Table of

PencilPalsNFT | Whitepaper 1.0


July 2022

0 | Summary

PencilPalsNFT is a Non-Fungible Token collection that consists of ERC-721 tokens on the Ethereum blockchain. Each token has been randomly assembled from a list of 100+ traits that generated 5,000 unique Pals NFTs.

The collection plans to use many popular features from the blockchain such as staking mechanisms, utility tokens, charitable donations, and of course social-avatars PFPs.

PencilPalsNFT is combining these features using our own vision to create something that is much needed in the NFT space. Our mission is to develop a platform that’s primary purpose is to support artists in the vastly ever growing NFT industry while bringing unique value to all the Pals holders.

Disclaimer: This Whitepaper has been written prior to the finalised platform, there will be sections in this document that will be subject to change.

1 | Introduction

The total sales volume for non-fungible tokens (NFTs) in 2021 totalled around $24.9 billion, this was a huge increase from the total in 2020 which was around $13.7 million.

On the Ethereum blockchain alone an average of 35.5 thousand NFTs are sold in a 30-day period.

The NFT industry is still considered in its early days and it is thought that more than 70% of Americans still do not know what an NFT actually is.

NFTs are opening new opportunities for all types of artists to create and sell their work in this new digital industry. Twitter has become the go-to marketing platform for the NFT industry, but with hundreds of new projects being created daily how do the unique smaller artists get discovered through all the projects being released? Most of them don’t get noticed unfortunately and if they aren’t lucky or pay hundreds if not thousands of dollars in promoting their projects they may never get noticed.

This is where the PencilPalsNFT project believes we can step in to make a difference for the artists and an important lasting impact in the NFT industry.

2 | What is a PencilPalsNFT

A PencilPalsNFT is an ERC-721 NFT that was created from a list of 100+traits that were used to programmatically generate 6,000 unique and random Pals NFTs.

What brings value to the PencilPalsNFT project?

1.Supply + Demand

Only 5,000 genesis Pals were generated which in return will create higher demand and value for the genesis collection.

2.Traits + Rarity

100+ traits from 7 categories were used during the generative process which included backgrounds, bodies, head gear, eyes, a mouth, hands, and accessories. This returned each Pals in the collection with a different level of scarcity, rarity, and a unique look for each NFT.

3.Staking + Utility

The future staking ability of the PencilPalsNFT generates $PALS tokens every 24hrs. The $PALS token will be the currency used to purchase additional NFT collections specifically made for the genesis collection holders.

3 | Ecosystem

The PencilPalsNFT ecosystem will focus on 3 primary aspects:

1. Supporting the artists of the NFT industry.

2. Bringing unique and quality value to its stakeholders.

3. Aiding the future artists of the industry.

1. Support for the artists will happen from the PencilPalsNFTs focus on discovering artists within the vast NFT space, promoting artists work on the PencilPalsNFT website, and hiring artists to create community specific collections. Collections created for the community will consist of but are not limited to generative art, 1 of 1 art, photography, music, and even educational content for creating these different aspects of art.

2. Stakeholders will find value through the ease of discovering talented artists through the multiple aspects of the PencilPalsNFT project, having access to the unique collections created specifically for the stakeholders, and by having a direct vote in the decisions made by the project.

3. The PencilPalsNFT project will continually make donations to art programs around the world.

4 | The Team

We appreciate you taking the time and having the interest inreading the first version of the PencilPalsNFT Whitepaper. Thisdocument will be ever evolving with the project itself, updates tothis paper will happen whenever there are new updates and ideasfor the project. Thank you everyone that has invested their timeand to those that are already involved with the community.

Creator - Charles Vanchieri