Groovy.finance: 14th Oct Update

The rewards begin.

After launching on Friday, this 3 person team has barely slept. We hope by now you realise we have genuine ambitions to provide a platform for artists and also for regular investors also to profit from those artists unique work.

The world of non-fungible tokens is such a new paradigm, we don’t want to make comparisons to our platform to anything else, because, to be honest, we think what we are doing at the moment is truly unique. So let’s get down to the fundamental updates.

We did tremendously well with our NFT sales this weekend, one of them sold for around 950 dollars. We promised the community all funds from NFT sales this weekend would go to liquidity and a simple of analysis of our address will show that minus production costs we added all profits to liquidity.

We also promised by Wednesday we would have a submission platform, this is now live. It is a work in progress as eventually you will have to have a proof of ownership of x amount of GVY to submit but as we don’t want to push bad Solidity code, so we would rather wait another week.

We promised liquidity providers would be rewarded, this will be done over the next 12 hours from our snapshots. If you feel you deserve some GVY and haven’t received any, please contact an admin. In its manual process we may have ignored some accounts where the gas fee wasn’t worth the supply of GVY, this will of course change when we have a redemption portal for profits where you can wait to redeem until you have ‘earnt’ enough where you think it is a good idea and economical with current gas prices.

In keeping with this, we only sold one NFT since our liquidity drive ended, instead of trying to distribute the profits to everyone, we did so to the top 10 holders (this has been done already as a reward for the trust of those holders). In future a contract will be used to see how much you of the profit share you have accrued, and you can redeem such (at you own gas expense).

So moving onto the future, we await next week with excitement as we know some people will finally receive their physical records and we hope they will upload pictures. We will also upload plenty more NFTs which are redeemable and from now on all profits are shared. We hope development on the code for profit redemption should be finished early next week (your profits will still accrue regardless).

In exactly one week from now, we will submit to the community the best submissions we have received by the community to be voted on. The exact voting mechanism will be explained this weekend in another article.

Keep it groovy.

Groovy.finance