The Idols is a collection of 10,000 generative portraits living on the Ethereum blockchain. Each Idol is unique and is generated from over a hundred hand-drawn assets. Some Idols will have features that are rarer than others, however, since all Idols will have an equal claim on the income generated from the Idol Treasury, all Idols will have an identical intrinsic value.
The Offering represents the genesis event for the Idol NFTs. During this event 10,000 Idol NFTs will be created and given to users who contribute to the Idol Treasury. 100% of the ETH raised through The Offering will be converted into stETH and deposited into the Idol Treasury. As 100% of the ETH raised from the event is going back to the community, the founding team is reserving 10% (1,000 Idol NFTs) for the team and early advisors. Idol NFTs dedicated for team members and advisors will have a 1 year no-sale lock.
The Idol Treasury is a monotonically increasing treasury comprised of LIDO's stETH. stETH enters the treasury in one of only two ways:
It is important to note that the "principal" amount of stETH can never be withdrawn from the Idol Treasury, only the staking rewards that are earned. This ensures that Idol NFTs will always have "intrinsic" value as they will have a proportional share of the staking rewards in perpetuity.
99%* of stETH income from the Idol Treasury is paid to and split equally amongst every Idol NFT. Rewards will be claimable as they are accrued via the contract.
*1% of stETH rewards is paid to the caller of a keeper function which updates the protocol after a stETH rebase. This 'caller reward' may reduce over time.
Idol NFTs have a 7.5% commission that is due on all secondary sales. 100% of this commission is paid back to the community (to $VIRTUE stakers). $VIRTUE stakers are important members of the ecosystem since post The Offering, the only way the Idol Treasury can increase its holdings is from the Virtue Bonding Curve.
Smart Contract Whitelist
Idol NFTs have a smart contract whitelist. This means that a smart contract has to be on an approved whitelist before it can be approved for or hold custody of an Idol NFT. Initially this whitelist will be managed by the founding team, but this responsibility will eventually pass down to the DAO.
The Idols NFT is the first project of many that are planned in the upcoming Idolverse. Each new project in the Idolverse will provide further utility for the Idol NFTs and the $VIRTUE token.