Introducing owner-managed tokens
The full potential of NFTs to enhance artist and fan relationships is still evolving. While there are many NFT projects that aim to tap into a fan’s desire to own something created by an artist, there are few NFT projects or mechanics that aim to cultivate a thriving relationship with an artist’s fanbase after mint. Enter owner-managed tokens, appearing for the first time as part of the Mutant Aurelius Aurei NFT.
Owner-managed tokens have several key features:
Only the contract owner (and delegates) can move owner-managed tokens. If an owner-managed token has been moved to a regular wallet, the owner of that wallet cannot transfer it.
When an owner-managed token leaves a wallet, it leaves behind a memento. The memento is a leave-behind for the owner of the wallet. It can be transferred to other wallets like a regular NFT, to enable flexibility of ownership.
Step-by-step how owner-managed tokens move and leave behind mementos
The behavior of owner-managed tokens stems from the belief that an ideal fanbase for a creator consists of several different user groups: early fans, rich fans, and passionate fans. Many NFT projects for artists focus solely on the first two, while owner-managed tokens give a creator the opportunity to cultivate a relationship with fans who want to show their adoration through their actions.
Imagine the following scenario:
Artist XYZ is dropping an NFT collection for their fans.
Most NFTs in the collection are standard NFTs, and they are minted by allowlist users and early minters. Some NFTs are sold to the highest bidder on secondary markets. However, several NFTs from the collection are owner-managed tokens.
In order to win the owner-managed tokens, Artist XYZ runs regular contests via social media for their superfans. The most passionate, funniest, or #extra contestants get sent an owner-managed token.
At any given time, Artist XYZ can give token owners access to content and/or airdrop additional content, including all their standard NFT holders and any current owner-managed holders. If managed correctly, these NFT drops go to the current, ideal fanbase: a mix of early, rich and engaged fans.
Additionally, Artist XYZ can give all memento holders (all past superfans) access to exclusive content or airdrops, basically creating a Web3 ledger of superfans that can be easily activated to act on behalf of Artist XYZ for promotional activities.
This scenario allows the NFT collection to maintain relevance beyond the mint and create an easy prize for motivated fans in an ongoing way.
The entirety of the code to create owner-managed tokens is available on GitHub written in Solidity. I decided to make tokens and mementos part of the same ERC-721 contract, with interchangeable mementos issued as additional tokens beyond the supply of standard NFTs. I could have decided to make standard tokens and mementos separate contracts or leveraged the ERC-1155 standard, but I decided that I liked the aesthetics of all tokens being a combined contract. I also decided to make mementos transferable, in case the owner wanted to move them for wallet hygiene. These decisions could definitely be modified in future implementations.
I hope other artists and creators can adopt owner-managed tokens and start incorporating the principles in future NFT projects. Here are some ideas about how owner-managed tokens could be leveraged:
Owner-managed tokens as rewards for ephemeral contests
Airdrops to all memento holders
Dusting a wallet of an influencer to give them a memento, and considering them part of the extended fanbase
Using owner-managed tokens to denote roles within a DAO or fan organization
Honorific named tokens within a community, e.g. “best fan outfit” or “raised the most money”
An entire collection of owner-managed tokens. Current holders represent a cohort and memento holders are prior cohorts.
Reach out to femmedecentral@ on Twitter for any questions. I’m excited to see what you build!
