Beanstalk Farms · October 4th, 2021
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.
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.
Owning a BeaNFT provides a user access to the BeaNFT Club.
Immediately, BeaNFT Club members will have exclusive access to:
!joinin the Beanstalk Discord; and
As Beanstalk and BeaNFTs continue to grow, BeaNFT Club members will have exclusive access to:
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 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:
The levels are the numeric metadata stored inside the BeaNFT. All of them are determined by the Sow transaction that created the BeaNFT.
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.
The metadata and the image are stored on the IPFS. The BeaNFT smart contract ensures that once an NFT is minted:
Thus, once a BeaNFT is minted, the owner has complete custody of the BeaNFT.