You get an air drop! you get an air drop!
Amid hopes and prayers for the crypto bull market upcoming returnthe attack of “free money” airdrops for crypto users continue. The latest comes courtesy of Framean Ethereum scaling network designed for NFTs.
The project announced on Tuesday that it will soon launch a native FRAME token, and that any crypto user who has transacted an NFT on Ethereum in the past two years is now eligible to collect varying amounts of FRAME. The criteria used to determine a user’s airdrop size is determined by the number of NFT transactions executed, the financial volume of those transactions, and the amount of creator royalties paid during those transactions.
While NFT traders can already claim FRAME via a online portalthese tokens will not functionally exist until January 31st, when they will go live alongside the Frame mainnet.
$FRAME will be used for network management in the near future.
This is especially important when you consider how much value the Frame Creator Fund will receive.
The token will be transfer-locked until a later chapter. pic.twitter.com/4nZggIKqg3
— Framework (@frame_xyz) December 19, 2023
FRAME tokens will initially be used exclusively to manage the Frame ecosystem, the project announced, and to control the Frame Creator Fund. At a later, unannounced date, the tokens will be unlocked for transfer and presumably become tradable on secondary markets for monetary value.
Users already started claiming their free FRAME on Tuesday. Some reported receiving thousands of tokens, based on their NFT trading activity.
I survived the bear market and claimed my $FRAME tokens! @frame_xyz is the layer 2 for makers and collectors. If you have traded NFTs on Ethereum in the last two years and paid royalties, you are eligible! 🖼️🎄
You can watch it here 👇 https://t.co/95XO3A357v pic.twitter.com/lISxo38lmn
— Pranksy 📦 (@pranksy) December 19, 2023
Today’s airdrop is just the first of many FRAME giveaways, the project said. Once the project fully launches late next month, it will begin distributing more tokens to users and community members to encourage activity.
Frame seeks to create an ecosystem for buying, selling, and creating NFTs that unequivocally puts creators first. The layer 2 combination is based on Arbitrum Nova, an Ethereum scaling network.
Since last year, the practice of enforcing creator royalties—fees generally levied between 2.5% and 10% from NFT buyers, intended to support artists and entrench blockchain’s democratized ethos— gradually dismantled under the weight of brute market forces.
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Frame enforces creator fees at the network level; it says it also prioritizes NFT security more than other blockchains, and will ultimately be managed by community members.
Along with the airdrop announcement, Frame also announced that it has raised its first fundraising led by Electrical capitalwith the participation of several crypto industry founders and influencers including Pudgy penguins CEO Luca Netz. A Frame advisor told me Declutter that the project is not yet announcing the funding amount or the total number of FRAME tokens.
Edited by Andrew Hayward