Some notes on the future of GVY
Groovy.finance was made by a couple of music enthusiasts who had been involved in the crypto world for too long but never made their own project. As you can see in just one week we did a 10x on our first day (which I’m sure pleased many but was v stressful for us on Telegram), since then we have had a steady output of decent releases, all original with original artwork, these have been selling well and we are amazed at the community that we have and are incredibly thankful everyone helping with their suggestions and advice during this week of madness, we have been constantly adding as much as we can to liquidity with these purchases.
As mentioned in previous updates, we already rebranded to something we like a lot, our G icon should soon been verified with Trust Wallet and so will appear next to our coin in Uniswap/in external wallets, which is nice, already this is currently being held back by them wanting us to have more token holders (which seems odd).
Now moving onto what we plan to do:
Our submission portal went live as a WIP on Wednesday, at the moment it does not verify you own GVY or are a part of the community, we just wanted to let people be part of the project as soon as possible. In as much, it will soon be upgraded so you have to pay in Groovy to submit (this will also stop any trash/jokes/spam from being submitted but the cost will be very small)
We will also not allow votes on the first submissions, as it’s a mixture of test/spam/some real good shit. We will however choose what we believe is most in-fitting with our vibe and release it as an NFT.
Some holders have raised their concerns about our liquidity, by now I think it is clear this is not a pump and dump nor a rug pull. I am a believer it will come organically but we have paid a developer to code a new staking mechanism which will be for the Gvy/ETH LP pair, the reward will unique NFTs, this code has been incredibly costly for us to get in development and deploying it untested is not something we want to do, so please be patient. Also note that the average Dextools trending pump project which may do around 1 million of trading in its first day has around the same we have sitting stable in the 1.70usd range.
The groovy team has slept very little since the inception of this project, and as such, we have had an endless barrage of PMs from “when gecko sir?” to “why am I not 100x?” and the groovy team has spent their own money, time and energy trying to put out music that it truly believes is special. For this reason, we are changing how we approach this project, from now on you can consider this to be more of fight of payment of artists, artistic freedom and if you we dare say we are heading in a more progressive approach. We will start to label our NFTs on if they are profit shared, the money goes towards development of a new piece of infrastructure/code for the coin or if it is a charity type release.
The profit sharing smart contract is also now in development, and will be deployed when it’s fully tested (you will need to claim your own rewards using your own gas and it will be based on proportional ownership), we don’t yet want to reveal exactly what this reward will be.
Platforms like Bandcamp do wonders for musicians who do not have labels and want to release their music, but just as everything which seems good, their are limitations. For example, in Ukraine, it is very hard if not impossible to get a Paypal account, so you can’t actually redeem your sales from selling your own music. We don’t believe our one off NFTs are a novelty, it is a rare phenomenon to actually own something which nobody else does, and if we were using samples or copy/paste art, this point may be moot, but indeed with Groovy you actually do own something original and as some people who have purchased from us will testify, we send the full uncompressed file and even say they have the rights to upload it to youtube or wherever if they see fit.
Our production process is also changing for the better, although we have one lathe in decent order and the know how and equipment to get decent cuts, we will also outsource some of the cutting to other facilities (a single broken diamond stylus means we can be out of order until we get a new one, the same works with the blanks which we order from France). Our sleeve printing and production is done in the UK, which means for the curious, it takes around 2 weeks to actually redeem an item. We have noticed more people are doing this and this week we will be excited to show you pictures of our final printed sleeves with cut records before they head out to be shipped. For items like in the picture above, which were sold for an especially high price, we also want to maintain the highest quality of cut, printing and production, so nobody is ever disappointed when they redeem.
You may have noticed that we have started a mixtape series, we have done this just for fun for you guys and girls to keep up the vibes.
The website will have some changes over this week, you will see more integration and the homepage will show a bit more about our content and not just what we can do, we understand Soundcloud/Instagram/Rarible are not so common in the crypto space, but these are the best places to show off our work and we will integrate them into our website more.
Thanks for all the support and we are so happy this community is building in the way that it is.
As you know we drop things constantly on the fly, but these are just some tidbits on what’s happening in the background.
All the love.