How to Participate in the Dreamloops V1 Release — Happening June 13
You’ve waited for months, followed our project on Twitter, Discord, or Instagram, browsed our MetaVerse Gallery, kept tabs on our media features… and we thank you! The time has finally come however to launch Dreamloops V1… June 13, at 4:00 PM (PST) (click for calendar link) only via our site https://bitlectrolabs.com.
So how do you participate?! In the following, we will give you a rundown on how to purchase, unwrap, and eventually redeem your Dreamloop(s) if you are a lucky owner of a redeemable Dreamloops NFT.
Step 1: Make sure you have a MetaMask wallet and some Ethereum.
First things first, to participate in the sale, you will need a MetaMask wallet, available at https://metamask.io. MetaMask is a browser based wallet to buy, store, send, and swap tokens, including NFTs. When creating your MetaMask wallet, you will be prompted to backup a seed phrase. Write this seed phrase down physically, and store it somewhere safe! This seed phrase will get you back into your wallet should anything ever happen to your device. You can also use this seed phrase to establish the same wallet on multiple devices. Linked here is a great guide on how to use MetaMask and keep your funds and NFTs safe.
Note: A desktop browser based instance of MetaMask is required for our sale.
After installing, you will see a small fox in your browser’s menu bar. If you don’t see the MetaMask fox, you will need to pin the MetaMask wallet to your browser bar in your extension settings.
If you click on the fox, you will see a screen like the one on the left. Underneath the Account label, you will see a string of letters and numbers, which if you mouse over, you will be prompted to “copy to clipboard.” This is your Ethereum public address, and the address that you can use to receive Ethereum and Ethereum based tokens.
Next, you will need to load some Ethereum on your MetaMask wallet. If you do not have any Ethereum, we recommend using a reputable exchange like Coinbase. Coinbase has an easy instructional guide on how to purchase Ethereum linked here. Exchange access may vary in your area, so you need to find a reputable exchange supporting your country of residence. After purchasing Ethereum from an exchange like Coinbase, you will need to now send that Ethereum to your MetaMask wallet.
Dreamloops V1 will be priced at $65 (in equivalent value of Ethereum). However, the Ethereum network requires users to pay gas fees for all transactions, which have varied considerably over the previous weeks. To be safe, we recommend having at least $90 worth of Ethereum in your wallet for each Dreamloop you intend to buy. We have however scheduled our release on a Sunday, where gas fees have been historically cheaper. With any luck, gas fees will be low on Sunday June 13th!
Step 2: Purchase a Dreamloop from our sale
Note: email subscribers will have a small window to gain first access to the sale. If you have not yet subscribed, please do so at https://bitlectrolabs.com using the “Sign Up” form on our home page.
Once here, select the number of Dreamloops you wish to purchase by clicking the “+” and “-” buttons on the checkout screen. Click the “Purchase” button to start your transaction.
After clicking purchase, a popup should appear from your MetaMask wallet prompting you to “ “Confirm” the purchase. This will display the total cost of the transaction including the Ethereum network gas fees. Click “Confirm” to complete the transaction.
This transaction may take a number of minutes for the Ethereum Network to confirm. However, after the transaction has been processed by the Ethereum network, your Dreamloops should appear in your wallet, which should be viewable in the “My Dreamloops” portion of our website, and also in your personal collection on NFT sites like OpenSea.
Step 3: Unwrapping Your Dreamloop (or keeping it “wrapped’)
You will notice that the Dreamloops you have purchased will initially display a “?” and will not yet have a song associated with them. This is because they come in a “wrapped” state like a gift or pack of trading cards. Only after “unwrapping” your Dreamloop will its unique attributes be revealed. At this point, it is also not yet revealed whether your Dreamloop is redeemable for physical media.
Now however you have a choice… You can choose to keep your Dreamloop wrapped, saving it for a later time or maybe to gift to a friend. Or you can open your Dreamloop immediately using the “unwrap” feature of our site.
To unwrap your Dreamloop, click on it within your “My Dreamloops” page, which will display some descriptions of the yet unrevealed attributes of your Dreamloop. On the bottom of the screen you will see an “UnWrap Token” button. Click on this button and you will again be prompted to “Confirm” a small network fee in your MetaMask wallet. This will cost a small Ethereum gas fee. As mentioned before, gas fees vary throughout the day, so you may want to time your unwrapping strategically.
You will also now be transported into our 3D Unwrapping environment — which we are keeping as a surprise until after our sale is live! Within this environment, you may need to wait a number of minutes for your Dreamloop to appear. This is because the unwrap request is being processed by the Ethereum network and the metadata of your Dreamloop is being changed. After your Dreamloop has been unwrapped, you will hear its unique audio and visual attributes within the 3D environment.
After unwrapping, you can return to the “My Dreamloops” page and see your newly unwrapped Dreamloop.
Note: sometimes it may take a few minutes for this metadata update to take effect. If you have unwrapped a Dreamloop and its attributes have not changed, don’t panic, just wait a few minutes and refresh the page.
Step 4: See if you received a Dreamloop redeemable for vinyl or cassette!
1 in 5 Dreamloops (20% of our collection) are redeemable for physical vinyl or cassettes containing art and songs from our collection. If you received a redeemable Dreamloop, it will be noted underneath the redeemable attribute tab on any of your Dreamloops on the “My Dreeamloops” page.
Step 5: Redeeming your Dreamloop
If you received a redeemable Dreamloop, you will have to hold it in your MetaMask wallet for a short staking period of 182.5 days. After this staking period you will be sent an ERC20 redemption token to your Ethereum address. This ERC20 token will have to be spent (sent back to us) in order to receive the physical redemption for an eligible Dreamloop.
You get to keep your Dreamloop NFT, and will only have to send us back the ERC20 token to redeem.
More information about our redemption portal and process will be revealed in the coming weeks! We are aiming to make the physical copies as special as possible, so expect some bells and whistles as we move forward!
We hope to make this whole process as smooth as possible for our users, but if there are any issues, please let us know! Drop into our Discord and leave us some comments in our support channel — our team can generally get back to you quickly.
We hope you can participate in the Dreamloops V1 drop!
To speak with the team directly about the project, please join our Discord: https://discord.gg/fh4ThkTTMY
Follow our Twitter for the latest giveaway and release announcements: https://twitter.com/bitlectro
To hear audio previews, head over to our SoundCloud: https://soundcloud.com/bitlectro-labs/sets/dreamloops-v1-preview