Some longform thoughts on @tokenworks since it’s coming up a lot and I want to clarify where I stand. The str tokens are a really cool experiment and @Rhynotic struck gold with narrative and implementation it’s refreshing to see something new in the space. - these tokens buy NFTs and list them 20% higher but also 20% of the fees don’t go towards buying the nft, it’s very interesting because if they just took the 100% of the trading fee to buy and burn the token without the nft being part of the equation, it would effectively have the same net impact. The key to understanding the str tokens is understanding that the entire loop of the NFTs is just to offset the 2% fees taken out of the flywheel. The real point of having the nft at all in the equation is marketing to the communities behind them. - the str tokens are very good at pumping themselves, but don’t actually directly benefit the NFTs as much as you’d think they would. At the time of writing this 14% of the moonbirds listed for sale are listed by birbstr. Typically in nfts we don’t get that excited about holders that brick the floor and contractually can’t delist. The str tokens don’t take supply off the market since they just buy and reprice 20% higher. Sales of those NFTs don’t directly benefit the nft holders in any special way but they do benefit the str token holders in a soecial way because proceeds are used to buy and burn. - there’s a bigger incentive for nft project founders to shill the str tokens than their own nft because there’s a very meaningful royalty we get. We’ve made more money off royalties from birbstr than we have from our all of NFTs since we acquired moonbirds - GVC I think it’s cool how fast they moved but I strongky disagree with this implementation, they should have at least deployed a fork, 1% of trading volume going towards buying and burning punkstr leaks 50% of the value capture exterior to their direct ecosystem. This seems like a miss especially if this is your official token. I also think official tokens should be in Some way given to the community versus just sold to them and likely there’s more emergent value if they can be exchange listed which I don’t think that str tokens can be. - $birbstr is the best str. It’s the only high cap nft with enough vol in both directions that the flywheel actually works. Birbstr holds 56 NFTs and has sold 37. For contrast, even punkstr holds 29 NFTs and has only sold 3. In most cases the flywheel is mostly theoretical, but for birbstr it’s actually happening. Outside of the initial launch mechanism the str tokens don’t actually create momentum for the underlying nft collection. Because they are not really net buyers they just reprice the floor up by 20%. Moonbirds has its own independent catalysts outside of the str ecosystem upcoming with $birb which is why it’s the most interesting str. - I’m happy to shill and support $birbstr because I know a lot of my holders own it and I always want to see them win. -a lot of my comments around this topic have been misconstrued as bearish but I’m not, I just think there’s a lot of bad discourse going on about these tokens. Call a spade a spade, str tokens are their own interesting meta but they aren’t going to bring back the underlying NFTs in any meaningful way in the long run since they don’t really impact price. We as project founders need to continue to progress the fundamentals of our business and the str meta will benefit from that work as it’s now a part of the equation of our ecosystem. - I do want to do more with birbstr but I’m watching some other experiments play out first, I think this is a case where it’s more important to get it right than it is to be first mover.