ThePASS Litepaper

Version 1.0 - November 25th, 2021

NFTs aren't final status, they're just an introduction.

Vision of The PASS

Welcome to the pass. to / web3.0 creator economy.

It seems like everyone today are creators — artists ,musicians, developers, DAO members, or other respective fields. Here comes an unspoken and inevitable trend to Web3.0 creator economy following the NFT and DAO tide.

By breaking down the Web 2.0 structure, Web 3.0 creators start to change dramatically about the way they can profit from the Internet as well as bring innovation to the way communities interact online.We came up with the idea of The PASS by analyzing the relationship between creators and fans, DAO summoners and their members.Here comes the gap: the latter is normally hard to benefit from the success of the former or the whole entity. Those who follow, are outsiders in the old format. Your contributions are essentially anonymous without much financial returns and social recognition.What if there is a way people can record transactions on a public ledger that is not only transparent, but with proper time stamps as well as getting real benefits at the same time from doing what you like?

We’d love to introduce a new platform called The PASS which helps creators create, manage, and govern their DAOs through NFT PASSes.

We strongly believe that the new Web 3.0 economy should be built on the fundamentals of DAO and NFT. Those two fundamental factors will help build an ecosystem on top of the creator economy that encourages creators, operators and the community to collaborate together under a new, interdependent ownership mechanism and it will help to maximize the benefits for all. Web3.0 DAO Community = DeFi infrastructure + NFT business models + Creators.

The PASS platform is exactly THE DAO legos for creators.

Why just follow, when you can invest?

Why not DAO, when you can create?

The PASS empowers creators by building DAO communities and DAO members can get a piece of ownership of the community, a skin in the game, a voting power in the governance with NFT PASSes. Those PASSes in the platform define ownership and showcase your personality.

They are THE proof of passion (PoP).

This kind of change will upend how cultural trends are born, financed, transforming the way of marketing and community building. We hope The PASS is able to empower this niche in a massively powerful way.

It would be only a matter of time before it would emerge from the shallows and evolve into a milestone, both in the universal NFT and Creator ecosystem.

What’s The PASS

The PASS is a new type of Web3 Creator Link-up and underlying infrastructure, which helps create, manage, and govern your own DAO through NFT PASSes. It is dedicated for all kinds of creators like artists, DAOs, guilds, musicians, and projects.

How The PASS works?

The PASS offers a full suite of service tools for creators, including DAO creation, NFT PASSes, Townhall, Squad, etc., which helps them mainly in four parts:

Creation: A DAO information aggreagator
Financing: Get support from communities through NFT PASSes
Engagement: The PASS is a key to vanilla ecos like Townhall, Squad or other third party platforms including Discord, Telegram, metaverse, etc
Governance: Voting through NFT PASSes and DAO treasury analytic tool

Every Creator or DAO Shall Have a PASS.

About the NFT PASS

The PASS platform offers three types of NFT PASSes namely Staking Based PASS, Fixed Price PASS, and Bonding Curve PASS.The PASS is a Utility NFT, a Proof of Passion (POP) and it’s like a ticket or key to the creator's squad or DAO.

Bonding Curve PASS

Bonding Curve PASS ( BC) is a type of NFT PASS that mixes speculation and DAO utility.

Bonding Curve PASS Supply and Algorism

Generally speaking, the more the supply, the higher the price based on the formula will go. In other words, when people are buying in a creator’s NFT PASSes, the price of the NFT shall go up automatically at a certain rate.

There are two types of Bonding Curve PASSes targeting all users which are “Basic” and “ Advanced”. Those two all comply to the same formula as following:

f(x) = m \times x^{n}+v

f(x)=PASS Price

v= Initial Price-m

m and n are variables

In the basic version, we have set m=0.00002, n=2 to cater to the demands of the majority without needing creators to understand the algorithm but only by inserting the initial price they wanna start the sale with.

However, for the Advanced version, we leave the variables “m”, “n” open to achieve more flexibility and customized design for professional users.

Below are the graphs of what the PASS price curve looks like with the accumulation of the supply in circulation. If you wanna check more data and have a clearer comprehension on this, feel free to check this sheet or learn more about bonding curves here.

Basic:

Advanced:

The Bonding Curve Vault

The higher number of purchases of the NFT PASSe will mean that more funds will be “locked” on the bonding curve which provides the sufficient liquidity for the traders, lifting the pressure for creators or DAO operators ( with automated market-maker) .

Meanwhile, in order to maximize the benefits for all, The PASS will shift some of the funds to DeFi platforms like Compound, AAVE to achieve passive income for creators among multi-chain ecosystems. In this way, creators can both enjoy the revenue of the PASSes and the yields from the Bonding Curve Vault.

Fixed Price PASS

Fixed Price PASS is a pretty standard and normal form of NFT trading, that is, the newly issued NFT PASS is being auctioned at a fixed price.

Staking Token PASS

Staking Token PASS can be divided into two parts: ERC20 token staked NFT PASS and ERC721 token staked NFT PASS. As the names suggest, the NFT PASS is either minted by staking ERC20 token or by staking ERC721 token (NFTs).

Creator / DAO Rewards:

Creator’s rewards vary with different types of PASS issuance. For fixed price , the platform will take 2% as commission fee while the rest 98% will go right straight to the creator's address. As for Bonding Curve, creators can get a range of 0~20% percentage of the Initial Sell. For example, if the creator sets the fee as 10% and then if someone buys $100 of the PASS, the creator can get $10. As for Staking Token PASS, it focuses more on utilizing the existing ERC20 tokens and NFTs than the concept of selling.

Initial Sell

The Vault

What Can We Do with NFT PASSes?

thepass.to/ VIP channels

The NFT PASSes help the DAO community or creators to set up exclusive VIP access for important contributors or volunteers. Priority and customized services can be provided to PASS holders in VIP channels no matter in Web3.0 network like Decentraland, The Sandbox Townhall, Squad or Web2.0 network like Discord, Telegram, etc.

thepass.to/ premium content

The NFT PASSes allow KOLs or creators to provide premium content only to community PASS holders. Content creators can use The PASS to better differentiate their user base, thus unleashing their creativity and generating better revenue.

thepass.to/ virtual concert or meetings

Imagining a virtual concert or meeting to be held online, The NFT PASSes will serve as the native web3 ticket to this virtual event. Communities or creators can easily and seamlessly use PASS to set up access to virtual events online.

thepass.to/ die-hard fans proof

Creators can give long-time loyal users a special customized PASS as die-hard fans proof.

thepass.to/ metaverse

The PASS platform will be pre-interfaced with those major metaverse (like Decentraland, The Sandbox,etc.), so communities or creators can easily and seamlessly use PASS to set up access to virtual lands or events in the metaverse.

thepass.to/ NFT governance

The PASS is the first platform focused on helping the DAO community issue NFT based governance tokens. Compared to the fungible token, NFT PASS offers an alternative way to achieve community-driven, decentralized, and flexible governance.