Rug Radio is a Web3 media company started by Farokh Sarmad, aiming to become the first decentralized media platform in the NFT scene. With a range of different shows, hosted by a variety of web3 experts, it has become the go-to talkshow outlet. However, the NFT project goes far beyond just twitter spaces. Now, the web3 radio and media project also has a membership token ($RUG), a ‘Rug Genesis NFT’ collection, and even a DAO (RugDAO).
Farokh is a huge name in the NFT space and his web3 media is probably one of the most famous to date. This, we can attribute to its constant star-studded twitter spaces and high profile guests. Even the hosts on Rug Radio are big names! With OSF from RektGuy hosting spaces often and artists such as Fewocious and Beeple joining the show too. Even its council members are web3 natives too, such as; Daito (from 137pm) and Inna Modja, the founder of Code Green NFT.
What is Rug Radio, and what is Decentralized media?
Rug Radio launched in 2021, and is the very first ever decentralized media platform. As a ‘decentralized’ media platform, the members, partners, and hosts of the platform all have ownership of what they are broadcasting. To clarify – with traditional centralized media structures, a very small handful of individuals make the decisions within the company. Decentralization is the opposite of this structure, instead giving power to the creator and consumers.
Speaking on decentralization, their website states:
‘We need to own the narrative and the memes. Together, we can build a network where the incentives favor truth, ownership and long-term care for the commons. Ownership means we each get to decide what we consume, how it’s delivered, and we all benefit from the abundance created through it.’
In order to take part in the decision-making process you must hold a Rug Radio Membership Pass. Once you are officially a member of the community, you can enter the DAO and take part in the Rug Radio governance.
What is the Rug Radio Membership Pass?
The Rug Radio Membership Pass is ‘your key to accessing value as a participant in the Rug Radio ecosystem’. To clarify, the key utility of the membership pass is the ability to vote and participate without being a member of the DAO, and moreover, to gain benefits from your community participation.
Furthermore, those owning a membership Pass could mint the genesis NFT, allowing them to earn the $RUG utility token and gain entry into the DAO.
All About the Rug Radio NFT
First came the pass, then the NFT. The NFT is ‘Rug Radio Genesis NFT’. Appropriately, the NFT itself is a rug! No, not that kind of rug. Instead, the artwork, designed by @JeremiahThinks, represents the type of rug you’d put on your bedroom floor. The 20,000 digital rugs depict different NFT projects and communities, drawing inspiration from BAYC, Robotos, Doodles, and more. Moreover, the NFTs are utility-wielding, as they allocate $RUG tokens to holders every month.
About the Genesis Drop
To mint a Rug Radio Genesis NFT, you had to hold a Membership Pass. Furthermore, members could only mint one Genesis NFT per membership pass. The Rug Radio Genesis mint price was 0.111ETH, and the project minted on January 11th, 2022. By January 12th, all the NFTs were sold out! By late January the floor price reached 0.34 ETH. Significantly, despite market conditions, the floor price has remained steady.
How to buy a Rug Radio NFT
Now, the only option you have to get a Rug Radio NFT is on the secondary market. As of November 21st, 2022, the Rug Radio Genesis floor price is 0.4ETH, with only 2% listed, and 11,961ETH in volume. You can find a Rug Radio Genesis Pass on Opensea, or alternatively you might just want a membership pass instead!
Farokh Announced PFP NFTs?
At Art Basel 2022, Farokh Sarmad announced Rug Radio would get its own PFP collection. The NFT PFPs look awesome due to their unique design by Cory Van Lew. The project named “Faces” is apparently in reference to Rug Radio being one of the biggest voices of web3. For now, there’s not so much information but rest assured we will update you as the news drops.
What is the Rug Radio Token, $RUG?
$RUG is the Rug Radio token. The token is the currency of the RR ecosystem and adds to its utility and value. There are 20,000 tokens, with a floor price of 0.228ETH (Nov. 21, 2022).
Specifically, the Genesis NFT distributes $RUG tokens to holders on a monthly basis. Therefore, this incentivizes holding on to the NFT, as the longer you hold, the more $RUG tokens you will receive. Over the next five years, 255,000,000 $RUG will be produced. Importantly, 1800 $RUG will equal 1RDAO. If the holder chooses to swap 1800 RUG for 1RDAO 1 $RDAO token they will gain governance participation rights in the RugDAO.
Additionally, of the 20,000 Rug Radio NFTs, 1000 have been allocated to the Rug Bank. The tokens which are generated by NFT will be used by the bank to manage its expenses. Furthermore, the token will also hold future exchange value within the Rug Network on new projects developed by the DAO.
What is RugDAO?
At the heart of the ecosystem is the RugDAO. This DAO ‘will store value created in the network and will house the governance of the whole platform.’
As we have mentioned, the $RUG and $RDAO tokens are released slowly, over a long period of time. This allows the DAO to grow slowly alongside them, ensuring decentralization. Additionally, the DAO has a governance council, chosen through a public election. At present, the council members include names such as OSF, Betty, Keith Grossman, and many more. You can view the full list of RugDAO council members on the website.
Through the DAO, the community holds long term ownership in the Rug universe, and as more people join, so does the decentralization of RugDAO.
Farokh Sarmad: NFT influencer and the Project’s Founder
The founder of Rug Radio and creator of the genesis NFT is Farokh Sarmad. His journey began in Clubhouse, where Farokh would host rooms for friends and peers to discuss anything blockchain-related. He found huge success and a large following very quickly – in fact, the entrepreneur boasts 227k followers on Instagram and over 330k followers on Twitter. Now, as an active member of the NFT community, Farokh is a huge name in web3 and known for hosting and participating in some of the most exciting Twitter spaces.
Additionally, Farokh (based in Canada) is increasingly interacting with the greater NFT community both on and offline, attending industry panels virtually and in person. Notably, the founder and influencer has spoken at both NFT NYC and Veecon.
If you want to get involved with the project, make sure to check out its Twitter account, where it hosts one of the most popular Twitter Spaces in the industry. Plus, they have a fantastic website where you can keep up to date with all of the latest interviews and events. Then, get into the culture by participating in the Rug Radio Discord!