1000Blocks in a nutshell
This article describes some simple 1000Blocks concept topics such as rewards system, NFT auction, and future use cases.
On 1000Blocks users co-create NFTs and earn yield in the process. To use 1000Blocks it’s good to understand three things:
- What is a Space and how to participate in the co-creation of an NFT
- The universal Rewards Pool
- How to earn yields
A quick summary of each point is below:
What is a SPACE?
Block Space (or just Space in short) is the primary piece of the App.
Visually the Space looks like a grid, a canvas, that consists out of 1008 blocks (42*24). We cover 8 blocks with our platform logo, which means 1000 are left for the user to interact with (cover with photos). That is also the origin of the name 1000Blocks Space.
At some point in time (pre-announced with a countdown timer) the whole Space gets minted into NFT which is then being auctioned on OpenSea.
SPACE-01 is our initial space; titled “Infinity”. The idea and rules of first/genesis Space01 are hidden in its name. SPACE-01 will be always open for claiming Blocks and co-creating NFTs.
The rules of SPACE-01 are simple:
- You can claim min 1 and max of 42 blocks at once.
- The minimal price to claim a Block(s) is set by its previous user.
- The Block claimer has to invest more than the previous user.
- As the owner of a block, If someone covers you, you get 25% of his/her investment.
- After claiming Blocks you need to wait 12 hours until you can claim again.
- As long as your blocks are visible, you will yield 24BLS/blocks/day.
Very soon 1000Blocks will be expanded to support a multi-space setup. Each space will have its own rules and will be minted to its own NFT.
We have just launched SPACE-02 (7th October 21)
For more information on SPACE-02 rules and dynamics read:
The universal Rewards Pool
Most of the proceeds (60–85%) from buying Blocks and selling NFTs is filling the Rewards Pool. From every Space. Current and future — it is universal.
The whole amount in the Rewards Pool gets continuously distributed to all users that have BLS staked in the Vault. How much a user receives, depends on the relative stake in the Vault.
How to earn yields
- Claim Blocks → earn BLS
- Stake BLS in Vault → earn BNB
The reward system of 1000Blocks is innovative and really one of a kind in the crypto space. Users that claim Blocks on the canvas and show their image on them, are yielding BLS tokens. An alternative way of getting BLS is to buy them on exchange (Waultswap or Pancakeswap). BLS tokens can then be staked in 1000Blocks Vault which yields you BNB tokens from Rewards Pool.
- Click “Harvest BNB” to harvest all BNB received from staking BLS in Vault AND from payback(25%) when someone else claims your Block/s that you owned.
- Click “Harvest BLS” to claim BLS tokens as a reward for having visible Blocks on Space.
- Click “Stake/Withdraw” for actions on 1000Blocks Vault. Stake your BLS to yield BNB from Rewards Pool. Rewards are split in a span of 21 days, from when they come in. When you withdraw tokens from Vault, 1% of them are burned permanently (when withdrawing only 100% of staked BLS can be withdrawn).
- Funds you have on your personal BSC Wallet.
- Rewards for having visible Blocks on Space. 24BLS per Blocks per day.
- Counter for how many times the Blocks were claimed in the whole history of the Space.
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