StatsDiscord Members: 8000 Twitter Followers: 7900
Summary For now, Happy Hoppers is a PFP NFT. I was interested in analyzing the mint due to their approach to community building and their strong founders. The entirety of the team are significantly engaging with their community and have gathered experience in prior projects.
What’s to come for the Hoppers?The rough lore of the Happy Hoppers is that Lake Cardano, the home of our friendly frogs, is in danger. That’s why they formed a club to protect the lake.
The Happy Hoppers Club is the first generation of this project, after which there are two more to follow. Generation two is the Hopper Alliance, where Hopper leaders unite to defend their home. Generation three is the breaking point in which the Hoppers try to defend their home.
Nevertheless, this could potentially mean that NFT marketplaces like crypto.com and OpenSea – which allow for NFTs to be bought and sold for crypto and fiat – will fall into the category of VASPs or entities that need to be regulated.
KYC for NFT Marketplaces
As is the case for many DeFi platforms and apps, NFT marketplaces may also be facing treatment as Virtual Asset Service Providers (VASPs) when the FATF formalizes its new guidance in June.
This means that FATF signatory countries – and any others that want to be part of their powerful financial network – will be complying and transposing these new rules into their own financial law codes – and ultimately enforcing them on VASPs operating in their jurisdictions.
Hoppers nft game
Additionally, they used a leveling system to achieve high activity and engagement by members. In practice, this means that for chatting, you are collecting XP on the Discord; once you collected enough XP, you level up.
Every swimmer had a mint price of just 5 ADA, therefore they were pretty much guaranteed to sell well.
This small sale was also beneficial in testing their whitelisting and minting system. The lessons learned will be applied to their main mint, their mint of 11000 hoppers (111 are reserved for the team and giveaways), for which the team also implemented a similar whitelist system.
Hoppers nft opensea
In a blink of an eye, they successfully assembled a team of 9,999 magical friends to enter the mysterious Hopperverse. Martin rallied the team and prepared the teleportation machine.
All were ready, and so the final countdown began. Everyone braced themselves as the machine lit up. “5 seconds to launch” the machine blared… As the machine began to envelop the team in mysterious rays, the wizards in a panic realized Jimmy the crypto-degen forgot to leave his rabbit at home.
It was too late!
Into the space warp they went.
As they propelled through time and space, the rabbits DNA was injected into the human gene code, switching their species and randomly reassigning the magical friends’ physical traits amongst one another.
Hoppers nft avax
This makes it highly probable that NFT trading platforms will eventually be expected to implement the same types of Know Your Customer (KYC), Anti-Money Laundering (AML) and Counter Terrorist and Proliferation Financing (CTF/PF) measures that other VASPs should be taking.
So where does KYC fit in?
In itsdraft updated guidance released at the end of March, the FATF appeared to make a distinction between fungible and non-fungible tokens, implying that the latter may be considered Virtual Assets (VAs), depending on how they are traded on secondary markets and used as a store of value.
However, the organization was also quite vague in how it plans to actually differentiate between non-VA NFTs and VA NFTs.
Hoppers nft twitter
A big part of how the FATF wants to regulate the crypto space, including VASPs, VAs and DeFi platforms, is centered on the ability and determination of VASPs to collect KYC information on users who transact using their platforms.
If VASPs – and many NFT marketplaces will likely be considered VASPs by virtue of their facilitating the trade of VAs – do not comply with these regulations if and when they come into place, then they face the prospect of hefty fines, closure and potentially criminal sanctions.
The problem is, most NFT marketplaces are currently not integrating KYC checks on users who trade on their platforms. This is understandable, given the lack of concrete regulations governing this new and exciting frontier of the crypto space.
However, regulation is imminent.
The only downside is that I prefer NFTs that are connected to some kind of utility and so far, we don’t know any specifics on this matter. The team is apparently working on some kind of utility, but are very cautious about sharing details; Oodon and Jub mentioned on the CNFT dive podcast.
CNFT Dive podcast7
In my opinion, however, this is the right approach as under-promising and over-delivering is the way to go.
Furthermore, it keeps the team flexible and agile. I will mint Hoppers because I like the art, community and have trust in the team. As always, I wish the best of luck to the team and for all of their future adventures.
Disclaimer: The author is NOT affiliated with Happy Hoppers Club and does NOT get paid for writing this article.
The author owns Happy Hoppers NFTs.
I am a finance nerd based in Düsseldorf.
Happy hoppers nft
The proceeds were also distributed to a charity.2
Christmas Postage Stamp
These moves on one hand show what kind of person Oodon is, he is not in the NFT space because of greed. He is here because he cares, wants to give something back and to share his art with us.
On the other hand, donations are also strategically clever from a marketing perspective, as they strengthen the Oodon brand and put his art out there.
The TeamAs already pointed out, the art is truly outstanding, cute, and clean. However, art is not everything, it is also essential that the rest of the team is just as strong as the artist. For the Hoppers team, this is the case. I was surprised when I dug deeper to find out more about the team.
Jub3 is extremely active. He has written over 33k messages on the Hoppers Discord.
Hoppers Game is an idle game where players stake their Hopper NFTs in different adventures to earn $FLY.
Players may increase the Level of their Hopper through gameplay through the use of $FLY. Level and Attributes impact the amount of $FLY earned from Adventures, and access to higher tier adventures with higher $FLY rewards depends upon Attributes and Level of the Hopper.
Additionally, players may choose to stake their $FLY to generate $veFLY. Owners of $veFLY may vote on bonus emissions for adventures, and players owning Hoppers with similar attributes are encouraged to band together to increase the bonus emissions available to them.
FATF: Concerns & Responses
The FATF has taken note of this evolution in the crypto space, and has for the first time included a reference to NFTs in its updated guidance. However, how exactly it plans on regulating the space is still unclear.
What is clear is that the global regulatory body considers the rise of NFTs as a potentially dangerous conduit for money laundering and illicit financial activity, if the space can be allowed to grow in an unregulated, anonymous manner.
This view is partly formed by experience.
The FATF and other AML and financial authorities around the world are keenly aware of howtraditional arthas been – and continues to be – used as a medium for money-laundering and tax evasion.