About Based Gold
What Is Based Gold (BGLD)?
Based Gold is the native ERC-20 token of the Bloot non-fungible tokens (NFTs). Bloot NFTs were created by Twitter user @beaniemaxi in a reaction to the craze around the text-based role-playing game Loot. A maximum supply of 8,008 Bloots were released for free on the open market, and users only had to pay for gas to mint them. The text-based Bloots were clearly “inspired” by Loot NFTs, as the traits of the NFTs featured descriptions like Shitpost of Rage, Ring of Cock, and Studded Gloves of Diamond Hand. According to @beaniemaxi, Bloot is a free mint and a model developed for the community to build on, with creators being rewarded by sales royalty. Unbeknownst to his knowledge, someone created BGLD in a reaction to the launch of Bloot and airdropped 10,000 BGLD to each NFT holder, similarly to what happened with Adventure Gold.
Who Are the Founders of Based Gold?
The creator of Based Gold itself is unknown, but the creator of the Bloot project, that BGLD is based upon, is a crypto user that goes by @beaniemaxi on Twitter, with almost 80,000 followers. The user is clearly an experienced crypto-native and set up Bloot partly as a reaction to Loot, and partly as a social experiment to demonstrate the power of the community in the NFT space and why creators should release content for free and profit from sales royalties.
What Makes Based Gold Unique?
Based Gold has been developed with unprecedented speed as a reaction to an already unbelievably fast-moving space. The development of Loot took mere hours and the hype around the project developed in a few days, propelling the project to a nine-figure market cap in under a week. Bloot and Based Gold were even faster. The project doesn’t seem to have any intrinsic value, as the website features only a Google form where users apply for the Bloot Fund and comment on how they intend to enrich the Bloot community and ecosystem. It also states “It’s basically worthless” in an ironic nod to the lack of a real product behind the token. However, Bloot and Based Gold are a fascinating social experiment and a testament to the power of the community in the crypto and NFT space. This can be seen in the numerous derivative projects built around Bloot, such as skill stats, Bloot doggs, svBloot and even real-life Bloot merchandise, all airdropped to Bloot holders.
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Check out Adventure Gold (AGLD) — the token that kicked off the text-based NFT craze.
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How Many Based Gold (BGLD) Coins Are There in Circulation?
Based Gold has a total supply of 86.98 million BGLD. Each of the 8,008 Bloot NFTs received 10,000 BGLD as airdrop, with only a single wallet holding more than 5% of the entire supply.
How Is the Based Gold Network Secured?
Based Gold is an ERC-20 token on Ethereum. Considering the speed of its launch, there is, of course, no security audit for BGLD.
Ethereum is one of the most popular blockchains and the go-to solution for many decentralized applications and open source projects like Based Gold and Adventure Gold. ERC-20 is the token standard followed by almost all tokens on the Ethereum blockchain. It is secured by a proof-of-work consensus mechanism that requires miners to mine new Ether. A set of decentralized nodes validates transactions and secures the Ethereum blockchain.
When Will Based Gold Trading Begin?
Based Gold trading began on Sept. 4, 2021, as a reaction to the craze around Loot and Adventure Gold. BGLD is quickly reaching record valuations and recorded an all-time high of $0.98 on September 6.
Where Can You Buy BasedGold (BGLD)?
BGLD is available on Sushiswap, 1inch and Uniswap V3.
Cryptocurrency newbie? You can read more about how to enter the market and how to buy BTC, BGLD or any other token in CoinMarketCap education portal — Alexandria.