Releases NFT utility tokens that are otherwise locked in secondary markets and liquidity pools
Yoink Club creates a gated dapp that allows for NFT utility tokens to be withdrawn (aka "yoinked") from secondary marketplaces and liquidity pools. With an increasing number of emerging NFT projects, such as RareBunniClub (RBC), Dormant Dragons, etc., starting to focus a lot of their community growth and roadmap on the creation of a utility token, it's a shame that such high numbers are essentially frozen. I've been a fan of RBC for a long time now and the premise of their utility token is that each NFT generates 10 CARROTS per day. This means that each of the RBCs listed on secondary markets and stored in liquidity pools are also generating this utility, but are untouched. Each NFT project would have its own Yoink Club membership, its own NFT containing a number of traits that define key pieces of logic for processing yoinks. This means that access to the platform can be sold and traded, continuing to fund the project. I thought this was a really exciting feature as each NFT will create it's own functionality and can also allow for different traits based on Mainnet / Rinkeby / etc. I used OpenSea as a secondary market to buy the NFTs from, as they have extensive assets available at a low floor price, and NFTX as a liquidity pool that allows swapping and sales. The swapping element of NFTX allows for any purchased tokens to be quickly swapped 1:1 for other tokens in the pool, allowing for yoinked utility to be doubled for an extremely low price. The sale price on NFTX can also be monitored, allowing us to sell each NFT for higher than we paid for it too (excluding gas). The Yoink process has 5 main steps: - Buy - Yoink - Swap - Yoink - Sell
How it's made
This project uses a ethersjs to interact with the OpenSea, as well as directly with a number of NFTX contracts and the RareBunniClub staking contract. The majority of calls are made on the Rinkeby network. As I needed to get a subset of an OpenSea collection that was both available to "Buy Now" and ordered by an ascending floor price I also needed to run a Node Express server that uses the `opensea-scraper` module to allow for this call. The Yoink Club RareBunniClub NFT was created through the OpenSea OPENSTORE to allow for property manipulation with no gas cost. This was hugely beneficial as it removed the requirement for a custom contract and minting fees.