Hackerlink’s BUIDL NFT Minting and Trading Guide
DoraHacks’ open-source developer funding platform HackerLink has launched the function of releasing open-source projects’ NFTs. Each project submitted by the developers on Hackerlink can issue an open-source project’s NFT on the Ethereum network with just one click and is able to receive funding continuously via the following transactions of its NFT.
This function of releasing open-source projects’ NFTs was first proposed by Eric Zhang, the founder of the decentralized global hacker organization DoraHacks in his article entitled “Hackers and Painters, Open Source Projects, NFT and Simplified Harberger Tax” published on the Ethereum Researcher Community and the DoraFactory’s blog.
How does an open-source project get funded continuously through minting a BUIDL NFT?
Any BUIDL NFT can be traded continuously on Hackerlink. Whoever offers a higher price than its current price can purchase the BUIDL NFT at any time. For every transaction of the NFT, the minter (the project owner) will receive a corresponding return.
The minter will receive a 20% of the premium (the price difference) and ⅓ of the sales tax paid by the buyer (equivalent to 2% of the total selling price) from every transaction of the BUIDL NFT.
If the initial price of a BUIDL NFT is 10 $DORA and the purchasing price of its first transaction is 20 $DORA, then the premium is 10 $DORA.
∴ The minter will receive 10 $DORA x 20% + 20 $DORA x 2% = 2.4 $DORA from the first transaction.
Let’s assume the purchasing price of its second transaction is 40 $DORA, then the premium is 20 $DORA.
∴ The minter will receive 20 $DORA x 20% + 20 $DORA x 2% = 4.8 $DORA from the second transaction.
So in this example, the total income of the minter is 2.4 $DORA + 4.8 $DORA = 7.2 $DORA from the first two transactions.
- Minter — project owner, the creator of the NFT.
- Buyers — NFT’s previous or new owners.
How to create/mint a BUIDL NFT
Sep 1：Prepare a certain amount of $DORA beforehand according to the initial price that you would like to set for your BUIDL NFT. If you set your NFT’s initial selling price at 10 $DORA, then you will need to pay 0.1 $DORA as a mint tax to the platform.
If you are a first timer, you may contact us via telegram to receive a one-time subsidy ~ 0.1–0.5$DORA to help pay the mint tax of your BUIDL’s NFT.
Telegram ID: hackerlinkofficial
Step 2：Sign up at hacketlink.io, submit your project to us via “submit my BUIDL” and kindly wait for your BUIDL to be reviewed. Once your BUIDL has passed our review, you may continue to the next step.
Note: For developers who have previously participated in our Grants and submitted your BUIDL, You may ignore Step 2 and go directly to your own BUIDL’s page to proceed for Step 3.
Step 3：Select the BUIDL which you would like to mint an NFT.
Step 4：Go to the details page to mint an NFT for your project.
Step 5：Kindly read the popup notification before proceeding.
Step 6：Connect your wallet.
Step 7：Set the Price of your BUIDL’s NFT and then approve your wallet.
Step 8：Confirm the transaction to complete the minting process.
Step 9：Once your BUIDL’s NFT is minted, any bidder who offers a higher price can purchase your BUIDL’s NFT at any time. You can go to the details page of your BUIDL to review the transaction record.
How to purchase BUIDL NFT
Step 1：Prepare sufficient DORA tokens.
Step 2：Go to the BUIDL that you are interested in on Hackerlink.io and select “BUY”.
Step 3：Kindly read the popup notification before proceeding.
Step 4：Please select the Ethereum network after connecting your wallet.
Step 4：Set your buying price and then complete the purchase.
Step 5：When the next buyer purchases the NFT at a higher price, you will receive 70% of the premium which will be automatically transferred to your wallet.
- Buying a BUIDL NFT does not amount to owning the project.
- There will be an additional 3% of sales tax, which 2% will go to the minter and 1% for the platform when you are purchasing your interested BUIDL’s NFT.
The allocation rules of transactions
- Minter will receive 20% of the premium + 2% of the total price every time when the BUIDL’s NFT is being traded.
- The current Owner of the BUIDL’s NFT will receive 70% of the premium when the next buyer buys the NFT.
- The platform will receive 10% of the premium + 1% of the total price.
How do open-source projects receive more funding through the BUIDL’s NFT function?
- Projects with higher potential for further development will naturally receive more funding. Thus, the strengths of your project and its technologies are key to receiving more funding.
- Projects that provide links to Twitter and Github accounts and a more detailed description of the project, products, and the team on the Hackerlink BUIDL’s page will receive more community support.
- Our platform Hackerlink allows you to freely customize the benefits of purchasing your BUIDL’s NFT when you are uploading your BUIDL like being whitelisted for IDO. So be creative and enjoy!
- You can share your BUIDL with friends and the community to gain more exposure. You can also contact us via telegram for further information if you are interested in services like live streaming, community promotion, etc.
For further assistance and questions, kindly contact us via Telegram ID: hackerlinkofficial