The Future of PxN: Greymarket and the Recruitment Application Terminal (R.A.T)
As per the PxN Papers Issue #1, the progress of web3, crypto, and NFTs rely on the creation of more and better use-cases for these technologies. GM and R.A.T. will be products that give back to and help expand the web3 space. The Greymarket facilitates the buying & selling of physical goods using cryptocurrency and allows individuals, merchants, and companies to transact directly with crypto without having to make the typical fiat (USD) currency exchange and incurring exchange and transfer fees associated with moving liquidity around due to the lack of a marketplace like the Greymarket. This will give people in the cryptosphere enhanced convenience, allow merchants & individual sellers a new avenue for selling, and give cryptocurrency a more direct usefulness beyond being just a store of fiat value. All of these activities will be powered by $PXN.
As we build into the future of our company and the future of web3–like what we did with our Public Mint: introduce an innovative system that protected our audience & consumers from the space’s common issues and existing practices–with every product launch, we want to continue to set the standard for what should be done (Dex; paraphrased) and build solutions to existing problems, rather than use unnecessarily-complicated existing ones as we onboard people who are not familiar with NFTs and not familiar with Crypto to our products & services (Reicannon; paraphrased).
Our vision in mind, we desire to help pave the way and raise the bar for where web3 is going. We’ll answer web3 problems with better solutions than those that exist and build in truly unique ways that will define the PXN name and brand, all-the-while providing incredible user experience and returning great long-term value to our supporters & holders and to the web3 space overall.
The Recruitment Application Terminal (R.A.T.) will create a decentralized way for creators and builders in web3 to find talent and compete for their services by offering competitive wages, while providing skilled people a place to seek exciting paid opportunities. R.A.T. will also give web3 more standardization across roles and their worth and provide the industry with more stability, thus making it more welcoming to people outside the web3 space to dive in and contribute their talents and skills. This, too, will be powered by $PXN.
All Things $PXN
With $PXN, we’re creating a token that has purpose and significance. Token offerings are a web3 invention for returning value to holders. “Instead of launching a token and then building utility for it” (Reicannon), i.e. launching a token and then finding or creating ways for people to use it, we’re building products & services with $PXN there to power all of it. $PXN will be seamlessly integrated into the entire ecosystem of The Phantom Network and will be needed for nearly everything, therefore its utility will be constant and perpetual, rather than come in waves like is seen with many other tokens.
$PXN is a way for us to bring value to holders of our NFTs–the people who have invested into the company–and do so in a way that does not even require holders to be users of the products in order to receive value and benefit. Passive value generation. An NFT’s value is generally derived from resale (e.g. selling away the NFT as demand rises) or active use, e.g. using the NFT to access a community, digital or real-life activations, claim digital or physical goods, or through active use of the NFT, say in a profile picture format, or through displaying it somewhere or claiming a giveaway through token-gated giveaway programs. $PXN gives our NFTs’ holders value return and the ability to stay in the ecosystem, while needing very little active management of the NFT itself.
$PXN is acquired through gradually-increasing passive gain over time, by way of possessing one or more of our Ghost NFTs that are not listed on any NFT marketplace. Progress for this gain and value-return program can be tracked via pxn.app.
Fireside Chat Recap
The team has been settling down in Indonesia well. It’s simpler to organize meetings and get things done faster as most of the core team are now in a similar time zone.
Our soft staking platform, the Grid, had seamlessly launched with a sleek UI/UX. We’ve been receiving positive sentiments from holders and the public alike. This is just the first real look at the 1.0 version of our platform. The Grid is a key feature for rewarding our holders and a gateway to integrating other functions in the future.
Timelines are dynamic in software development as there are multiple dependencies for it to function like a well-oiled machine; thus, we are unable to set these in stone, but we will provide regular progress updates.
We’re looking to hire more full-time staff, including an infrastructure developer, instead of outsourcing to contract developers. We currently have three managers, eight developers, two designers, and a few contract developers that we engage as required.
A low in the market gives us ample time to build our vision without distractions. We released our Ghost NFTs as fundraising to build software anyone can use. Once mass adoption comes into play, we’ll have a sustainable product and ecosystem that focuses on the wider web2 community instead of just the NFT crowd.
Building software applicable to the non-NFT community is equally important to building one which appeals to our holders. We’re making a scalable product with multiple utilities while at the same time supercharging the value of the NFTs to attract people not in the web3 space to buy the NFT to enhance their experience on our platform.
The $PXN tokens are a key driver in our ecosystem, and holders who do not list their Ghost NFTs will passively earn the tokens required for any transactions within our platform. As the platform scales, there will be high demand for the tokens, benefiting our holders. Even if you’re not buying or selling anything on the platform, your Ghost generates tokens that benefit you as the ecosystem thrives and you continue to reap the rewards.
We want to empower people to create things for other users to buy, rent or even use for free on our platform. We’re looking at all types of creation, from digital art to program codes. For now, we’re getting our core features and functionality up and running before we introduce tools to build on our platform.
There will be reward mechanisms for long-term holders in the form of consumables. These will be on-chain and tradeable. Ghosts will be able to level up, so holders can time the use of these consumables to get the most benefit out of it. Regiment-specific features will be released down the road, so it’ll be easier for our custodians, The Phantoms, to distribute rewards to our holders.
As for leveraging the PxN brand, we’ll be developing our IP more substantially by releasing content that isn’t geared towards the web3 crowd.
Welcome to the Pineapple Lounge! This week, we’ve invited Phantom 05 Rodney onto the stage so you guys can get to know him better!
///Phantom Files: 05
The resistance has managed to establish contact with Phantom 05.
What do you like to do in your spare time?
I love playing video games! I’m currently playing League of Legends, TFT, Arknights & Pokemon Go. If I'm not gaming, working, or doing NFTs, I'm at the gym, cooking, or playing with my dog, Marshmellow.
Who is your favorite anime character?
Toru Oikawa from Haikyuu! I played volleyball for most of my life, so naturally, Haikyuu is the anime I resonated with the most. Oikawa is a total vibe, and we both play the same position as a setter. We have a very similar style as a well-rounded, do-it-all setter and captain.
What is your ideal romantic partner?
A person who brings the best out of me and can push me to become a better version of myself. Someone who's driven and whom I can have mentally stimulating conversations with.
What are the inspirations that you took when designing your upcoming Phantom PFP?
Many of the references I used were from my favorite video game characters, especially Final Fantasy and Kingdom Hearts.
If you weren't in web3, what would you be up to right now?
I would most likely still be working as a Nurse. I "retired" from nursing last December to join Rei and PxN as his first staff member, and I haven't looked back since.
DaddyGainz's Market Matters
Hey all, most of you should know me, but for our new readers, I am Nick, aka Daddy Gainz, the Lead Market Analyst for the Resistance, here to give you a weekly analysis on the state of the markets. It’s been an emotional ride so far, and some of you may be confused with what’s happening, so take my hand, and I’ll show you the way.
We’re still in uncertain times with regards to the markets, particularly with the significant volatility and price swings within the crypto space. In times like these, it’s wise to work towards preserving your capital while pushing the growth of your assets in the quest for financial freedom.
In the middle of last week, many investors focused on the FOMC meeting and a few earnings reports from Wal-Mart, Target, and Home Depot, causing moderate volatility in the following days, but not as much as some anticipated. In the FOMC meeting minutes transcript, it was evident that the FED plans to continue it’s fight against inflation by perpetuating the rate hikes for the foreseeable future, likely at least through the remainder of 2022.
We also saw the highest record jump in Germany’s Producer Price Index (PPI) which tracks producer’s prices for industrial products which is their leading indicator for inflation. This data has escalated their concerns of a recession predominantly stemming from high energy costs and lower gas supply from Russia.
Navigating through all of the macroeconomic news can be overwhelming when trying to determine what's important and what’s to come for the future of the economy and also with its recovery and what sort of positive catalysts we can look forward to as we move onwards.
A driving factor to the future of cryptocurrency’s mass adoption starts with more institutional adoption and investments, which we have seen more of in recent years. Hedge funds and asset management firm investments will continue to open the doors to a brighter future in the space, which could lead to more regulation from the SEC but less market manipulation, alleviating some investors’ concerns about minimizing their risk.
Currently, the space still has a cloud over its head filled with regulatory uncertainty and concerns from the likes of the SEC. Asset managers such as Black Rock entering the space will hopefully lead to a future with ETFs giving investors a way to invest in crypto without actually having to go through the investment process themselves.
Taking a look directly at crypto this past week, we witnessed ETH wiping out the gains from the previous three weeks. The drop was likely due to a combination of a general market pullback and the lack of news since the final PoS merge date was announced.
News from Canada has shown that some crypto exchanges have imposed an annual limit of 30,000 CAD for investors buying altcoins. A JPMorgan analyst said that Coinbase would greatly benefit from their projected staking revenues within the new ETH PoS merge. Recently, Bitcoin’s average transaction cost dipped under $1 as mining difficulty has decreased alongside the price drops.
Crypto’s total market cap dipped back below the $1 Trillion mark, which was over 2/3rds lower than all-time highs that we saw in November last year. Aside from monitoring the traditional market indexes like the DOW, Nasdaq, and S&P 500, which have trended in the similar directions as crypto, a notable index to watch is the Dollar Currency Index (DXY), which measures the strength and value of the US dollar, which has typically traded inversely to most of the crypto market such as Bitcoin.
Looking ahead at the remainder of this week in August, we have some notable events on the calendar to keep an eye on as they may have an impact on the markets. We have some US, French, German, and GBP Purchasing Managers' Index (PMI) data to be released, the US Preliminary GDP reading before next month's final GDP report, and the US Core PCE data which measures the changes in the price of goods and services that are purchased directly by consumers while excluding data from energy and food.
The most notable events at the end of this week are the Jackson Hole Symposium and a press conference from Federal Reserve Chair (head of the Central Bank) Jerome Powel. Powel will be speaking at the Symposium on the outlook of the economy with a more hawkish approach to clarify some misinterpreted market expectations from the previous Fed meeting. The Symposium will be the highlight of the week, anticipated by many investors featuring speeches and discussions between influential market officials and bankers from across the globe, which may stir up some market volatility.
GAINZ’s TWO CENTS
Overall, we can continue to monitor the important events and data surrounding us as we look for the market’s next directional trends. As it stands, the crypto markets are in an overall downtrend that investors are hopeful of seeing a full turn around. However, with so many macroeconomic uncertainties and the lingering conflicts and tensions across the globe, many are still investing cautiously.
With that, I’ll end off this week’s episode with Gainz. As always, NFA, DYOR, stay safe, love y'all, and see you next time!
Tall trees acting like a canopy blocked the sun as the stuffy and warm air filled with natural plant smell made me realize this was getting all too real. The glistening foliage reflected the sun's rays shining directly into my eyes as I squinted and stood up to take a reality check of what was happening around me.
I had to get out of here and find my way back to civilization.
With my body armor still on me and my equipment intact, I began to search for the most important source of survival, water. With my mind still in a blur, I trudged through the lush grass, leaving behind signs of my forced entry into this uninhabited land.
As I bashed my way through and discovered what seemed to be a small clearing with a tiny stream no wider than my shoulders, I filled up my water canteen and looked at my compass attached to my machete.
I was certain that if I trusted my gut and acted on my instincts, I would be fine. And onwards I went.
It was another excitement-filled week as we engaged with our community. Our lovely streamers, Baerinz and Jane, continued giving out coveted whitelist through fun games while JJ ran an Among Us session in voice chat for the gamers in our community.
Our weekly spots for Mental Health Mondays and Market Matters drew in many of our community members as we hope to be a beacon to guide them in their web3 journey. Financial gains and emotional well-being can come hand in hand if we are conscious of it.
As we vibe with our community, we want to bring more exciting events and activities, so everyone can build their camaraderie and have fun!