The Barefoot Parrots Migration
The token count estimates used in the announcement were from an earlier snapshot. They should be close to the final result but please expect some differences based on the final migration snapshot taken on July 6, 2022 at 4:00 EDT.
Hello fellow Parrots,
This post will likely be long. There is a lot to cover… But once the migration is complete, our ecosystem will be much better defined and far easier for newcomers to understand and engage with us.
What is the migration?
Our existing storefront needs revision. At this time, marketplaces don’t support easy search and discovery for such a variety of token types in a single storefront. We will be moving each of our 4 primary tokens to their own smart contracts (which will cause marketplaces to recognize them as 4 distinct storefronts.)
What are the 4 token types?
Parrots, Legacy DAO, and Legacy Admit One are all pretty straight forward. The 4th token type is Royalty and that token also has DAO or Admit One (which we will be cleaning up by splitting the legacy Royalty token from its DAO or Admit One utility. More on that below.)
Ok, let’s go through each token type and explain how the migration will work.
PARROTS
This one is pretty simple.
If you hold a Parrot now we will airdrop you a new one in the new contract. Note, it will be the same Parrot.
If you have an unrevealed parrot it will reveal at the time of the airdrop. This is so we are more “normal” and have a secondary market shopping experience that web 3 participants will be familiar with.
As you probably know, a lot of Parrots are in the team wallet from the lost treasure hunt promotion (the gamified buy back.) Once all parrots are distributed to existing holders we will be using those Parrots as follows:
1 Parrot each will be awarded to wallets holding a Card Geek in our sister project Blokpax. Why? Simply stated, this gives us additional holders who believe in our team. We trust they will be a good addition to the Parrots ecosystem and they can help us promote the brand. Of course not every Geek is a “Parrot lifestyle” person but even if they don’t vibe with us we feel that the vast majority will be good secondary market stewards of the parrots they are given and they will have the patience to wait for growth and demand to build before exiting. Not all will. But we believe a vast majority will.
1 Parrot each will be awarded to certain Level 1 royalty holders. More on that in the Royalty conversion section below.
The rest will be burned and not redistributed down to a TOTAL PARROT SUPPLY of 2500. The number of Parrots needed from the team wallet to balance the total collection will be placed in individual wallets and held by the team. Why? First, let us say that we aren’t trying to game any sort of holder count - although someone will likely say that. What we want to do is create IRL promotions at our events that allow new people to join us. We have ideas to distribute these via “scratch offs” that award the private key to the wallet to a holder (private key not seed phrase) and with that key they can go home and move the Parrot to their own wallet. We also have ideas for a possible shopping experience where IRL event newcomers can choose the specific Parrots they want, which would also benefit from separate wallets. We acknowledge that wallet distribution is a metric people look at but other projects have staking and other mechanics that can impact this as well. Obviously we are publicly stating it so there’s no attempt to hide it.
LEGACY DAO (unused mint passes)
As previously announced, the mint pass opportunity will expire and the tokens will revert to only the DAO utility.
We are renaming the DAO into the “Barefoot Pandemonium.” The Pandemonium will quickly (finally - overdue we admit) begin oversight of the Pandemoium wallet.
Those holding Legacy DAO tokens will be added to an allow list and you will have 90 days to mint your tokens in the new contract. At that time, The Pandemonium supply will lock and 1 Pandemonium Token = 1 Pandemonium Token.
The mint will be heavily gas optimized. We are allowing 90 days to make sure those who might only be checking in once per month or even once per quarter to mint. But we have to be honest and acknowledge that many have burned or otherwise put tokens in unused wallets and they have written us off. We can’t punish the active community by leaving the token supply that might Mint open ended. We believe 90 days is plenty of time for those who want to mint to do so.
LEGACY ADMIT ONE (unused mint passes)
Same as above. Parrot Mint Pass Utility has expired. 90 days to mint in the new contract.
New naming will be “Barefoot Passes.”
One of our long term goals is to deliver IRL music festival access to these holders. If you haven’t already, please read this post for full details on where we started versus where we are on that long term objective.
We also hope to use the Passes in other ways including smaller IRL opportunities as well as the potential for metaverse events.
It’s important to note that these tokens were awarded as a free mint and if you are buying them on secondary we don’t have a fully shaped plan for their use or a timeline. It’s totally our intent to support these tokens but we want to be honest that first we must build viable products and a strong overall community which will revolve heavily around our other token types for the foreseeable future.
ISLAND ROYALTY
Ok. Buckle up. This is the most involved component of the migration.
First. A thank you. For those of you that leveled up a Royalty token, thank you for your belief in the team. For those of you that didn’t take the refund offered when we announced the project rebranding and business model revamp… Again, thank you.
You are the foundation of this project. You are the project’s heart and soul. We want to win for all token holders but it would be disingenuous to say that we don’t want to win for you the most. You took blind leaps with us and your support has been unwavering. Thank you.
Market fit
Ok. Let’s start with that big giant elephant standing in the corner. The concept of engaging various web 3 communities and licensing IP from these projects in any meaningful way didn’t work. We don’t think this was an execution miss as much as it was simply a broken concept. Too many of these communities have all but died and the teams are slowly leaving. The holders are bitter and in many instances the IP they own now has NEGATIVE value because any use of it would align a new project with what the space would call “a rug.”
We could talk about the lack of product market fit here all day but we will save you the time and just say we have to make a change.
In making the change we wanted to be sure we achieve a few key things for our Royalty holders:
Create a revised token type that can be locked and have long term stability. No complex “carving” or such that could cause newcomers confusion.
Strictly limit supply of these tokens to increase scarcity.
Create our own project IP for these tokens that can be leveraged in our lore, in the metaverse, and in IRL products and events.
A backstory:
The IP release pioneered by Yuga labs is still one of the most revolutionary concepts we have seen in web 3. It’s still somewhat ahead of it’s time but we remain very excited on the “decentralized IP experiment.”
Yuga assets are appearing on products, in music videos from headline artists, in logos for services businesses, as stars in video and even as members of a virtual band from major record labels. Each use of a Yuga “ape” in this way further expands the IP.
Well, since they pioneered this IP model we were quick to find our own ape that fit our island lifestyle vibe and weave him into our project. From the very beginning MAYC #14118 (Tikimon as named by the community) has served as a part of our IP portfolio.
We want to lean into the decentralized IP experiment even more and we want to maximize the value of our ape IP by expanding on it.
So, we have crafted a detailed lore around Tikimon and we have commissioned Charles Pate to create a perfectly artistically style matched derivative of Tikimon as a Pirate Captain.
Pirate attributes are noticeably absent from the Yuga IP portfolio. A few mutants have a shoulder Parrot but otherwise the closest they get to our brand are some Hawaiian shirts.
We want to establish Tikimon as THE Pirate Captain in the decentralized Ape IP universe.
Next, we have tied things together in our lore to explain how a crew of 500 Barefoot Pirates have come to be from the magic of Tikimon. These 500 Pirates are all derivatives of Tikimon with unique elements around his body composition, expressions, and clothing. All 500 Barefoot Pirates also have their very own Parrot companion that matches the Barefoot Parrots with only slight adjustments to fit the original artistic style of Tikimon.
These Pirates will replace our Island Royalty tokens and we hope you will be half as excited about this move as we are.
Together, the Barefoot Parrots and Pirates will lead our IP portfolio into the future. Part of it is ours alone and part of it we participate in the largest and most decentralized commercial IP experiment ever.
Some Barefoot Pirate Specifics:
500 supply cap.
All unique 1/1 with attributes and rarity.
Derivatives based on our Tikimon Ape.
Not only Barefoot Pirates but also THE “Pirates of the Ape IP universe.”
1 Pirate = 1 Pirate (no more tiers. Larger legacy holders are rewarded by receiving multiple Pirates)
Let’s talk Pirate Distribution
Again, some Pirates are more rare than others. The distribution will be 100% verifiably fair on chain.
Here are the specifics of the allocation. It’s important to understand that we first determined the right number of Pirates (based on market data and gut/feel from experience) was 500. From there we had to find the fairest way to allocate them with a primary belief that “what is best for the project as a whole is also best for individual holders long term.”
All that said… Here’s how we did it:
We assigned all existing “leveled up” Royalty tokens a point value of 2-5 based on their Royalty level (a L2 token getting 2 points and a L5 getting 5 points).
We calculated the pro-rata % of these points that each holder/wallet has.
We allocated 400 of the Pirates based on this calculation which worked surprisingly well.
If we were doing 10,000 Pirates the high number would have allocated the tokens near perfectly pro-rata. Theoretically, the smaller the token count, the more rounding can impact this distribution. But the holder list is short enough that we were able to review it manually and most holding 2-4 levels had multiples which balanced them out with L5s very well.
Where the math didn’t work great was at the very bottom of the list where some people held only a L2 or L3 and their allocation of points was low enough that they would round down and not get a Pirate.
This is where we made a decision “for the greater good” to include these holders with 1 Pirate each. That brought the total allocated Pirates to 449.
Next, we looked at the L1 holders. These tokens didn’t pay to level up but they still took the time to participate at their level. Under the legacy model they were slated to receive “5% of the IP opportunities” and therefore we allocated 20 Pirates (5% of what originally went to L2-5 holders) to be randomly awarded to this group. To again operate for the greater good we only included L1 holders that didn’t already have a Pirate from holding leveled up tokens. This brings us to 469 of the 500 Pirates awarded.
The remaining 31 pirates will be held by the team for brand partnerships and promotions to advance the project forward.
For L1 wallets that didn’t get a Pirate in the raffle you will be awarded a random Barefoot Parrot from the team wallet. Your legacy DAO or Admit One utility can also be claimed for up to 90 days in the new Pandemonium and Passes contract (see above).
L2 - 5 Royalty holders DAO or Admit One utility
It is important to us that you not pay any gas (even if small) for your new tokens since you already supported the project financially by leveling up. Your Royalty token’s legacy utility will be fulfilled as a second airdrop of a Pandemonium or Pass token respectively. See details on these above in prior sections. You will receive these for each L2-L5 held.
What about the old contract’s tokens?
The store name will change immediately upon migration to “DO NOT BUY” with a message to existing holders on how to migrate their tokens.
The meta data will be wiped and the token art will be blanked when the 90-day period ends.
You don’t need to hold the tokens to receive your airdrops and your allow list in the new contract is based on the snapshot only. So you may hide, burn, keep, or otherwise do anything with the legacy tokens that you would like. They are deprecated and only the new tokens will be recognized going forward.
Conclusion
The decisions around this migration were pretty obvious except for Royalty. It was clear the original model wasn’t going to work and a wholesale change was needed. We believe strongly that the 500 supply is the best way to reward each of you and we hope you will see that every decision was made to best protect your holder interest while establishing supply and distribution economics that can best set us up for the future.
This is a major milestone for us but we want to caution you that awareness of this event is very much still concentrated to our ecosystem. In addition, we are in a pretty deep bear market.
We will be working to land the apparel line and we are also working on our first IRL activation later this year.
So. We hope you are excited about your new tokens and at the same time we hope you are excited to see the road ahead take shape!