The Power of Community and Utility in the Current Crypto Market
Since launching, Mogul has developed one of the world’s most influential NFT marketplaces. Our platform is off to a strong start with 50,000 active NFT Marketplace users in the first three months after it came online and $50M in value sent through Mogul smart contracts. Part of this success is due to the magnetization toward our community. Additionally, the amount of utility that Mogul offers to token holders through staking and other benefits is vital to the long term sustainability of the ecosystem.
Mogul has led the charge into NFTs and DeFi for artists, fans, and filmmakers everywhere by creating a crypto community around the entertainment industry. Our diverse community’s strength is apparent through collaborations with the likes of $50M feature film Antara, Grammy Award Winning Rapper Ja Rule, Academy Award winning Actress Julianne Moore, and The Simpsons Animator Erick Tran on the entertainment side, and Polygon, Chainlink, and ApeSwap on the blockchain side.
Additionally, Mogul’s new staking program is another example of how we’re building our platform with a group of people who believe in what we’re building and a community of people who are committed to building with us. Our new staking pools are an added utility that offers members of our community an incentive to hold STARS long term. We’re starting a 1-year campaign that will reward our STARS token holders who meet the holding requirements with more tokens than ever before.
The Power of Crypto Communities
The camaraderie that crypto communities offer has the potential to extend beyond kinship felt by sports enthusiasts, fans of the same musical band, or even compatriots.
Crypto communities are more empowering than other communities because they allow and incentivize actual community governance – that means the community's constituents can make decisions that truly impact the group and themselves. In crypto communities, people can put “skin in the game” to participate in an economy where their voices are heard. Furthermore, incentivizing crypto communities with added utility can create stronger communities. Many examples of crypto communities have grown by offering added utility to token holders.
- Bored Ape Yacht Club: The company hosts real-life parties with concerts for its members that enjoy the networking as well as airdrop utility of being part of its community. Members include Jimmy Fallon and Paris Hilton. Bored Ape Yacht Club token holders stay connected through a tokengated chat and other virtual and token-holder-only events in the metaverse.
- Permies: Crypto media company Blockworks created a collection of 555 Permie NFTs for VIP access to their 2022 Permissionless conference, lifetime access to all future Permissionless events, access to the $2,500 per year Blockworks Research platform, and a token-holder Discord with people from some of the most influential companies in Web2, Web3, and traditional finance. Business deals, job hirings, and high-level market information happen through this small crypto community that is loaded with utility.
These are just two examples of thriving crypto communities. They demonstrate that if token holders have a strong community with utility, the token can succeed. However, other ways to add utility to a community extend beyond IRL events and token airdrops. Staking is another example of added utility that can positively impact a token community.
Staking STARS and Mogul’s Film3 Community
Crypto-connected communities advance the current idea of fraternity and what it means to connect to others around a shared interest. By design, crypto communities use game theory to encourage players in a system to interact rationally. These players, the community itself, make decisions together to govern the community. They all have a shared interest because they own tokens in the community, make decisions in the community, and want to see it succeed. A bond of this magnitude is powerful.
As we execute our 2022/2023 roadmap, we are rewarding our community for staking by giving them STARS tokens in our largest staking pool yet! Users must fulfill the requirements for the minimum lockup threshold to be eligible for rewards at the specified ending time. We have 14M STARS tokens we will be rewarding our pool participants with. This program will last for an entire year to celebrate our 1st anniversary of the STARS token, a milestone we reached in May 2022!
In total, there are four different staking pools that vary based on the amount of rewards that are given, the amount of STARS tokens that are required to be staked, and the duration of time the STARS need to be staked to receive the reward. (Please note, since the reward pools are issued on every BSC block, the pool’s actual end dates are approximated to BSC’s average block time. These dates may not be exact for the end times for the pools):
- VIP: 1M STARS | 1-Month Minimum Lockup
- Backstage: 3M STARS | 2-Month Minimum Lockup
- Oscar’s: 4M STARS | 3-Month Minimum Lockup
- A-List: 6M STARS | 3-Month Minimum Lockup
Mogul empowers its community by offering a place where its community can vote on projects they want to see coming online to the market. By offering a way for the community to vote on which projects they want to see come to life, Mogul creates a diverse, incentivized platform around a shared artistic interest and shared vision. Then, Mogul incentivizes long-term participation in this community through rewards.
Mogul’s platform attracts different networks of people across Ethereum and Binance Smart Chain. Different protocols and their corresponding communities have their own unique flare.