Welcome to another episode of Pakt Friday FAQs, where the Pakt founders field three of the community’s most pressing questions. As before, one answer will be long, one medium, and one a brief caboose on our train of thoughts.
If you missed our first Friday FAQs and wanna catch up, take a gander at last week’s edition: What’s a Chainsite? What skill level do we need to create one? What can we do to help?
To wave the green flag this week we’ll rev up with our medium length answer first—
Medium Answer: How would the Pakt infrastructure benefit an artist or galleries?
Pakt’s co-founders are massive fans and OG supporters of Avalanche NFTs. That’s why we’ve discussed with the usual suspects as to how we can best pitch in to the NFT Avaisaance.
Our first idea? Help launch a Fair Open Access Market to connect 1-of-1 NFT artists to commissions.
Avalanche’s NFT artist community is chock-full of sublime talents who regrettably get overshadowed by the viral technicolor flashiness of 1000–10,000 issuance PFPs. Don’t get us wrong, we love an Oopa, CuddleFish, Sausagers, Dreamheadz, AvaxWaifus, Ripperz, Icons by Scribble Warlock, Doggerinos, Ferdyfish, Burgerbuddies, Monkeez, Astrokids, Smoljoes, Madskullz, Chaddoges, Peons, Firats, Humps, and Metamorphs (plus too many other stellar projects to namecheck here) as much as the next Avanger…
But something tells us that if one of you fine folks out in Avaland launches a FOAM to connect artists to tastemaker patrons you might just unearth the next Leonardo DaViNFT.
Our proposed two-way market for 1-of-1s could function as follows:
- Artists post previous works on their personal profile pages
- Patrons search the talent marketplace to find an artist they admire, then invite them to bring their vision to life via a commission
- Once an artist and patron agree to a commission, the patron contracts the artist via our Smart Contract Tool and deposits payment in a Pakt Non-Custodial Escrow Wallet.
- The artist sets to work. Once they’re finished with the commission, their 1-of-1 NFT is placed in an escrow wallet linked to the original contract.
- After both parties review their collaboration and are pleased with the results, the new 1-of-1 NFT is released to the patron and the payment is released to the artist simultaneously.
Of course, this doesn’t have to be how Pakt supports the Avalanche NFT ecosystem. As NFTs evolve across art, gaming, music, film, new media, metaverses, real estate, real-world assets, and a thousand other yet-to-be-imagined use cases, so will the Chainsites that serve them.
As we’re fond of saying here at Pakt, The only limit of the New Internet is the collective imaginations of its builders…
So when it comes to the Avaissance, the only limit of Avalanche NFTs is the collective imaginations of its creators.
Long Answer: So what’s does Pakt’s phrase “The OS for On-Chain Connection“ really mean?
h/t to everybody we spoke to at Avalanche Summit II in Barcelona who stared and blinked when we said “The OS for On-Chain Connection.”
OK, so here’s the brass tacks translation —
Pakt is building an Intuitive, Co-created, and Globally Accessible way to tap the value created by blockchains.
Let’s break it down:
Intuitive — if you’re capable of creating a Facebook page (remember those?) you can create a Chainsite (remember those?) using Pakt’s “OS for On-Chain Connection.”
The ground floor of this OS is Paktnet, a suite of in-house built APIs created to serve as the first Lego blocks for entrepreneurs, innovators, or just the blockchain-curious to build their first Chainsites.
As you know by now, we built a Fair Open Access Market template that combines our Smart Contract Tool, Non-Custodial Escrow Wallets, and Dynamic On-Chain Profiles.
Shortly after launch we will unveil a —
- Chainsite Customizer so that no-code users can select their preferred template, then change the colors, logos, and other attributes to their heart’s content (reminder: if you can code, you can customize on Day 1)
- Issue Resolution System to settle complications for users who feel their counterparty in their Pakt intentionally failed to operate in good faith
Regarding our first template, every day our design and frontend team drives towards the ultimate goal of users feeling like they’re using the internet, not blockchain. We’ll gladly bear the scars of bushwhacking through early Web3’s kludgy UI so those who follow can zip down paved highways through the New Internet jungle.
Shortly after launch, Pakt will build additional templates and offer them on our Mod Marketplace. Still, we recognize there there’s no conceivable way Pakt can keep pace with the Avalanche-powered growth of Web3. That’d be like a solo rocket outracing the accelerating rate of expansion of the universe. Never gonna happen.
That’s why our OS is architected to be —
Co-Created — as Charlie Munger is fond of saying, “Show me the incentive and I will tell you the outcome.” While we certainly don’t agree with his toss-out-the-baby-with-the-bathwater anti-crypto stance, we do agree that you get what you incentivize.
That’s why Pakt’s tokenomics model is designed to financially motivate builders to contribute Templates and Mods to organically grow Pakt’s Operating System.
Pakt is not of the “Decentralization for me, but not for thee” Web 2.0 camp masquerading as Web3. As soon as technologically possible, Pakt will open up access to contribute to its “OS for On Chain Connection” to builders everywhere. Contributors will be fairly rewarded based on the fees they set for the usage of their contributions. Build Pakt, get paid.
For instance, imagine a dev whipped up a tax tool that automatically calculates all on-chain transactions and pays out all taxes owed to respective governments (yes, we will doggedly keep soft-pitching this idea until one of you builds it). They would upload it to the Pakt marketplace, Chainsite creators would plug it into their builds, and when the Chainsite’s users utilized it the dev would earn their preset percentage fee.
This is how Pakt’s OS stands a chance of keeping pace with the growth of the Avalanche-powered world computer: by using tokenized stakeholder capitalism to incentivize builders to co-create an infinitely composable operating system. Or put in human speak, by becoming —
A Lego factory made of Legos that builds itself.
Globally Accessible — Last but certainly not least, Pakt is on a mission to connect blockchain’s New Internet to the world. The whole world. Not just developed nations that frankly don’t need blockchain’s value-spreading breakthroughs as pressingly as the ascending ones. This isn’t just idealism. It’s practical market-making. But it won’t happen if it costs $5000+ to launch a Chainsite on Pakt.
That’s why we have structured our backend architecture so that it costs less than $10. Every day we’ll work to lower this, ideally growing to completely subsidize the expense. But at launch, for the price of less than one month’s worth of Netflix, a user can turn an entrepreneurial eureka into a blockchain-powered Fair Open Access Market in less than ten minutes.
The blueprint for how we execute this is straightforward:
- Users pay upfront for their first month of server fees to run their Chainsite. For an EC2 instance this runs about $7 depending on territory.
- Users can choose whatever Template they want and integrate as many Mods as they desire for free because the Template and Mod builders get paid per revenue-earning usage, not up-front extractive Web 2.0 service charges.
- When their Chainsite becomes successful, Chainsite operators pay for their server scaling from their profits. Until then, it’s the same minimum amount per month.
- Any usage-based fees paid to the builders of their Chainsite’s Template and/or Mods automatically come out of the revenues thanks to smart contracting. No muss, no fuss.
- If a Chainsite creator wants to spin down their Chainsite, they simply delete it. No more fees of any kind.
Just think how many more successful businesses will break through when launching a startup becomes affordable to any global citizen who can maintain a smartphone.
Brief Answer: Will there be a $PAKT token?
h/t to the market
K, that’s all for this week’s FAQs. To all those trailblazers building on Avalanche, thank you for inspiring, guiding, and challenging us.
The Pakt Crew