to recover a wallet can claim its contents - 30,000+ SCRT.
Note the 30,000"+" SCRT. Besides the royalties from the mint. 5% of the royalties from sales in the secondary market will be allocated to the three wallets.
Effectively, the total prize pool relates to the activity in secondary market.
So, the main utility of this Secret NFT is the massive prize pool. However, as I mentioned earlier, it is likely that either mint price, supply, or both, gets reduced ahead of mint. This would obviously result in a smaller overall prize pool, at the same time, that prize pool would still be equal in relation to the price and supply.
If they manage to deliver on all this, it would be a pretty cool use case for secret metadata, and a couple of people would get a lot of $SCRT!
Both the art and the "Waifu" part of the name of this project relates to anime/manga.