1MillionNFTs- An in-depth review and Why this is changing the game?

What is it about?

1MillionNFTs.com is a one of its kind game changing NFT project that is all set to create a major rift in the NFT space. It is a smart-contract based web3 platform on the Ethereum blockchain with 1000x1000 grid. Each pixel is an ERC-721 token with its location. These pixels are fully customisable and you will also have the ability to input any link of your choice on them. Users will have an opportunity to buy, sell, rent and paint them to create any picture with any link inside. But to paint pixels you need another ERC-20 token.

It is going to be interesting to witness the kind of art and images that users will input on this on this grid. Let us now deep dive and understand this better.

As mentioned, users are going to have a chance to buy, sell, rent and paint but to do so you are going to need the ERC-20 tokens which are going to be the 1 million ERC-20 tokens.

What inspired the founders of the project?

The story behind 1MlnNFTs is quite intriguing. The inspiration was drawn from a website called Onemilliondollarhomepage.com in 2005.

Here the creator made a 1000x1000 pixel grid and raised $999K and then ended up selling the last 1000 extra pixels for $38K on Ebay.com.

The picture above shows how the grid looked like in 2005 and the problem with this grid was that the creator got all of the money and it was not decentralised.

Therefore, the users had no real incentive to upkeep their real estate on the website and the website was also prone to attacks and at one point it was down for a whole week. The project did not last long and quickly died down.

There was another interesting story that inspired the creators of 1MlnNFTS.com and this came from the year 2017. In that year, there was a social experiment that started on Reddit called Place and this experiment had another 1000 by 1000 pixel grid where registered users could place a color pixel every 5 minutes for free on the grid. What this did was to get a bunch of attention but it quickly died down after 72 hours because again nobody had real incentive to continue with the project.

The only people that really benefited from this was Reditt because they had a huge influx of new users due to this and then it died down. However, Reditt kept the users.

This is from where the founders of 1 Million NFTs took inspiration as this clearly shows that you need decentralisation for a project like this and that is why one million NFTs has a lot of potential.

A Two Token Model

One Million NFTs will be using a two token model.

First, they will have the ERC-721 NFT tokens and this is going to prove ownership on the blockchain of one pixel on the grid.

Second, there will be the ERC-20 tokens, the one million tickers, these tokens are needed to buy NFT pixels and paint them to make some pictures on the grid.

So, in order to really participate in this project a user will have to go to the open market and purchase his 1 million NFT tokens. These tokens will be used to customise the pixels on the grid. This will cause a lot of buying pressure for the tokens. This is another major reason to be bullish on the project.

Tokenomics and Grid Allocation — Why is this important for you to know?

Speaking about Tokenomics, there will be a total supply of 10 million 1 Million tokens and the token sale will distribute 10 percent of 1 Million NFT tokens. The rest is self explanatory in the image below:

Allocation inside the grid is also quite interesting.

The good thing is that there is a lock-up period for the early investors so that they can not dump the tokens on the general public leading to the fall in value of 1MlnNFT tokens. Hence, they are going to be able to grab and paint ten percent of the strategic top place that is the green portion of the grid up here and their priority right to get 100% of the strategic location on the green part of the grid. This green part of the grid will only be lasting for six hours and they would not have enough tokens to actually go and paint all of these pixels. This means they will have to go to the market and buy more or they will lose the priority to get a strategic location on the grid.

This further indicates that other people will be able to grab it. Adding some game theory into the equation, given they don’t capitalize the six hour time window then they will lose the opportunity and other community members can swoop in and grab their place on the top.

For the TGE token generation event, users will receive some percentage of the unlocked ERC-20 tokens. They will have six hours to buy NFTs in a reserve location and paint them once. Users can either buy more ERC-20 tokens to get all their reserved NFT locations or if they dont buy then they can lose their priority to get these NFT locations.

You will be welcome to buy, sell and rent the NFTs and ERC-20 tokens on the market place.

A closer look at the Platform

From a platform standpoint, the One Million NFTs is divided into three parts:

First, there is a public view and this is going to be a zoomable and scrollable mobile friendly 1000 by 1000 pixel grid with all of the painted NFTs and users links available and easy to use on your smartphone. This will be super handy.

Second, there will also be the Web3 area where you’re going to connect your self custody wallet such as Metamask and this will have a suitable dashboard asset management and this will be where you can paint the NFT pixels that you own.

Lastly, there will be a market place and this is going to be an easy to use smart contract based marketplace to buy, sell or rent the NFTS and ERC-20 tokens inside of the community. So, all in all this is going to be a three-in-one platform.

Point to be noted: One NFT Pixel farms One ERC-20 token i.e One 1MillionNFT token, per year.

Final Verdict: Why should you buy this?

For one to understand, One Million NFTs will provide you a platform where you will be buying a piece of real estate on the grid and personally this reminds me on decentraland Mana and as we know you can go ahead and buy parcels of land on decentraland and these land parcels are the cheapest things in the world. So, if we see similar things unfold for this project where a bunch of users are interested in the project where they start developing and building on the grid, then this can really take off in a big way.

To sum it up, One Million NFTs is a community driven NFT project. It has a lot of interest from a lot of big investors like Sky Venture and Hacking club. This project has the potential to do very well. Users are going to have the full ability to buy, sell, rent, paint and put in any link that they want inside of their pixels. This makes it truly decentralised and it is completely up to an individual to create it how they want. This is amazing for self expression and it will be really interesting to see how things unfold in this project in the future.