Why Signaling as NFT ?


#1

Hey Guys,

It doesn’t make sense to me why signaling will be NFTs.

Why would people trade signals ? There has been no explanation about this choice from the team. Looks like forcing a new use case (NFT) into a core function of the map (signaling) just because there is more and more “hype” around NFTs. Sorry if I missed something but you didn’t make it clear to the community in your post or communication.

Would be great if you could expand on this @Ryan_foam. Thanks.

Ben


#2

Thanks for this questions!

The initial reasoning for utilizing NFTs for Signaling is because the ERC-721 standard for non-fungibles provides a very seamless standard for not only being able to represent something unique on the blockchain but more importantly for these purposes the ease of being able to track all Signals on a Registry.

With the launch of Signaling there is also the CSTRegistry-stands for crypto-spatial token registry, and it is a general purpose registry for registering NFT s on the FOAM map. From a design perspective having Signals be represented as a NFT and then tracked on a registry made the most sense. Further, with this registry it allows any additional NFT to claim a location and be added to the registry. This could be related to FOAM or not, but then still be able to be displayed on the Map with added layer controls.

Additionally, as the design space for Signaling is left general and that rewards that Signals influence will be driven also by how old they are, there is a factor of time. There could be a scenario where an NFT of a Signal is more valuable than the FOAM tokens staked because of the added temporal component. More also here: https://blog.foam.space/signaling-on-foam-91626d858328