Hi, this is Maryann for XYO and XY - The Persistent Company. Today, I’m going to walk you through the process of claiming – or minting – a geotoken in XYO World. These geotokens represent areas of the world, which appear on the XYO World map as quadtiles, which you may be familiar with if you use XY’s popular app COIN.
You can think of the quadtile as your piece of the map, while the geotoken is your deed to that piece. Geotokens are an ERC-721 non-fungible token, meaning each one is unique and permanently tied to its quadtile.
In order to claim a geotoken, you’ll need to make a minting deposit at auction in XYO World. The minting deposit is the substitute for a purchase price. Most of the minting deposit – 75% – is returned to the party who wins an auction and claims the geotoken. The remainder is distributed to other owners in the same area of the map or burned.
Minting deposits are made in XYO tokens, an ERC-20 Ethereum token. XYO was first introduced in May of 2018, and it can be mined for free using XY’s COIN app, so many XYO users already have XYO tokens.
If you wish to participate in XYO World but don’t yet have any XYO tokens, please visit world.xyo.network/tokens for links and documentation you’ll need in order to get some.
The other thing you will need in order to participate in XYO World is a Web3 ERC-20 compatible wallet. This is an Ethereum wallet that works with web apps like XYO World. It will allow you to use your XYO Tokens in XYO World, and it will serve as your login for XYO World.
It’s important to understand that there are no accounts in XYO World. Your XYO World geotokens will belong to this wallet address, so be sure to keep your token wallet safe and secure. Visit this page for more information about wallet security.
The Web3 wallet of choice for XYO is always MetaMask. Visit metamask.io to download it and find instructions for setting up your MetaMask wallet. It’s a free browser extension that can be used with Chrome, Brave, or Firefox. MetaMask also has apps available for iOS and Android. However, if you have a different preferred Web3 wallet that is ERC-20 compatible, any such wallet can be used with XYO World.
For full instructions on how to store XYO tokens in your MetaMask wallet so they can be used in XYO World, please visit bit.ly/xyo-custom-token.
Please also note that transactions in XYO World will have gas fees just like any other Ethereum blockchain transaction. This means that you will also need to have a small amount of ETH in the Web3 wallet you’re using. (If you need ETH, we recommend our partner, KuCoin.) Make sure to store your ETH in your MetaMask (or other Web3) wallet. Please see the instructions associated with your preferred Ethereum exchange for instructions about adding ETH to your wallet.
Once your Web3 wallet is ready, you can begin participating XYO World. Visit world.xyo.network/list to see what geotokens are currently available. You will be prompted by XYO World to connect to the web app with your Web3 wallet. When prompted, simply allow the connection to be completed.
In the top right corner of the listings panel, you’ll see a few different buttons. You can switch between Live Auctions, Dutch Auctions, Pending Auctions, Upcoming Auctions, and Recent Auctions.
Live auctions are the geotokens that have recently been released from minted parent geotokens. Dutch auctions are the geotokens which did not sell in live auctions, and are now available for immediate minting at a reduced price. Pending auctions are the auctions which have ended and are currently being processed. Upcoming auctions are those which the system will soon begin. And recent auctions are those which have ended.
Let’s begin with Live Auctions.
To the right of Live Auctions, you’ll see ALW. Make sure to set your allowance to a number greater than the bid you wish to make. This feature helps ensure you don’t accidentally over-bid if you have more XYO tokens in your wallet than you’re willing to use to place a bid.
To the right of Allowance, you’ll see BAL, or Balance, which simply shows you how many XYO tokens you currently have in the wallet you’re using on XYO World.
The available listings are shown below these features. You’ll see the index number, the Bid button, the current minting deposit (which is like the price), how much time is left in the auction, and some checkmarks. These indicate whether the auction has started, whether someone has bid, whether this is a Dutch auction, whether it is pending, and whether the geotoken has been minted.
To see what quadtile this geotoken represents, click the down arrow on the right-hand side. To bid, simply press the Bid button, and then confirm the transaction in your Web3 wallet. Future versions of XYO World will have the option to set a custom bid, so if you have this option, feel free to increase the bid from the minimum if given the option.
Let’s switch to Dutch auctions, or reverse auctions. The auctions here automatically go to the first bidder, so be sure to get anything you want right away. You’ll get the geotoken immediately unless someone beats you to it.
You can view your transaction on Etherscan. MetaMask will prompt you with this option automatically, although you can simply check your wallet address on Etherscan.io to see what bids you’ve made and which geotokens your wallet address owns.
IMPORTANT: YOU MUST FINISH THE PROCESS OF CLAIMING BY MANUALLY MINTING YOUR GEOTOKEN. LEARN HOW HERE.
New features of XYO World will be available soon. In the meantime, you can begin minting your most wanted geotokens right now. Thank you for participating in XYO World!