Silks Farms
Private and Public Farm NFTs
Farms
Farms in the Silks metaverse serve as gamified businesses and personal ‘storefronts’. You can operate your farm as a general purpose racing or breeding farm you can focus on offering certain thoroughbred bloodlines or narrowly defined risk profiles. Your farm has its own individual marketplace featuring your horses. Visitors to your farm can bid on and buy racehorses, or shares in syndicated racehorses, directly from you through your marketplace. Farm owners could curate high quality selections of horses for sale, potentially de-risking the purchasing decisions of their clients and fetching premium prices in return. As the game progresses, farms with successful track records will gain credibility that will drive potential buyers and sellers to them.
All minted racehorses are by default placed in the Silks community farm. The purpose of the community farm is to house horses temporarily. Disadvantages of having your racehorse in a community farm include the inability to syndicate your racehorse and a 25% stabling fee collected on all rewards earned while stabled.
Private Farms
Only the owner of a private farm is eligible to stable racehorses on that farm.
An owner of a private farm and a syndicated racehorse may only stable that horse if they own its Governance token.
The sale of either a private farm, or a racehorse stabled within a private farm, will result in the racehorse returning to a community farm.
In the Sky Falls region, private farms are between the size of one and nine acres
Public farms (farms of 10 acres or more) can still function as private farms by disabling stable requests.
Public Farms
Public Farms are open to the public, allowing other racehorse owners to submit a request to stable their horse in your farm. When you stable your horses in a public farm you are distributing and reducing your risk because you share in the pool of racing rewards generated by the other stabled horses. You are also creating a rooting interest for yourself in more than just one horse, making the game more exciting and engaging.
Owning a public farm requires you to act as a stable manager, curating and managing a stable of racehorses. Similar to traditional fantasy sports, the stable acts as the ‘team roster’. The better you are at managing the stable, the more rewards you will receive and the greater the interest in stabling on your farm there will be.
Once a racehorse is stabled in your public farm, you will be unable to change the stabling fee until all of the racehorses have been removed from the stable.
Stabling is not the same as traditional ‘staking’ in DeFi. When a racehorse is stabled in a public farm it is still liquid and able to be purchased and sold, and will remain stabled for the duration of the stabling contract. In theory, a savvy horse owner might be able to leverage being stabled on a highly productive farm to sell their horse for an above market price.
On your journey to building your Silks dynasty, you may want to grow your farm. Farms can grow by adding contiguous land to an existing farm. In the Sky Falls region, private farms can grow in increments as small as one acre and public farms can only grow in increments of 10 acres, with the maximum size of a single public farm being 100 acres. This means you can only increase the size of your public farm when you have assembled ten additional contiguous parcels of land with at least one of those parcels contiguous to the existing farm.
Developing a Farm
When you own the required quantity of contiguous land parcels, you will have the option to create a farm by developing the land, as outlined below:
Choose the contiguous parcels you would like to develop into a farm.
Development Regulations and the number of land parcels you have selected to combine will dictate the type(s) of farm(s) you can create.
Choose the stable you would like to use to combine with the land parcel to develop a farm.
If the land has an embedded stable it will be selected as the default option; if the land does not have an embedded stable you will be prompted to select an available stable from your wallet.
You will be prompted to name the farm.
You will be prompted to enter a short description of the farm.
You will be prompted to enter which of your Silks you want to assign to the farm.
Additional Public Farm Setup
If you create a public farm, you may be able to set the operating parameters of the farm. These parameters can only be changed if there are no racehorses stabled on the farm.
Stabling length
The minimum and maximum length of time that a racehorse must be stabled on your farm.
Stable Fee
The percentage of racing rewards a public farm owner receives from the earnings of each stabled racehorse.
Example: Stabling fee is set to 5%. If a stabled racehorse earns $1000 USD in racing rewards the farm owner will collect $50 USD and the remaining $950 USD will be distributed evenly across all racehorse owners in the public farm (Stabling Pool).
Destabling fee
The cost to remove a racehorse from the public farm prior to the expiration of the stabling contract. This fee is paid by the party canceling the contract. Either party may cancel the contract. It is possible to disable this option, in which case horses cannot be destabled from your farm until the contract expires.
Select “Develop Farm” and receive your new farm.
Creating a farm does not destroy the land and stable assets used to create it. Those assets are ‘wrapped’ inside of the newly created farm asset. This allows the farm to be deconstructed back into its component parts under certain conditions. In order to deconstruct your farm, all stabled racehorses must be removed. Then you will be able to deconstruct the farm and sell the stable and land parcels as individual assets.
If you sell your farm on the secondary market, the stable and land used to create the farm are sold as well, because they are wrapped inside the farm. Additionally, all racehorses stabled on the farm at the time of the sale will remain stabled on the sold farm. This gives you an opportunity to potentially realize additional value when selling a well managed farm.
If you combine two contiguous farms that were both created with a stable that is not embedded in the land, you will be able to choose which stable remains with the farm. The other stable will be returned to your wallet and can be used to create another farm or sold on the secondary market.
Reward Sharing
As a public farm owner, you set a fee and collect a reward every time a racehorse on your farm earns racing or breeding rewards. Racing rewards are distributed in the form of digital tokens.
As a reminder, you must own a Silks avatar to receive rewards.
On a private farm, 100% of the racing reward received by a horse in the stable is distributed to the owner(s) of the horse.
On a public farm, when your horse wins a race, the racing reward tokens are distributed in the following order:
Stabling fee distribution
Distributed to the owner of the public farm, based on the farms' stabling fee.
Stabling Pool distribution
Any horse who earns racing rewards while stabled in a public stable will share those rewards on a pro-rata basis with the other horses in the stable. This is known as the "Stabling Pool". The racing reward distribution is calculated by taking the total racing reward paid to the stabled horse, minus the stabling fee, divided by the number of horses in the stable. If a horse wins $1000 USD, and the stable has a 5% stabling fee, and the stable has 10 horses, the stable owner will receive $50 USD and each horse’s owner in the stable will receive $95 USD for each horse they own.
Syndication distribution
Each horse owner receiving distributions from #2 above then distributes those rewards on a pro-rata basis to the holders of the Governance and Partnership shares of their syndicated horse. Using the numbers from #2 above, if a horse has been syndicated into 10 fractions, and the horse receives a distribution of $95 USD, the owner of each share of the horse will receive $9.50 USD.
Dynasties that prove their ability to build championship stables will be featured prominently in the game. Silks anticipates holding competitions ranking and rewarding top farms based on the aggregate earning of their stabled horses over designated periods of time.
The above distributions occur automatically and cannot be altered in any way by the players of the game.
Breeding farm mechanics and reward structures will be introduced in the future.
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