Tokens and NFTs
Superlocal is the social network that makes everyday life feel like a fun game. People who use Superlocal are encouraged to explore the real-world, use it to document memories and places for themselves, and use it to share experiences with others.
We are introducing new web3 features: tokens and NFTs. Tokens and NFTs make Superlocal a more novel product by incentivizing people to checkin frequently. We are pioneering the explore-to-earn model.
With the introduction of the LOCAL tokens and Mayorship NFTs, Superlocal will be more fun than ever and also feel like Foursquare had a baby with Monopoly.
Join the waitlist. The top 1,000 people on the waitlist will receive a 15 $LOCAL token airdrop, with another random selection of people receiving Mayorship NFTs:
Explore and document.
Have fun exploring the nearby and finding new places. Document for yourself and for friends!
Submit checkins and earn tokens.
Your checkins that have high quality photos and captions will earn LOCAL tokens and be marked as verified.
Mint 1 of 1 GeoNFTs
The holder of a place ("the Mayor") earns royalties when another person makes an approved check in there.
Superlocal is a social network with game features powered by the Ethereum blockchain. Users can check in to document the places they go and share those check-ins with friends. Each check-in made on Superlocal has the opportunity to be monetized.
Upon checking in, users can choose whether to submit their post into an approval queue to earn LOCAL tokens. Only high quality check-ins (good photos and captions) will be approved for tokens. Additionally, to incentivize leaders in the community, early adoption, and participation, users can claim 1 of 1 virtual, real-world places (“Superlocal Mayorships”) by being physically present at a location (‘GeoNFTs’). Collectors of the real-world location on Superlocal (“Mayors”) earn LOCAL tokens when other people make approved check-ins at the places they’ve collected. The Superlocal platform will also have tools for businesses to conduct NFT drops that reward the NFT holders with special perks (‘Perk Drops’).
Superlocal Mayorships and Perk Drops are non-fungible, transferrable, and scarce digital assets that are stored in Ethereum smart contracts. Mayorships and Perk Drops can be acquired by either spending ETH or an ERC20 token called LOCAL. Users earn LOCAL when they submit checkins for review by Team Superlocal, through their Mayorships, or they can purchase it on cryptocurrency exchanges. Users can also use LOCAL to purchase digital goods and services on Superlocal. (Note: We will likely use an Ethereum Layer 2, such as Polygon, for Perk Drops. We may allow users to pick between either Ethereum or Polygon when minting Mayorship NFTs since they can be bridged back-and-forth.)
Superlocal is designed to make every day life feel like a fun game. It is meant to give people a sense of community and belonging to the nearby (local) instead of feeding people content from around the world. User feeds naturally localize because of the checking in mechanism, since most people spend the majority of their time near where they live. The goal of Superlocal is to help people love where they live and incentivize them to enjoy and explore the nearby.
Big social networks such as Facebook and Instagram now barely support improving close friend relationships and real-world connection. Rather than being places for sharing personal content, they’ve strayed away from their friendly roots to become hubs for news, entertainment and influencers. Their networks facilitate global connection and have become screenholes that negatively impact our mental health.
Team Superlocal is dedicated to facilitating local connections and creating a healthy platform for improving relationships between the people, places, and things that matter nearby.
Additionally, the rise and maturation of blockchain technology and cryptocurrency gives a newer social platform like Superlocal a unique way to fulfill its mission coupled with a fair shot at hitting escape velocity. By building an ecosystem with real incentives to participate, users have strong reasons to share Superlocal (fueling organic growth), and to continue using Superlocal (driving retention). The more people join and participate, the more valuable NFTs and tokens become. Users can receive real, meaningful upside for improving and growing the Superlocal ecosystem.
Tokens and NFTs incentivize users to tell more people to join Superlocal and participate frequently because the more people that use Superlocal, the more valuable their NFTs and tokens are likely to become. Users can receive real, meaningful upside for improving and growing the Superlocal ecosystem.
Click here to read the full white apper
Checking In: Checking in jumpstarts the Superlocal ecosystem effectively because users earn X $LOCAL per approved post. Once the token is priced, we will peg earnings to a USD value. For example, users may earn $1USD worth of LOCAL per approved checkin.
Collecting Mayorship NFTs at Places: Users are able to collect a 1 of 1 NFT of the real-world places they go to if no one else has collected that location yet. Users want to collect 1 of 1 Mayorship NFTs because they will receive passive token bonuses when other people make approved checkins from their collected mayorships. Users can sell their mayorships at any time on marketplaces such as OpenSea.
Collecting Perk Drop NFTs: Businesses can create NFTs offering a variety of perks to the holders. Users can collect these NFTs, hold them to receive perks at the business, or sell their Perks at any time on marketplaces such as OpenSea.
Additional Activities and Ways to Use Tokens: We will continuously explore new ways to bring additional real-world value to $LOCAL through additional features. We need to meticulously build reasons to hold $LOCAL as long as possible to assist with token price appreciation. Some concepts include community events, a marketplace for goods/services, and crowdsourced social good projects.
Aligning Incentives for Businesses
Provide Discounts: Businesses will be able to provide discounts to Superlocal users in the form of spending $LOCAL to get some % discount on their purchase. For example, if I redeem 0.5 $LOCAL at a coffee shop, I may be able to get 5% off and the tokens are transferred to the business. The user pays the businesses.
Increase Foot Traffic During Down Times: Businesses will be able to offer $LOCAL rewards when people come to shop at times when they want more customers (e.g. businesses are usually slower in the early afternoon after lunch rush and before dinner, so they can incentivize Superlocal visitors to come). Businesses pay the user.
Incentivizing Other Local Businesses to Join: We will deploy a give/get model to increase the amount of local businesses participating on Superlocal. Businesses will be able to give another business X $LOCAL for signing up, and get an equal amount of $LOCAL in return. These tokens come from the treasury and will be capped at X amount of referrals.
Local Business NFT Drops (‘Perk Drops’): We will build the tools for local businesses to easily do their own NFT drops. For example, a coffee shop could drop a collection of 100 NFTs for 0.2ETH and say that everyone who holds the NFT gets a free coffee each day. The business will receive the initial funds from the NFT sale and then continuous royalties as people trade and assign new value to a free coffee each day. Users pay the business and receive a digital collectible with utility in return.
The Superlocal platform takes full advantage of the technological advancements that have birthed the web3 era. The Superlocal economy is initially launching with two digital assets: a non-fungible token that represents real-world places called Superlocal Mayorships (MAYOR); and LOCAL, an ERC-20 token that can be redeemed to claim MAYOR, earned by submitting checkins that have good quality photos and captions, and used to make other types of purchases of goods and services.
Being a holder of LOCAL tokens doesn’t represent ownership of Superlocal. Ownership of $LOCAL represents both the ability to claim certain Superlocal benefits and to eventually participate in governance votes related to the explore-to-earn featureset. It should not be regarded as an investment.
Team Superlocal is constantly strategizing how to build a strong, forever lasting token economy. Many play-to-earn ecosystems forget about the holding tokens after earning tokens part, which leads to a collapse in token price—demotivating users from participating as frequently. Our team is taking a play-to-earn-to-hold approach, meaning that we are deeply aware of the importance of giving users ways to use $LOCAL tokens in our ecosystem rather than cash them out for local currency.
Additionally, we currently plan to have an initial token supply of 180,000,000 LOCAL, with nearly all of them initially out of circulation (since they are earned via play-to-earn). However, this is subject to change as we get closer to our token launch and finalize the mechanics of our token economy.
Web3 Adoption: The success of the Superlocal product hinges on continued adoption of web3 technology, such as Ethereum wallets. However, play-to-earn ecosystems don’t need as many daily active users as a traditional social network to become a substantial business; so we can achieve mass revenue with a fraction of the userbase of Facebook or Snapchat.
Getting Businesses: to Buy In To give $LOCAL true value beyond just being an earnable asset that people want to instantly sell, we need businesses to buy in and participate on Superlocal. We understand how big of a challenge this will be — legacy tech companies like Yelp have thousands of sales people and don’t have the strongest businesses. We are optimistic that we can pull it off because Superlocal disrupts the Yelp model by making it so that we pay the business to participate, rather than them having to pay to participate/promote their businesses on Yelp.
The supply of Superlocal will be fixed at 180,000,000 and the ticker symbol will be $LOCAL. Ownership of $LOCAL represents both the ability to claim Superlocal benefits and to participate in governance votes related to the Superlocal play-to-earn feature. It should not be regarded as an investment.
Initially, there will be no voting possible. We intend to have the Superlocal play-to-earn feature operate as a decentralized organization in the near future, meaning $LOCAL holders can stake their tokens through the staking dashboard and participate in governance votes brought forward by Team Superlocal.
The Superlocal Pass $LOCAL token is a utility. You will gain access to three primary things by being a token holder (1) special offers when you hold a minimum of 15 $LOCAL tokens, (2) the likely future ability to participate in future governance votes, and (3) the future ability to review check-in submissions.
Token Lock Claim Bonus
To thank early adopters who earn tokens before token claiming is live, we will have a 48 hour window before token claiming goes live for the first time. During this window, you will be able to decide how many tokens you want to lock for one year and, after one year, those tokens will be multiplied.
Play to Earn – 10%
$LOCAL tokens available and ready to be distributed and held by Superlocal users.
Community Treasury – 50%
$LOCAL retained by the intended future Decentralized Organization and will be used at the community’s discretion and distributed through governance proposals. There’s no vesting on the community treasury, which means that the entire allocation is available at launch and will be available at the discretion of the $LOCAL community governance. All governance proposal will be specific to Superlocal Pass.
Team, Contributors, and Advisors –19.985%
$LOCAL retained to be earned by the core Superlocal team and people who specifically advise on Superlocal Pass. These tokens are used for long-term incentives for existing staff, and also includes a 50% option pool for future employees, contributors, and advisors.
Existing Investors– 20%
LOCAL tokens will be withheld for distribution to investors and it will be divided based on company equity ownership stake at the time of the token launch. All investor allocated tokens will be unlocked approximently 18 months after the token launch date
Launch Airdrop – 0.015 %
The highest 1,000 ranked people on the Superlocal Pass waitlist will earn 15 $LOCAL tokens each. The reason why 15 $LOCAL tokens was selected is because it is the number of tokens needed to have and use a Superlocal Pass. In the event that the waitlist is less than 1,000, any extra tokens will be placed into the Community Treasury.
We consider this a finalized token allocation, but will make any necessary changes if requested by our legal team or if we determine that adjusting allocation will strengthen our token economics.