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Beanstalk Farms · October 4th, 2021

BeaNFT Genesis: Utility, Structure and Rarity

BeaNFTs are the first project built on top of Beanstalk, a new algorithmic stablecoin protocol. The only way to earn a BeaNFT is to participate in peg maintenance for Beans, the Beanstalk stablecoin. The below article contains a lot of Beanstalk-native terminology. For a brief ecosystem overview, click here.

This article expands upon the utility, structure and rarity of the BeaNFT Genesis Collection. To read the initial BeaNFT announcement, click here.

Earning BeaNFTs

Each Season up to 10 BeaNFTs are generated and distributed based on the top Sows of the Season. The NFTs are generated after the end of each Season based on the unique Sow transaction that earned the NFT.

The BeaNFT event started at Season 1200 and will run until the start of Season 1800. Up to 6000 total BeaNFTs can be minted, but the actual number minted depends on the total number of Sows each of the 600 seasons. If less than 10 Sows occur in a given Season, less than 10 BeaNFTs will be minted for that Season.

BeanNFT Club

Owning a BeaNFT provides a user access to the BeaNFT Club.

Immediately, BeaNFT Club members will have exclusive access to:

  • A Discord channel that only BeaNFT holders will have access to once they verify they own a BeaNFT. You can get access to this channel now by typing !join in the Beanstalk Discord; and
  • Voting power over BeaNFT fee distribution.

As Beanstalk and BeaNFTs continue to grow, BeaNFT Club members will have exclusive access to:

  • BeaNFT Parties and Events; and
  • More TBA in the future!

Metadata

Each BeanNFT contains the metadata of the traits of the BeaNFT itself, as well as of the Sow transaction that generated the BeaNFT. On Open Sea, Metadata is sorted into 2 categories: Properties and Levels.

Properties

Properties are the non-numeric metadata attached to the BeaNFT. These include the traits of the BeaNFT, as well as some of the Sow transaction metadata.

The properties displayed on the BeaNFT itself are:

Background, Body, Eyeglasses, Eyes, Facial Hair, Halo, Hands, Hat, Mouth, Outfit, Outfit Text, Scarves, and Tattoo.

The properties derived from the Sow transaction that generated the BeaNFT are:

  • Account: The account that Sowed;
  • Transaction Hash: The transaction hash of the Sow;
  • Time: The time since the Sunrise function call when the Sow transaction happened:
    - Morning: 0–15 minutes after the Sunrise,
    - Afternoon: 15–30 minutes after the Sunrise,
    - Evening: 30–45 minutes after the Sunrise,
    - Night: 45+ minutes after the Sunrise; and
  • Type: The type of event that triggered the NFT. For now, all Types are Sow as the Genesis event only includes Sow transactions.

Levels

The levels are the numeric metadata stored inside the BeaNFT. All of them are determined by the Sow transaction that created the BeaNFT.

  • Beans: The number of Beans Sown in the transaction;
  • Price: The TWAP price during the Season that the Sow occurred;
  • Season: The Season that the Sow occurred; and
  • Weather: The Weather when the Sow occurred.

Rarity

The worth of a BeaNFT should be determined by how it looks and whether the community thinks it is cool/rare. Part of the fun is trying to determine what the rare aspects are and what BeaNFTs will be valuable in the long run. Open Sea does provide an analysis on how common each trait is.

Accordingly, we are not going to release the base rarity percentages that are used to generate the BeaNFTs.

The rarity of any given BeaNFT is mostly random, but there are a few factors that can give you small boosts to get a rarer NFT. These boosts are small as the goal of this event is to inspire participation from Bean Farmers of all sizes.

  • Number of Beans Sown: The more Beans Sown in a Sow, the higher the chance up getting a rare body type. The rare bodies included are the Diamond Body, Gold Body, and Magic Body.
  • Season of Sow: The lower the Season of a Sow, the higher chance of getting rare items for the BeaNFT. The rare items included are the Glowing Sun Halo, Gold Grill Mouth, Bandana, Rainbow Eyeglasses, and Crown.
  • Time after Sunrise: The closer to a Sunrise the Sow happens, the higher chance of getting any item in various categories is. The categories included are Halos, Hats, Facial Hair, Eyeglasses, and Scarves.
  • Did the wallet Sow before Season 1200: If the wallet had Sown before the BeaNFT event started, they have a higher chance to get a rare body.

One of a Kind

The metadata and the image are stored on the IPFS. The BeaNFT smart contract ensures that once an NFT is minted:

  • Its metadata cannot be changed; and
  • It can only be transferred by its owner.

Thus, once a BeaNFT is minted, the owner has complete custody of the BeaNFT.