Smol Joes V2: Burns, Upgrades, and Mints

The calls for Expansion have echoed across We-Smol, and preparations have begun immediately. With Originals setting up a home base for the newcomers and creeps collecting pumpkins in anticipation of their upcoming burn, the excitement surrounding Smol Joes can be felt by all.

Naturally questions have been circulating as the news of such a huge announcement settles into the community. Everyone wants to know what the future holds, and rightfully so. We won’t keep you waiting any longer.

In this article, we’ll be unveiling the details for the upgrade of Smol Joes V1, the burning of Creeps, and the continued minting of Smol Joes in the future.

Upgrade Cost

In the initial round of expansion, all Smol Joes V2 will be minted through the burning of an original Smol Joes or Smol Creeps NFT. The cost for upgrades for each is listed below.

• Upgrade 1 Smol Joe into 1 Original — 5 AVAX

• Upgrade 1 Unique Creep into 1 Luminary — 5 AVAX

• Upgrade 1 Bone Creep into 1 Smol — 1 AVAX

• Upgrade 1 Gold or 1 Zombie Creep into 2 Smols — 2 AVAX

• Upgrade 1 Diamond Creep into 3 Smols — 3 AVAX

The reason for this upgrade price is twofold — operational costs and to allow supply to be increased gently. With a full-time team dedicated to the success of this project, we will use this revenue to fund operations to continue building Smol Joes into a top-tier NFT project. Secondly, with this expansion changing the supply dynamics of the original Smol Joes collection, this upgrade cost will slow the transition into Smol Joes V2, which will help to provide a more stable period of price discovery.

For more details on the three types of Smol Joes in V2, Originals, Luminaries, and Smols, check out our previous article here — Substack.

Exemptions

The following 4 Smol Joes will not pay an upgrade fee as they already have a background:

• Smol Trader Joe

• Smol Banker Joe

• Smol Van Gogh Joe

• Smol Volly Joe

A Steady Transition

This expansion will take place over a multiple week period to allow each type of Smol Joes (Original, Luminary, Smols) to set its own floor price. This time for price discovery is an important step in the transitionary period.

• Smol Joes will be allowed to upgrade first. This will be followed by a window of 2 days.

• Then Unique Creeps will be allowed to upgrade. This will then be followed by a window of 5 days.

• Finally Generative Creeps will be allowed to upgrade. This will also mark the start of the upgrade delay period for those without a pumpkin.

In order to upgrade your Creep immediately, you must burn a Pumpkin NFT.

• Unique Creeps must have a Beeg Pumpkin.

• Generative Creeps must have a Smol Pumpkin.

• The color/type of Smol Pumpkin does not need to match the bone color of the Creep.

Both Unique and Generative Creeps without Pumpkins will have to wait 6 weeks before they are able to upgrade. At any point during this period, you may acquire a pumpkin to upgrade your creep.

This slow and steady transition should allow for the larger collection size to be gently eased into.

After the 6 week pumpkin upgrade period is over, Smol Creeps can be upgraded without using a pumpkin for a single week.

This window will only last for 1 WEEK, after which no more Smol Joes V1/Smol Creeps can be upgraded ever again. In total, this expansion should take 8 weeks.

Any Joes not upgraded will be minted to the SJ treasury.

Supply Inflation

Following this initial expansion, there will be 1201 Smol Joes if all upgrades are completed.

Smol Joes will then become an open edition collection that will slowly grow as we expand the brand.

To start, 100 Smol Joes (Smols) will be available for minting at the end of each month. We will retain this rate for the first 3 months and then reassess internally.

Minting new Smol Joes is based on meeting demand and demand only. We measure demand by number of new owners.

We will explore new methods of cultivating new community members in our pursuit of growing this brand and collection.

The mint price for new Smol Joes will vary. The goal is to give mintors an upside, while simultaneously dis-incentivizing flippors from dumping the floor. Roughly speaking, the mint price will be a small fraction below the floor price at the time of minting. More details on this as we approach the first mint date.

The new minting period will not start until the upgrade period with pumpkins is over. Approximately it will start at the earliest mid-July.

Wen Upgrade?

The upgrade began on May 22 at 5pm UTC. The upgrade schedule is below:

May 22, 5pm: SJ → The Hundred

May 24, 5pm: Unique Creep → Luminary

May 28, 5pm: Generative Creep → Smol

July 10, 5pm: Creeps w/o pumpkins can upgrade

July 17, 5pm: Upgrade closes. Remaining Joes minted to SJ treasury