The first and only NFT that is generated using your unique wallet transaction history is about to undergo its first mint, starting a revolutionary new class of NFT, the Analytic NFT.
In our last monthly newsletter, the research team at Bird introduced the world to an exciting, new type of NFT: the Analytic NFT or aNFT. The first and only NFT that is generated using your unique wallet transaction history. Below we’ll dive a bit deeper into the methodology, but first, here are the launch details:
Avian Avatars Analytic NFT Mint Details
Date: Monday November 1st at 14:00 UTC
Networks: Ethereum and Solana
Mint Price: 0.1 ETH and 2 SOL
Token Holder Incentive: Holders with at least 25 BIRD tokens in their wallet will be able to mint two NFTs for the price of one
Platform: the Bird aNFT minting app will be launched on the day of the event and accessible through the event page at https://bird.money/nft-landing
Collection Size: 5000 unique pieces, with the minted total allotted for the Solana and the Ethereum networks.
Final Delivery Timeline: Artwork will be assigned to your aNFT token within 7 days of the mint date and visible on NFT marketplaces such as OpenSea.
- In order to receive your BOGO (buy one, get one) bonus aNFT, please note that the wallet used to mint the aNFT must contain the 25 BIRD tokens. So, if you’re minting on the Solana network you’ll need to make sure that your Solana wallet is holding the 25 BIRD tokens.
- Tokens must be in your wallet in order to qualify for the BOGO promotion. BIRD tokens that are staked do not qualify towards the total number of BIRD tokens required for the buy one, get one incentive.
- Please note that you’ll need to bridge your BIRD using the v1 Wormhole Token Bridge which can be found here: https://www.wormholebridge.com/#/move?from=ETH&token=BIRD
*BIRD tokens are not supported on the v2 Wormhole Token Bridge so please make sure to use the above link to bridge your tokens over to the Solana network.
- The team at the Bird Nest have done our best to mitigate the recent increase in Ethereum gas fees by delaying our aNFT mint in the hopes of helping to save our community from overspending on the gas required for minting fees on the ETH network.
Setting The Pace With A New Class Of NFT
The goals that Bird’s researchers sought to accomplish in designing this new type of NFT were two-fold: to demonstrate the possibilities of integrating on-chain data directly within the NFT generation process and to do so in a way that is fair to all.
The remainder of this section will fully explain the integration method, so let’s first briefly discuss the importance of fairness.
A key hallmark of the crypto-economy is to empower the individual, especially those that are currently under-served by traditional institutions. Everything we do here at Bird is an embodiment of this principle. So, when we set out to design the aNFT, we made sure to assess each possible analytic strategy based on the chances it could inadvertently benefit a particular class of crypto-users, especially high-net worth investors. This meant that methods based on a prediction of investor skill needed to be avoided. Instead, as you’ll see below, we’ve designed a process whereby each wallet’s unique history directly influences the aNFT they’ll receive. Said another way, if two wallets have similar histories, they’re more likely to receive aNFTs that contain similar traits. How can we do this, you might ask? Read on.
We start with three simple wallet features: its age, current balance and total transaction count.
How does it work?
We start with three simple wallet features: its age, current balance and total transaction count. When a user connects their wallet to the Bird aNFT interface, the Bird Analytics API returns the values for these three features. Next, the connected wallets feature set is compared to full distribution of all wallets on that network. This leads to the connected wallet being positioned in a 3-dimensional space along with all other wallets on that network. The graphic below shows 5000 wallets positioned within a 3D coordinate plane.
This approach creates the ability for wallets that possess similar features to be grouped together in a way that’s easy to understand and simple to visualize.
The next step in the process is to project the complete set of aNFTs into the same 3D space, following a similar coordinate system. The aNFTs are sorted within the space such that artwork that includes similar traits, such as the same hat or glasses, are positioned next to each other in the coordinate system. The following infographic provides a simple illustration of what that would look like.
Each of the images seen above is an aNFT positioned at a particular set of coordinates in the space. Each sphere is a wallet, similarly positioned at a particular set of coordinates, with the pink sphere representing the connected user’s wallet. The final step in the process is to simply compute the euclidean distance between the connected wallet and all available aNFTs in order to select the nearest aNFT. In the above graphic, the dotted yellow lines indicate the selected aNFT for this example wallet.
The end result is remarkably simple: the unique features of your wallet determine which aNFT you’ll receive.
Non-fungible tokens are one of the most exciting and versatile innovations in the industry, so it goes without saying that Bird is just scratching the surface of how aNFTs can be used. We’re thrilled by the interest that we’ve already received from other projects that see the potential of Bird’s aNFT and we’re already hard at work designing new algorithms and use-cases.
Here are just a few of the ideas that are already being researched back at the Bird nest:
1. Targeted Marketing Incentives.
Our goal here wasn’t to provide a particular type of wallet with a certain outcome or reward, but it absolutely could have been. Platforms that wish to attract a class of user or encourage a specific behavior can do so using Bird’s aNFT. For example, a launchpad that issues badges to high-value investors or a project that uses NFTs to facilitate staking incentives, can automatically issue these tokens based on a wallet’s history.
2. Dynamic Digital Art.
Designers that are experimenting with new types of art can dynamically incorporate on-chain data into the artwork at runtime. So the piece a user receives could reflect their portfolio, other NFTs they currently hold or anything else that’s recorded on chain.
3. Data-driven IDs and Access Credentials.
Many projects have begun deploying NFTs to control access to platforms and services. But, managing that process can be cumbersome, especially when access depends on certain on-chain criteria having been met. The Bird aNFT shows how this process can be fully automated.
Ultimately, as is our goal with all of our analytic R&D, we look to our partners and our community to suggest new and interesting applications for the technologies we’re building. Given the popularity of NFTs and the power of on-chain analytics, we expect a bright future for the Bird aNFT.
Bird is empowering dApp developers to create the Web3.0 UX of the future by developing wallet-level machine learning prediction products that are accessible within a permissionless, decentralized on-chain oracle. Developers that integrate with our products can, for example, offer variable defi loans or launchpad investment terms based on Bird’s analysis of the wallet’s past behaviors as well as off-chain data streams.
Behavioral prediction products fueled the growth of Web2.0 companies such as Google and Facebook, but centralization had led to power and profit disparities. Combining the power of ML with open and decentralized technologies will enable Bird to create an entirely new tech business model. Operational decisions such as how sensitive data are used and what user behaviors are analyzed can be made by the community (i.e, token holders), with community profit-sharing serving to align the long-term incentives of Bird administrators and ecosystem users.