Why you should care about CryptoChefs

Key takeaways:

  • CryptoChefs combines artwork collection with crypto trading in one token.
  • First Gamified DeFi platform.
  • Only 5‘555 CryptoChefs will ever be minted. Each one of them can be your ever-lasting token-earning-cow.

NFTs beyond the hype

I am sure that each one of you readers has struggled at some point to explain what an NFT is to your friends and family. What is even more challenging, is demonstrating the value of NFTs to folks from the pre-digital era.

So first, let us agree on a simple definition for NFTs that could resonate with people of all ages and backgrounds:
an NFT is a unique digital record that represents an asset, stored on an immutable ledger. Each NFT in existence has a different value. This value is derived from the perspective of potential owners, just like any asset in the universe. For example, a 1 dollar bill signed by Messi has different values for different people. For me, I would pay 1'000$ to own it, others might pay much more, but my grandma would refuse to take it as 1$. For her, the gas station might not accept it anymore.

In order to give NFTs a unified value, a marketplace must exist. This marketplace must allow everyone to participate and “bid” to give an NFT its accurate value. Such a marketplace allows each potential owner to offer a specific value for each NFT. Eventually, the buyer and seller would agree on a transfer fee, which can then be considered the value of that specific NFT.

For a long time, NFTs were “just” about Artwork. Almost every early NFT project was about offering unique digital art for collectors to own and trade. The value of these NFTs came purely from scarcity rather than utility. Perhaps one of the most renowned projects is CryptoPunks, where 10'000 punks were divided into 5 categories and each one of them is now worth a minimum of 50 ETH (around 153'108$ at the time of writing this article).

cryptopunks

Recently, more and more NFT projects started to get out of the artwork box. We started to see NFT games, NFT films, NFT marketplaces …etc.
At CryptoChefs, we sow a great opportunity to combine our love for Crypto, Gaming, Trading, and artwork, all in unique tokens called NFTs.

So What is CryptoChefs NFT?

CryptoChefs NFT is not ‘just’ a great piece of artwork (we heard you guys, you love how the Chefs look like). In fact, CryptoChefs NFT is an ever-lasting token-earning cow (we don’t use cash anymore).

We wanted to give NFTs more utility than just a collectible. That’s why we tend to call CryptoChefs a game. In this game, you as a Crypto Chef, can create a ‘Crypto Recipe’ which is composed of your favorite crypto coins or tokens. In other words, your recipe is your crypto portfolio.

An example recipe could be like:
Cryptonara: ETH 20%, BTC 25%, DAI 5%, LINK 30%, DOT 20%

All existing recipes will compete every day, week, and month for a prize pool of AROMA tokens, the official CryptoChefs’ bread & butter. The pool will be distributed to all recipes based on their performance, which is derived from the real-world price of each ingredient of your recipe.

           -----------+---------------------+
| Pool | Allocated AROMA |
+-----------+--------------------+
| Daily | 5000 AROMA |
| Weekly | 50'000 AROMA |
| Monthly | 300'000 AROMA |
| Even-based| Event-based AROMA |
+-----------+--------------------+

A recipe can be created by your CryptoChefs NFT that you must acquire first. This NFT is represented by a unique Chef avatar that has different traits. However, these traits do not affect the recipe performance.

Why do we need AROMA?

AROMA tokens have many uses in CryptoChefs. Here is a shortlist of AROMA use cases in CryptoChefs:

  • Buy CryptoChefs NFT
  • Create Recipes (every recipe must lock up AROMA in it)
  • Earn more AROMA (based on your locked up AROMA & Recipe Performance)
  • Invests in Recipes (Staking)
  • Participate in Mini Games (in the pipeline)

Perhaps the first question that comes to mind is Why? Why do I need to lock up AROMA in my NFT? Good question!

As you know by now, we have daily, weekly, and monthly reward pools that get distributed to all recipes based on their performance. As in everything in life, the more risk you take, the bigger the rewards. CryptoChefs smart contract will distribute the rewards to each recipe in proportion to their locked-up AROMA.

The goal behind locking up AROMA inside recipes was originally intended to fight the shilling. What is Shilling in Crypto?

“A person engaged in covert advertising for a cryptocurrency. The shill attempts to spread buzz by personally endorsing the product in public forums with the pretense of sincerity, when in fact he is being paid for his services.”

Therefore, locking up AROMA in your Recipe proves that you have ‘skin in the game’. If you want to prove to your followers that you believe in your recipe, then locking up the maximum amount of AROMA not only will increase your returns, but also will be your own “proof-of-trade” and increase your credibility.

Are these locked AROMA gone forever?

Not really. When your recipe doesn’t perform as you would have wished it to perform, you are allowed to ‘burn’ your recipe and get back 80% of your locked AROMA. 15% of these AROMA go back to the reward pool, and 5% get burnt, this will ensure the deflationary nature of AROMA, and thus a constant increase in its value for every Chef!

How to join the party?

CryptoChefs is what you would call a true hidden gem.

Are you excited to learn more about CryptoChefs and get a taste of your potential first NFT ever? Although we are still in our pre-alpha phase, we have a lot of airdrops and rewards for our early Chefs!
Join our telegram group and say hello.

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or visit our website and read our “White Pepper” 🍶

Other options exist as well:
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Gamification of Crypto Trading