Post by @chaoticmonk • Hey

Can someone help me grasp the concept behind the Creator Token on @youfolio.lens / @lensport.lens From what I've gathered: 1. Only the first person to c

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It’s trying to create a market around “first editions” of creator content. I think it’s just another aspect to consider in the ever evolving world of digital collectibles…and of course does parallel some irl markets focused on similar low-digit identifiers. I guess since the collects are basically identical, the only means of valuing one over the other would be its number. Obviously, you’re right tho, when/if creators decide to reward or thank collectors there would seem to be much more value in collectors who are frequent, dependable, and engaged rather than lucky #1s. That is, unless the market for first editions explodes and secondary-sales become a real source of income for creators. @youfolio.lens seems to be including a 10% fee for the creator…not sure if that goes to the creator or the tally DAO tho? But I could see a desire to collect a specific #1 of your favorite creator on lens, the same way someone might seek out a first edition of Ulysses if they are huge Joyce fans (for whatever reason 😂) I do see some opportunity for rampant abuse by bots… we might start to find every first edition scooped up as soon as it’s indexed.
I don't get it either. Surly being the first one to collect a post doesn't matter if all collects are identical?
The overall idea behind the Creator Token is to create a single collection that represents the creator, with each item in the collection being a post. Including all the NFTs from all the posts from an artist would lead to a collection with a supply that's very large, potentially in the millions. A collection with this huge of a supply wouldn't work as the NFTs in it wouldn't hold value. So to limit the size of the collection which represents the Creator, we limit it so that the only NFTs in the Collection are the first one minted from each post. This works since there's already a sort of attachment that people have to the first of something. There will of course be problems with bots instantly minting the first NFT from posts. This is a problem that could be solved potentially with an auction mechanism, which is exactly how Nouns DAO operates. That auction revenue could go directly to the DAO. Similar to how currently the royalty from the trading volume goes to the DAO (if the creator chooses). It's still very early days so there's lots of room for improvement, suggestions, and growth!
nice to read
👀👀