The Genesis - A PSA 10 Jordan ‘86 Fleer LOCKED on the Ethereum blockchain. Fraxed. And given away!

Unlocking it (to transfer ownership) requires either a valid 20,000 ETH offer ($40-$50 million) OR 99 years for an automatic high-bidder auction.

Yep. I’m kinda nuts. Ngl.

But, you are my people and this is OUR project.  

I’ve locked the ownership rights to my PSA 10 1986 Fleer Michael Jordan rookie card (most recent physical sale $800,000) into a custom NFT smart contract on the Ethereum blockchain. 

It is the first-known example of any major trading card ownership rights being locked on the blockchain.  In fact, I can’t find anything remotely similar to what we have done here for any type of asset. 

This card is The Genesis.   Token #0.

Not only is it the first of its kind in the world of NFTs, but it also happens to be one of the finest examples of the iconic 1986 Fleer Michael Jordan rookie cards in existence.  

You’ve probably seen fractionalized cards before. Where a centralized company issues and sells “shares” and people vote to determine the outcome of the investment. This is much different.

We are trusting the immutable autonomy of Ethereum. There’s nothing I (or anyone else) can do to change what happens with the card ownership. There’s nothing to vote on. No centralized party to make any decisions. This demonstrates the power of an Ethereum smart contract.

• Trustless.

• Immutable.

• Forever.

You see, ownership rights to the card will remain locked on Ethereum until someone makes a trustless offer for 20,000 ETH (approx. $46 million at current exchange rates) or 99 years pass, at which time ownership rights to the card will be sold to the highest valid offer at that time. 

The physical card will be held in a bonded conservatorship just like all collectibles tokenized by Blokpax.   And that’s it. Other than safe keeping the future of what happens to The Genesis or the Frax NFTs is completely out of anyone’s control.

Ownership rights - “Frax Tokens” - range from .01-2% (each) and will be distributed to the Blokpax community.  

Distribution will be primarily based on how many Pax each person owns in the first ever Blokpax drop.  About 20 of the tokens will be held back for future promotions, but the vast majority will be distributed right away.  

If you purchased at least 30 Pax in the first Blokpax drop, you will receive a piece of this card, according to the following rule set. This rule set is designed to reward those who first believed in Blokpax’s vision of bringing more liquidity and frictionless global access to trading cards.  

The rule set is as follows: 

1.     For all levels, the tokens will first be awarded to those who purchased their full allotment of Pax directly from Blokpax as part of the online pre-sale tied to our Dallas Card Show launch party. 

2.     Next, we move to those who purchased Pax during the pre-release and later added to their Pax total from a dealer or from the small release day allotment. 

3.     Then, we move to those who purchase Pax during the (small) allocation that is being held back for release day of August 7. 

4.     Finally, we will award tokens to those who only purchased from a dealer after the Dallas Card Show launch party (after July 15, 2021).  

I hope my decision to immortalize ownership of this iconic trading card, using an Ethereum smart contract, will serve as a very loud proclamation that I believe in the immutability of Ethereum, and that I want the world to get a small taste of what is possible with trustless smart contracts. 

The most recent 1986 Fleer Michael Jordan in PSA 10 sold for $800,000 through my friends at PWCC Marketplace (congrats Brent and team on that sale). 

A week ago, I owned one too.  It was one of my Crown Jewels.  A keystone of my collection.  I looked at no less than 50 copies before finally buying this one, prior to the insane run up in sports card valuations we’ve seen over the past year.  

But now I only own 1% of the card, and I will ultimately share it with about 3,000 amazing Blokpaxers - a decision I couldn’t be more thrilled about.  

I’ve been in trading cards since I was a child.  The hobby is in my blood.  But I’ve grown tired of lugging around cash and my entire collection to card shows, just to chase liquidity.  I’m tired of selling a card for a modern player and sitting on pins and needles for 60 days hoping the player doesn’t get hurt or something else harms the value of the card, leaving me with a chargeback from the buyer and, ultimately, a return of a now less valuable card.  

And probably most importantly, I’m tired of seeing how difficult it is to sell a card across borders.  It’s 2021, and almost all markets are globalized.  While there are some solutions to help increase global access to trading cards and other collectibles, we are mostly still stuck in the stone ages.  

My vision for Blokpax solves all of these problems.  The business goal is simple: Tokenize ownership rights to collectibles using Non-Fungible Tokens (“NFTs”).  These NFTs can be sold instantly in a trustless manner to anyone anywhere in the world (meaning buyer and seller don’t need to know or trust each other because the smart contract enables the deal only according to the agreed price).   

Blokpax will serve as custodian of the cards in a bonded conservatorship capacity.  And if someone wants to redeem the physical card, we will ship it free of charge anywhere in the free world.  

This is the grand plan for Blokpax.

What we are doing is groundbreaking, on many levels, and I knew The Genesis Token deserved to be special.  It defines a watershed moment in collectibles history.  I knew it had to be the 86 Fleer Jordan PSA 10, and I knew the Blokpax community had to share in this moment.  

Blokpax Gamification: Bringing Blokpax to Life

When I started this project, I knew that many in the card hobby would scoff at the idea of tokenizing cards and using NFT technology as proof of ownership.  

I knew if I just launched this as an idea that adoption would be slow, and by the time it became main stream enough, other companies would just copy the model and take it from there. 

So.  I knew that I would need to find a way to get more cards on the blockchain quickly.   

This need was the mother of invention for the Blokpax Razz Token sweepstakes model.  

Essentially this model allows people to rip digital Pax.  Each Pax will contain an entry to win the ownership rights to a specific (random) card, from a pre-defined set list of cards we have tokenized as NFTs.  We call these entries to win “RAZZ Tokens.” 

For each card on the set list, 2048 RAZZ Token entries will be distributed in our Pax. Each Pax contains one RAZZ Token.

The RAZZ Tokens are also NFTs.  This means you can freely trade them just like any other NFT.  

All that said, our sweepstakes gamification has a very unique twist.  

After a set amount of time, 50% of the RAZZ Tokens for each card will be eliminated from contention.  

That’s right.  Your RAZZ Tokens will either survive a 50-50 elimination, or they won’t.  Then it happens again.  And again.  Each time, 50% of the tokens are eliminated.  

This is meaningful because it creates a deflationary mechanic in the game model where each elimination round increases the underlying value of the token (basically doubling the token’s expected value).   

At the round of 64 and beyond, each elimination will also come with a cash-out deal offer from Blokpax (the Sharks).  Essentially you can accept this deal and walk away with the cash prize OR continue to press your luck trying to be the last token standing and ultimately winning the underlying card.  

As a third option, you can choose to sell your NFT to someone else.  The NFT is your digital property, and you can do basically anything you want with it.  Think of it like a sweepstakes entry you tear off the fries in your favorite fast-food restaurant.  That little piece of paper game piece is yours.  It’s an asset you own.  You can sell it.  Play it.  You can even burn it and destroy it if you want.  Because it’s yours.  You own it. 

NFTs give you the same ownership rights and utility through digital provenance.  The Blokpax NFTs are yours.  Do with them as you please. 

Once the game ends and only 1 RAZZ Token is left standing for each card in the set list, the wallet holding the winning RAZZ Token will then receive a Vault Token for the underlying card.  The Vault Token is an NFT that conveys all ownership of the card to the token holder.  If you want, you can redeem the Vault Token and have the card shipped to you.  Or… you can leave the card in the Blokpax vault and enjoy global and trustless liquidity in your new card by selling the Vault Token to someone else at a later date.  Whoever holds the Vault Token owns the card (and can redeem and have it shipped if they want). 

We hope to convince you that the benefits of leaving the card on the blockchain greatly outweigh having the card redeemed.  There is only a small 3.9% royalty when you sell a Vault Token to someone else, and this fee covers all insurance and custodianship expenses for the card.   

Note: we do not charge any fee or collect any royalty on any sales of RAZZ Tokens. 

If you haven’t joined the Blokpax community, it may not be too late.  A few dealers still have some Pax available, and there is a very limited number of holdbacks expected for release day on August 7.   We expect these will go very quickly.   The pre-sale lasted about 45 minutes, and demand is much higher now with far fewer Pax available.  

If you don’t get Pax to rip, all hope isn’t lost for getting a piece of The Genesis 86 Fleer Jordan or scoring a card from the drop set list.  

First, as soon as the Frax Tokens are released you can make offers and buy as many as you want from Blokpaxers who earned them as rewards. So that’s one easy way to get a piece of the pie.

However, there is another way…Based on our estimates, approximately 500 of the 3,726 available Frax Tokens for the 86 Fleer Jordan will still be available after the Pax rip.  These remaining tokens will be distributed to the people who acquire the most RAZZ Tokens from original Pax rippers during the community trade window.  So, grabbing up RAZZ Tokens might score you one of the underlying cards, and it might also still score you a Frax Token and ownership in The Genesis ‘86 Fleer Jordan PSA 10. 

And YES. Even if you already scored a Frax Token for The Genesis you can add another by being active in the community trade window.

(EDIT: Different plans have been announced on this as discussed with the community.  Leaving it up for transparency, but no Frax will be allocated based on secondary market RAZZ Token purchasing.)

You will need MetaMask and some ETH to claim The Genesis Frax Tokens, buy Frax Tokens on the secondary market and to participate in the community trade window for RAZZ Tokens.  So be sure to knock that out. Lots of great resources for this on Google.