decrypt.co
You get an airdrop! You get an airdrop!
Amid hopes and prayers for the crypto bull market’s imminent return, the onslaught of “free money” airdrops for crypto users continues. The latest comes courtesy of Frame, an Ethereum scaling network designed for NFTs.
The project announced Tuesday that it will soon launch a native FRAME token, and that any crypto user who has transacted an NFT on Ethereum in the last two years is now eligible to collect varying amounts of FRAME. Criteria used to determine a user’s airdrop size is determined based on the number of NFT trades made, the financial volume of those trades, and the amount of creator royalties paid during those transactions.
While NFT traders can already claim FRAME via an online portal, those tokens won’t functionally exist until January 31, when they will go live alongside the Frame mainnet.
$FRAME, for the immediate future, will be used for governance on the network.
This is especially important when you consider the value that the Frame Creator Fund will come to hold.
The token will be transfer-locked until a later chapter. pic.twitter.com/4nZggIKqg3
— Frame (@frame_xyz) December 19, 2023
FRAME tokens will initially be used exclusively for governance of the Frame ecosystem, the project announced, and to control the Frame Creator Fund. At a later, as-yet-unannounced date, the tokens will be unlocked for transfer and presumably become tradable on secondary markets for monetary value.
Users already began claiming their free FRAME Tuesday. Some reported receiving thousands of tokens, based on their NFT trading activity.
I survived the bear market and claimed my $FRAME tokens!@frame_xyz is the Layer 2 for creators and collectors. If you've traded NFTs on Ethereum and paid royalties in the past two years you're eligible! 🖼️🎄
You can check here 👇 https://t.co/95XO3A357v pic.twitter.com/lISxo38lmn
— Pranksy 📦 (@pranksy) December 19, 2023
Today’s airdrop is only the first of many FRAME giveaways, the project said. Once the project fully launches at the end of next month, it will begin distributing more tokens to users and community members to encourage activity.
Frame seeks to create an ecosystem for the buying, selling, and creation of NFTs that unambiguously puts creators first. The layer-2 rollup is based on Arbitrum Nova, an Ethereum scaling network.
Since last year, the practice of enforcing creator royalties—fees generally between 2.5% and 10% levied on NFT buyers, meant to support artists and enshrine blockchain’s democratized ethos—has been steadily dismantled under the weight of brutal market forces.
Frame enforces creator fees at the network level; it says it also prioritizes NFT security more than other blockchains, and will eventually be run by community members.
In tandem with its airdrop announcement, Frame also announced that it has secured an initial fundraise led by Electric Capital, with participation from several crypto industry founders and influencers, including Pudgy Penguins CEO Luca Netz. A Frame advisor told Decrypt that the project isn’t yet disclosing the funding amount or total amount of FRAME tokens.
Edited by Andrew Hayward