Hello Insiders! This week we’ll be talking about Grape Protocol, a project building infrastructure for the future of decentralized social networks and NFT communities on Solana. Let’s eat some Grapes Apes! 🍇
The main service Grape offers is NFT ownership verification. GRAPE queries wallets and confirms the non-fungible token associated with your digital art piece is in your wallet. You can use their website to view your verified NFT’s.
Grape does not have access to your wallet, rather they are only able to see its contents. We recommend creating a new wallet for each NFT you aim to verify, keeping only that NFT in the wallet. Using a burner wallet is always the safest route.
NFT verification allows projects to offer special features to those verified by GRAPE such as gated discord communities, meetups, and airdrops. GRAPE has integrated this service with top NFT’s on Solana like @thugbirdz, @degenapeacademy, and @solanamonkeybusiness.
GRAPE shows NFT’s are more than just digital art. They are the online equivalent of a badge, ID, or membership you need to get into a prestigious club.
In addition to providing NFT verification, GRAPE is its own community with its own initiatives. Some of their core focuses are:
- bringing more people into the Solana Ecosystem
- supporting the growth and adoption of Solana projects
- providing educational materials related to building, using, and investing on Solana
Grape has also recently announced their own incubator for NFT projects in which grape will support early-stage NFT projects by providing access to grape tools, exposure to the grape community, design/strategy feedback and more.
The benefit to Grape is that this will increase the Grape treasury and it’s good for the Solana ecosystem too as it allows Grape to encourage the growth of new Solana NFT communities.
Grape have also recently developed a dashboard for viewing NFTs – You can have a browse through the Grape NFT treasury vault here:
$GRAPE is the native cryptocurrency that powers Grape Protocol. It is both a utility token and membership token.
The four main benefits of holding $GRAPE are:
- Voting rights for decision making (more $GRAPE = higher rank)
- monthly liquidity mining rewards
- participation in gated events requiring X amount of $GRAPE
- Dividends from the community fund
$GRAPE has allocated a whopping 60% of its total supply to its community for what they call “social mining.” Social mining is the process in which community members are rewarded in $GRAPE for completing tasks and participating in community activities.
Social mining incentivizes users to contribute to the protocol. The more $GRAPE they own, the more invested they are in the success of GRAPE. Theoretically, the more value members add to the protocol the more value their tokens accrue. It’s a positive feedback loop.
Grape often holds online events exclusively to members. These include community-building activities like fitness challenges, video game & poker tournaments, as well as biz dev meetings focused on the direction of the DAO.
Many protocols underestimate building connections with its members, but not GRAPE. GRAPE knows consistent community building is a key aspect to building a successful protocol.
GRAPE is increasing in popularity largely due to its recent airdrop of 1,000 $GRAPE – (~$200USD at time of drop) given to those who have used the protocol before to verify their NFT’s.
Grape Protocol is an interesting community-building social experiment using a native currency to incentivize contribution to the protocol. By providing NFT verification, GRAPE is solidifying its spot as key infrastructure in the future of Web3 on Solana.
To chat with us about Grape protocol or anything relating to the Solana ecosystem feel free to join the Solana Insiders community:
This post as written in collaboration with King Maven 👑
Which Solana project would you like to see us cover next? Let us know!.. until next time Insiders.
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