Updated: Oct 26, 2021
Botto is an AI artist that creates generative artwork on the Ethereum blockchain. Botto's vision is to become a fully Decentralized, Autonomous Artist (DAA) governed by it's community. The community votes on their favorite artwork Botto creates each week which directly influences it's future creations.
BOTTO tokens were initially claimable by people who held an NFT from the following collections in June/July 2021:
Artblocks Playground + Factory
If you participated in these communities or traded these tokens over the past few months you can check your eligibility for the airdrop here. If eligible, tokens can be claimed until January 6, 2022.
Total supply: 100 million BOTTO
Airdrop allocation: 30 million BOTTO
Liquidity mining: 20 million BOTTO
Team allocation: 20 million BOTTO
Launch date: October 9, 2021
How does Botto work?
Botto creates a 50 piece series of artwork per week, however these 50 pieces are not for sale. Instead, a voting system is in place that puts 2 random pieces head-to-head and allows the community to decide which is more aesthetically pleasing. Botto's algorithm uses these votes to determine the direction it takes for it’s next art series. These votes also influence a weekly 1/1 piece that Botto auctions to the highest bidder on SuperRare. This decentralized voting method makes Botto stand out as the first DAA (Decentralized, Autonomous Artist).
Each week Botto auctions a 1/1 art piece determined by the votes it received from it's 50 piece series. Auctions will be conducted each week on SuperRare starting October 22.
How will revenue be used?
Artists on SuperRare receive 85% of the proceeds when their art sells. Botto uses all the profits from it's weekly sales to purchase $BOTTO tokens from the secondary market and burn them. This process lowers the total $BOTTO supply after “sweeping the floor” on its own token.
Staking & Voting
In order to vote on Botto's artwork you must first stake $BOTTO. In return for staking $BOTTO, you will receive VP (voting points). Staking $BOTTO and/or providing liquidity for the first time automatically rewards you with 100VP. VP regenerates over time for as long as you have your BOTTO tokens staked.
Liquidity mining is one of my favorite ways of earning passive income in crypto and is what I’m currently doing with BOTTO. If you’re unfamiliar with liquidity mining, I recently released a full explanation for beginners. Botto liquidity mining incentives begin on October 15th, 2021 and last for 6 months.
I’m super excited to see the artwork Botto puts out and how people influence it's algorithm over time. Not only because I’m bullish on both NFTs and DeFi, but I genuinely enjoy looking at/voting on Botto’s artwork. At first I didn’t really feel connected to Botto but it converted me to a believer once I started voting on and paying attention to it's art. Botto's first auction starts tomorrow and I can't wait to see what the first 1/1 piece looks like.
There are a few reasons I’m particularly bullish on Botto:
Generative NFTs have obviously been selling for a lot lately. This is probably best illustrated by Snoop Dogg's purchase of a Fidenza for $8.5million. Speaking of Fidenzas, ArtBlocks collections saw massive price increases this year because of the historical and cultural value of on-chain generated NFTs. Is AI-based artwork next?
Botto has a very small market cap - if a whale comes in and buys Botto's art for a high price I expect a decent pump to follow.
Example: Buying 20 ETH of a coin with only a few million $ market cap will likely have a big price impact.
The team behind Botto targeted the right communities. The communities involved in the snapshot have an understanding of NFTs and the importance of decentralized art. There's no better demographic to give free tokens to than people who are predisposed to believing in your vision.
NFT traders don’t have a traditional trading background. This isn’t a knock on people who strictly trade NFTs, but most of them don’t care about the price of DeFi tokens and would rather buy jpegs. After scavenging “$BOTTO” on Twitter, I noticed a ton of NFT people bragging about buying [shitty NFT collection] after selling their airdrops. For this reason, I think Botto was oversold ($0.60-$0.75) and buying early will pay off. DeFi people don’t know about Botto yet because they weren’t included in the airdrop. I think a lot of people will wake up to Botto once it starts making some noise with its artwork.