Introducing Primex NFTs: Everything You Should Know
Recently, the mainnet Beta has launched, and the good news just keeps coming — today, we’re excited to introduce Early Primex NFTs!
Instead of functioning solely as digital collectibles without any use cases, Primex NFTs will provide their holders valuable benefits upon activation based on their role in the ecosystem. In fact, they will be connected to several of the protocol’s components and mechanisms and will play an integral role in creating a full-fledged reward system for users.
But do you know the best thing about them? You can soon earn Early Primex NFTs, the initial version of tokens that can later be redeemed for fully functional NFTs, for free by engaging in various activities and completing quests across Primex’s communities.
This article explains what Primex NFTs are, their unique characteristics, the use cases they serve in the ecosystem, as well as how you can get started with collecting your Early Primex NFTs.
Primex NFTs 101: Unique Characteristics and Use Cases
Primex NFTs are non-fungible tokens issued on the chains the protocol has deployed onto. They are rare and cryptographically unique digital collectibles that reside on the blockchain and offer their owners verifiable ownership.
In addition to functioning as digital collectibles, Primex NFTs provide the ability for their holders to activate them and access exclusive benefits in the protocol based on their role and their assets’ tier (more on this later).
After their launch, Primex NFTs will have two different types:
- Lender NFTs: Lender NFTs are earned by users who supply assets to Primex Credit Buckets and lend them to Traders to enable spot margin trading. Activating a Lender NFT grants its owner a boost to his lending APY, earning him more interest on the assets he deposited to the protocol for a specified period. Each Lender NFT may be limited to a specific Bucket, asset, or timeframe.
- Trader NFTs: Trader NFTs can be received by Traders, which they can leverage to access additional Protocol Fee discounts for the trades they place on Primex for a certain period after activation. Like Lender NFTs, Trader NFTs’ usage may be restricted to specific Buckets, assets, or timeframes.
What Are Early Primex NFTs, and How Are They Different From Standard Primex NFTs?
Primex NFTs are launching in two stages.
During the first phase, they are currently being introduced as Early Primex NFTs. As the initial version of the assets, Early Primex NFTs function as digital collectibles and allow their owners to use them as tickets that grant access to fully functional tokens when they launch later.
At the moment, Early NFTs are offered during the mainnet Beta, allowing Primex users to earn them by completing quests on Zealy, Galxe, and other Web3 communities where the protocol is present. Compared to their fully functional counterparts, Early NFTs have a unique characteristic. Their design is tied to individual quests and varies by each quiz its holder passed to earn the asset.
For instance, the design of an Early Primex NFT you can earn by completing a quest on Zealy will look different than the one you collect after passing a campaign on Galxe.
The main purpose of Early Primex NFTs is to incentivize community members to complete quests and perform on-chain actions.
Eventually, as the protocol progresses on the roadmap, Primex NFTs will advance to their second stage. Unlike their early versions, these NFTs have full functionality, fulfill real use cases in the ecosystem, and offer users different trading- or lending-related benefits after activation.
Follow Primex on Twitter to be among the first to know when the new quests are released!
Primex NFT Tiers
Each Primex NFT has a tier that represents its reward level. The higher the tier, the more benefits its holder can realize upon activation.
For instance, a Tier 4 Trader NFT grants fewer fee discounts for Traders than a Tier 2 asset. At the same time, Lenders can take advantage of higher lending APYs with a Tier 1 NFT than a Tier 5 NFT.
As a side note, each Primex NFT’s design features handmade crystals, which have been crafted by the team without using any artificial intelligence (AI) or machine learning (ML) tools. Only the background has been generated via AI and ML.
Primex NFT Statuses
In addition to a tier, each Primex NFT has a status. It is an important attribute of each asset as it determines its holder’s eligibility for rewards. In other words, an NFT’s status represents whether its owner has already used the token to realize benefits within the ecosystem (lending APY boost or trading fee discount).
Regarding statuses, it’s important to highlight that Primex NFTs grant users access to rewards only within a specific timeframe after activation.
Simply holding the asset won’t provide its owner any lending- or trading-related perks. At the same time, an NFT can only be activated once, meaning that users won’t be able to realize benefits after the expiry of the timeframe in which they had previously earned rewards.
Here’s what the status of Primex NFTs looks like:
Other Important Aspects of Primex NFTs
Besides the ones listed above, Primex NFTs have additional aspects, which you can learn more about in the sections below.
Branded NFTs
As you may already know, Primex is a multi-chain protocol, and the mainnet Beta will launch on multiple other blockchains after its deployment on Polygon. Regarding that, each Primex NFT will have a branded design, which will differ based on the chain it is issued on.
Referral Program Use Case
Primex NFTs play an important role in the Referral Program.
While referrers receive rewards based on referred generated revenue, referees earn Primex NFTs for contributing value to the ecosystem through activities such as lending or trading. This presents an extra chance for community members to acquire NFTs besides participating in quests.
Primex Referee NFTs will be available later this year.
Access to Private Groups
On the one hand, Early Primex NFTs provide a ticket for fully functional NFTs after their launch. However, they also come with an additional perk for holders. The Early Primex NFT you earn after completing a quest can grant you access to a private group related to that specific quest.
For example, suppose you have completed a quiz related to the Primex mainnet Beta launch. In that case, you will be able to use the NFT you earned for the quest to join a private Discord group dedicated to discussing topics related to the mainnet Beta.
It’s important to note that it is enough to hold a Primex NFT to gain access to a private group. Unlike with trading- and lending-related rewards, you don’t need to activate it to take advantage of this perk.
It’s Time to Earn Your Early Primex NFT
After their launch, Primex NFTs will play an important role in the protocol by providing valuable benefits for ecosystem participants, including Trader discounts and Lender interest rate boosts.
At the same time, they also incentivize user engagement while rewarding referees for creating value for the community. Most importantly, engaging in on-chain activities helps Primex grow and maximize its potential during the current phase of its development.
In the current mainnet Beta release, you can start earning Early Primex NFTs by completing quests in Primex’s Web3 communities. Follow Primex Twitter to be among the first to get your hands on these Early NFTs. Stay tuned.
