What is Santa.FM?

Christmas is coming and the NFT industry does not want to be left out of these celebrations that are celebrated practically all over the world. Consequently, VenturePunk created a new project called Santa.FM and NFTexpress explains what it is all about.

We are getting closer and closer to Christmas and with it, there is the tradition of gift exchanges, where family and friends exchange gifts with each other.

In this opportunity, blockchain technology together with the NFTs industry do not want to be left out of these celebrations and a decentralized gift exchange has been scheduled in which people from all over the world can participate together to randomly gift each other NFTs.

Here comes into play Santa.FMa new NFT gift exchange protocol that allows you to deposit an NFT to receive another non-fungible token on Christmas Day. It is worth clarifying that this is a very new project and like all new things in Web3, it should be done as an experiment, since it is just for fun and you only have to deposit an NFT that you are willing to remember.

That said, let’s get to know Santa.FM and its new project for this first Christmas more Web3 than ever!

Santa.FM is an NFTs gift exchange protocol and was recently launched by the Web3 studio, a project created and led by Jordan Lyall. VenturePunk Web3, a project created and led by Jordan Lyall. There will be time to interact with this project until December 24, 2022 at 10:00 PM pst and the next day at 6:00 AM pst an equivalent amount of new NFTs can be redeemed from the next group.

How Santa.FM works

As mentioned above Santa.FM is a protocol, but being peer-to-peer decentralized, there needs to be a way in which minted NFTs can be exchanged on Ethereum in a random, verifiable manner without centralized or human interference or manipulation.

Consequently, this protocol was created with the ChainLink Verifiable Resource called Randomness Function (VRF), which allows Web3 projects to securely leverage chain randomness without the need for centralized management.

Santa.FM relies on Chainlink VRFThe team trusts that the NFTs deposited in its gift pool (OpenSea) are distributed in a fair and random manner. In addition, the VenturePunk team expressed himself about this project he took out and said the following:

The Santa.FM smart contract only accepts random number input if it has a valid cryptographic proof, this proof can be generated if the VRF process is tamper-proof. Consequently, this provides the guarantees that everything is automated and verifiable directly on the blockchain. It also confirms that non-fungible token tokens will not be manipulated by the oracle, external entities or even the Venture Punk team.

How the Santa.FM team works

In order to avoid a flood of spam or malicious submissions, the Santa.FM team only accepts deposits from NFTs collections that are verified at OpenSea. In addition, the same VenturePunk team set up the giveaway group with several NFTs from known collections like Art Blocks y SupDucks. Also, at the time of writing, the project already has 1834 NFTs, a number that is undoubtedly striking, but it is expected to be many more.

Before the NFT exchanges take place on Christmas Day, you can see all the NFTs that are deposited in the gift pool and are waiting to be randomly distributed among all participants on the official OpenSea page of the project, here.

How to use Santa.FM

  • Go to santa.fm y connect a wallet or Ethereum compatible wallet.

  • Click on the button “Open exchange”..

  • Select the NFT you wish to give away and then press. “Approve contract”. Complete the approval transaction with your wallet.

  • Press “Add gift”. and complete the final deposit transaction again.

  • Ready, you are now participating!

  • Then, you can go back to that same place on Christmas morning and select the option “Unopened Gifts.” to begin opening your NFTs gifts on a 1:1 basis.

  • Final conclusions

    Santa.FM aims to be a festive, community-based, fun, open to all and decentralized project.

    It also hints at what may be to come, as, in an increasingly digital world, we can bring back the old, but nice habits as we acquire more techniques and knowledge of new technologies such as NFTs.

    Finally, Santa.FM will surely make the exchange of NFTs gifts at Christmas just the beginning of all that culture and community can realize through the Blockchain and non-fungible tokens in the coming years. Time will tell.

    Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.