Introduction
Potluck Labs is an NFT incubator. They aim to help set up NFT projects and grow them, primarily on the Fantom Opera blockchain. They are a division of Potluck Protocol, a very successful NFT project on the Fantom blockchain. Potluck Labs has collaborated with various NFT projects, like Potluck Pigs, Psychedelic Revolution and Creatures of the Cave, and helped these projects grow.
The team help artists build out generative projects that are focused on the art first and foremost. Beyond the art, they then provide an ecosystem of value. This includes: NFT staking, $LABS utility token, GameFi partnerships and much more. Potluck is also on the forefront of cross-chain and technical innovation. Many of their collections are traversable between multiple chains. They believe in breaking down walls and bringing communities together. They currently have over 5,500 unique wallet addresses holding our NFTs. They are a fully doxxed team committed to building a brand that artists and collectors alike can trust.
Why Fantom?
There are a few reasons why Fantom blockchain is so popular. Fantom is a new and highly scalable blockchain platform. Unlike older blockchains like Ethereum, Fantom is designed to be a high-performance platform for complex dApps, which often slow down on first-generation platforms.
Fantom uses a high-speed consensus mechanism, known as Lachesis, to tackle the problem of low speeds on blockchain networks. Therefore, Fantom is very beneficial, especially for setting up a new NFT project.
About Potluck Labs
Potluck Labs was launched by Potluck Protocol in December 2021. Since that time, Potluck Labs has seen over 30 unique NFT mints, including from projects such as Astrokids, Bot Squad Chickens, and Swol Chads. A unique aspect of the NFT incubator is that wallets holding NFTs from Potluck Labs-approved collections gain a small number of LABS — Potluck Labs’ native token — on a second-by-second basis. Currently, Potluck Labs is live across Avalanche, Fantom, and Polygon, though there are plans to expand to additional blockchains in the future.
The Potluck Labs team decided to integrate Chainlink Price Feeds for pricing conversions because they are hyper-resistant to data manipulation attacks and single points of failure, helping ensure NFT prices reflect globally accurate fair market rates with a high level of reliability.
Additionally, being an NFT incubator, one of the requests coming from users was that they needed a verifiably random way to distribute rare NFTs when launching collections on Potluck Labs. Thus, they decided to integrate Chainlink VRF because it is the fairest, most transparent randomness solution available in the blockchain space.
Chainlink VRF works by combining block data that is still unknown when the request is made with the oracle node’s pre-committed private key to generate both a random number and a cryptographic proof. The Potluck Labs smart contract will only accept the random number input if it has a valid cryptographic proof, and the cryptographic proof can only be generated if the VRF process is tamper-proof. This helps provide users with automated and publicly verifiable proof directly on-chain that NFT drops using Chainlink VRF for randomness are provably fair.
$LABS
$Labs is Potluck Lab's utility token. It's been currently used or will be used for things such as
White List Spots (Spend 500 $LABS to buy a WL spot).
Game-fi use-case in Weaponized Countries and soon to come with Fantom Survivor and Bobbleheads.
$LABS only mints. Their first one was Potluck Invaders with more to come.
$LABS only Auctions. They have held 3 discord auctions to date where people can bid only in $LABS and the winning bidder’s $LABS are burned.
Raffle tickets to win merch. We have done multiple custom Potluck jerseys where you could only bid with $LABS.
How to Earn $Labs
You will make approximately 1 $LAB token per day for every Potluck Labs NFT you hold in your wallet. Currently, $LABS is only able to be earned on FTM, AVAX, and MATIC. It may take them a little time, but they will be deploying $LABS on Hedera as well. You can collect your $LABS through their website through a simple one-click action. Just click “Update & Claim”! Every time you buy a new Potluck NFT you need to make sure to go to https://claim.potluck-labs.com/ while making sure your wallet is connected to the right chain for that NFT and click “Update & Claim”. They recommend only harvesting when you are ready to spend your $LABS or if you are going to sell an NFT (unharvested $LABS can be claimed by the new owner) so that you aren’t wasting gas.
Stake NFTs to earn $FANG/$FTM LP
Potluck Labs meet Potluck Protocol. The development team wanted to blend their DeFi and NFT ecosystems together and did this through “The Coffin”. This innovative staking model allows for them to allocate a portion of their mint proceeds after they sell out to a 30-day staking pool. They load the pool with $FANG/$FTM LP and you are easily able to see how much you are earning for your share of the pool. When you unstake your NFTs it harvests automatically. Or you can activate “Grave Raiding Mode” and harvest at any point. You are then able to move your earned LP into our auto-compounder and currently earning around 75% APR. This is a virtuous cycle for them as they integrate their communities and also provide use-case and buying pressure for $FANG (their DeFi token on $FTM).
The Coffin may be used by any NFT project on Fantom looking to provide utility to their holders. The project must provide a minimum of 2,000 $FTM for a 30-day staking pool and they will turn that into LP and emit the full amount to their stakers (they don’t charge a fee). They also look forward to adapting and bringing this model to HBAR and IOTA.
The Rewarder
The rewader is an extremely fun staking innovation that they modeled after the Moonbirds on Eth and the Chikn project on Avax. The Rewarder is a way that any project of theirs can provide value to its holders. This staking method will take into account the rarity of your NFTs. The more rare- the more points you will earn. These points will level up your personal staking pool. The level you attain each week will serve as a multiplier for the number of entries you have into the NFT prize drawing for the week. Quantity will also be a factor- so the more NFTs and better rarity you have staked, the faster you will level up and the better your odds of winning.
Potluck Labs is an incubator that provides support and technical expertise to budding NFT projects and artists on the Fantom blockchain. They build projects in a way that is better for everyone in the NFT space: artists, collectors and marketplaces.