After a year of team restructuring, Akita is bringing a new staking platform to Algorand this week.
The dog-themed ‘meme’ token and its accompanying NFT project AKC — Akita Kennel Club aim to have the “next generation democratic social platform for communities and creators.”
Sign-ups are set to open December 1st.
Key Takeaways
Collectors of Akita Kennel Club will be able to earn allowlist spots for their forthcoming Gen 2, OmniGems (OG… get it?) as well as other rewards.
Akita has ambitions far beyond the staking platform features available at launch.
In this article we’ll cover:
- Akita Kennel Club — A Brief History
- Akita Timeline
- Notable Collaborations and Tributes
- Platform Overview
- A Look to the Future
- Wrap Up
Akita Kennel Club — A Brief History
“The Kennel Club is a series of 1,000 unique Akita NFTs minted on the unstoppable Algorand blockchain.” —NFTExplorer Description.
Akita Kennel Club is the companion series to the $AKTA token under the Akita umbrella.
Drawn by Inkwell, the NFT series got its start in the heart of the Algorand NFT bullrun in January 2022.
First minted January 6th, 2022 and launching publicly just two weeks after the Tinyman exploit, AKC — Akita Kennel Club immediately jumped into the Top 20 NFT projects on Algorand by $ALGO Sales Volume.
In their 11 months of existence, the Akita Kennel Club community has risen, fallen, and slowly grown back as project leads continued to build despite multiple team changes and setbacks.
For the better part of 2022, charitable contributions and collaborations were of the defining components of the project.
However, the direction of the project became murky; causing some founding members to step down.
The project most recently landed in the hands of Krby, an active community member who has since designed and coded the new staking platform. After being a collector and active participant in the community for a year, Krby not only took the reigns of the project, but decided to double down.
“Akita was the first NFT project that really grabbed my attention and pulled me more into the NFT space and just upped my involvement from buying and holding to really digging into the tech and learning as much as I could “— Krby, Co-Owner of Akita
He promptly swapped all his BTC and ETH to $AKTA and started spending his evenings building.
Here’s a brief timeline of notable Akita events.
Akita Timeline
- Late 2021: Akita announces staking options on their 2022 roadmap
- January 1st: Tinyman exploit drains LPs, affecting Algorand tokens including $AKITA. Algorand NFT bullrun begins.
- January 11th: Akita relaunches their token with new ticker $AKTA
- January 15th: Akita’s NFT project goes live as AKC — Akita Kennel Club
- January 23rd: AKC Reverse Auction on Rand Gallery. AKC 0001 sells for 5,000A — Approximately $4,760 USD at the time of sale
- February 16–19th: Akita Kennel Club NFT giveaways at the AlgoRanch booth at ETH Denver
- August 12th: Akita announces most recent project transfer to new owners
- August 16th: Krby, AMG (Akita Marketing Group), and Inkwell (AKC Artist) take over the project
- October 11th: Final AKCs minted, bringing the total Gen 1 collection to 1,000
- December 1st: New Staking platform ahead of AKC Gen 2 — OmniGems
Notable Collaborations and Tributes
As per Algorand tradition, NFT artists often collaborate or make tribute pieces with references to other projects.
Here are some tributes Inkwell, Akita Kennel Club’s artist, made for other projects:
And here are some tributes created by other artists for Akita Kennel Club.
Musical Tribute
Akita Inu Song by Wow Signal also dropped this year as well.
Disclaimer: Certain uses of the blockchain are not permitted in all jurisdictions. Interacting with blockchain, nfts, tokens, or other assets may have tax implications. It is up to individual users to seek out any legal, tax, or financial advice prior to interacting with blockchain technology.
Digital assets, including digital collections and NFTs are highly volatile assets, and there is a non-zero chance they lose some or all of their value.
This article is for informational purposes only.
We take no responsibility for any action or inaction as a result of the contents, links, or 3rd party services mentioned in this article.
Platform Overview
At launch, Akita will be using a soft-staking method to dole out rewards to holders of Akita Kennel Club or $AKTA tokens.
This means users can earn rewards with qualified NFTs or other tokens without anything leaving their wallets.
For the sake of this article, staking is the act of committing digital assets like NFTs or tokens for a certain period of time in order to earn rewards.
On other platforms staking can mean transferring assets from your wallet to a smart contract or another wallet for a set period of time. This hard-staking method has specific use cases, but also carries its own additional risks.
So let’s take a dive a bit into the site layout.
Reward Pools-Intro
The staking — rewards site is deceptively simple at launch.
Akita will initially have 7 reward pools open for signup on December 1st, 2022.
A certain number of digital collectibles (NFTs) will be required to participate. Each pool will have different requirements and associated rewards.
Of the (7) reward pools:
(5) Reward Pools will offer Chew Toys
Chew Toys are allowlist tokens that can be redeemed for discounted Akita Kennel Club Gen 2: OmniGems.
(2) Reward Pools will reward $AKTA token holders.
Below is an example of some of the reward pools available at launch.
Each of the staking pools requires one or more Akita Kennel Club digital collectibles (NFTs) to participate.
The most common digital collectible (NFT) standard on the Algorand network is an ASA — Algorand Standard Asset.
Just like $ALGO, ASAs on Algorand can be sent and stored without smart contracts — network applications.
Reward Pools-Continued
Each staking — rewards pool shows a pretty intuitive interface.
Info: Shows all the key dates for the rewards pool; countdown timer; and how many eligible wallets can participate to earn rewards
ASAs: Shows all ASAs (NFTs) or tokens eligible to participate
Rewards: Self Explanatory
Rewards
Collectors can commit their Akita Kennel Club digital collectibles to a reward pool for a specific period of time to earn rewards.
In the example below, if a collector stays in the Ruby rewards pool from January 1st to Feburary 1st, they are eligible to get a Ruby Chew Toy.
Reminder: Chew Toys are an allowlist token for the upcoming AKC Gen 2: OmniGems NFT collection.
Users can lose eligibility by:
A) Moving their Akita NFTs to another wallet; or
B) Listing their Akita NFTs on a marketplace.
A Look to the Future
While the initial platform at launch will cater to $AKTA and Akita Kennel Club tokens, the platform has ambitions beyond simple staking.
In these articles, I tend to focus on what will be available at launch rather than what may be built. That said there is one part of their roadmap I personally would like to see come together.
Of the more than (10) ten items on their roadmap, the most novel (to Algorand) use case under construction is redeemable gift codes for physical merch.
I see this as one of the most tangible bridges for web2 businesses to take part in web3.
Wrap Up
Akita started off as a community meme token on the Algorand Network and followed with a highly anticipated digital collectible (NFT) series.
With its meteoric rise on the Algorand Sales Volume Charts project leads had to weather volatile markets, public opinion, and leadership changes over a series of months.
Akita has continued to build through the bear market in order to set them up for their forthcoming Gen 2: OmniGems using their brand new staking platform.
It is clear Krby, Inkwell, and team have a vision to course correct the Akita project.
“its been super interesting to get to share and have people react like “wait Akita is still a thing?” — Krby, Co-Owner of Akita
Yes. Akita is still a thing.
And it’s growing.
Akita on Twitter: AkitaInuASA
Andrew on Medium: Andrew W
Andrew on Twitter: @andrewwindmills
These are reader supported articles.
This article was powered by Windmills — a new photo series by Andrew Williams. Purchases directly support the author of these articles.
We are not taking donations, advertisers, or other forms of payment at this time.
Disclaimers and Disclosures
This article is for informational purposes only.
No compensation was taken in exchange for writing this post, including but not limited to allow list spots, tokens, currency in any form, etc.
I was not asked to write this article. And as of this writing I do not own any digital asset related to the referenced project.
My opinions are my own.
NFTs, digital collectibles, and digital currencies are all extremely volatile assets.
There is a large chance assets will lose some or all of their monetary value.
Nothing in this article constitutes legal, tax, or investment advice. Nothing in this article is a replacement for one’s own proper due diligence.
We do not take any responsibility for any action or inaction resulting from the information in this article.
Use of any website, link, application, etc. is at a user’s own risk.
