Dreamloops V1 Overview…
Dreamloops are a programmatically generated series of audio-visual non-fungible tokens (NFTs). Minted on the Ethereum blockchain, and hosted via IPFS (Interplanetary File System), the first line of Dreamloops NFTs will feature 16-bit retro style musical loops produced by Keil Corcoran of the band STRFKR. Each NFT has a one of a kind album art. 1 in 5 Dreamloops (20%) will be redeemable for physical media. 10,000 Dreamloops will be minted in the first release with an estimated average price of $65 (USD) per NFT.
As the first release from Bitlectro Labs, Dreamloops will be a set of chiptune style musical loops with unique melodies, drum beats, and basslines. Each tune will have corresponding cover or album art, designed in a retro 16-bit fashion but with unique visual elements — think retro-futurism. The elements and features of both the music and cover art will have a fixed scarcity. Some covers will be animated and have features unique to only a few (or in some instances one) Dreamloops in the edition, whereas others will be common and easier to obtain. Musical compositions are also unique, with varied combinations of melodies, basslines, and drums.
V1 is scheduled to be released June 13, 2021.
Four Levels of Scarcity
Each Dreamloop will have a unique piece of album art. Some songs may be shared between NFTs in the collection. (note: scarcity levels subject to change prior to release — specifically, there may be additional levels among the commons)
Dreamloops redeemable for physical media (vinyl or cassette): 2,000 total
10 Legendary Rares (vinyl & cassette)
100 Ultra Rares (vinyl)
1,890 Uncommons (cassette)
Non-Redeemable Dreamloops: 8,000 total
Total Dreamloops V1 NFTs: 10,000
Additional elements to determine scarcity are yet to be announced.
Feature Scarcity
Physical elements within the artwork design will have varying levels of scarcity. Some elements will be found easily, while others may be featured on only a single Dreamloop. All Dreamloops will have some animated elements, such as a background, while uncommon Dreamloops will have unique animated foreground elements. Common Dreamloops are not redeemable for physical media, while uncommon and rare Dreamloops are.
Classes of scarcity will be randomly assigned at the time of purchase. After purchase, users will be able to “unwrap” their Dreamloop through the portal on our site — or conversely they can keep their Dreamloop “unwrapped” and resell or trade it on secondary markets like OpenSea.
Staking Period & Media Redemption
Staking will occur by keeping your Dreamloops in a self-custodied Ethereum wallet (like MetaMask), which must be held at a single wallet address for a period of 182.5 days (six months). After this 182.5 days, users will receive an ERC20 redemption token. In order to receive a physical pressing, the staking token will need to be spent via the Dreamloops portal — at which point we will ship the redeemed vinyl or cassette to the holder. There will be only 1 physical pressing made per redeemed NFT — making these one-off pressings unique and scarce.
Future Releases
Version 2 and Beyond…
Future releases will feature additional curated artists and musicians — and vary in project scope, scarcity, aesthetic, and price. The sky is the limit! However, quantities will always be fixed at inception, small or large, no repressings or re-releases of editions will happen, ever. By including artists and musicians from different musical genres and visual aesthetics, we aim to make Dreamloops a collectible and fun way to experience music, while supporting the artists that make the music and art we enjoy.
As the catalog of releases grows, we expect collectors to resell and trade our NFTs peer to peer (both the physical copies and the NFTs), creating a network and community of fans. While Bitlectro Labs aims to be the first musical/visual NFT project to add a physical media to the novelty of NFTs — we expect other projects to follow suit. As music distribution models have changed with the advent of streaming services, Dreamloops hopes to re-empower musicians — allowing fans and collectors to transact directly with the artists they love. The majority of the net sale value of Bitlectro Labs releases will be retained by the artists/musicians, and the smart contract functionality available to NFTs allows these artists to receive residuals more readily than conventional residual payment models.
After our first release, we will solicit and onboard additional artists and musicians to the project, hand curating releases into the future.
Links
To speak with the team directly about the project, please join our Discord: https://discord.gg/yPDMABdUnQ
Follow our Twitter for the latest giveaway and release announcements: https://twitter.com/bitlectro
To hear audio previews, head over to our SoundCloud: https://soundcloud.com/bitlectro-labs/sets/dreamloops-v1-preview
