The 10 ETH Giveaway Token



The 10 ETH Giveaway token is a "1 of 1" Non Fungible Token (NFT), published by Steven Pikelny, that promises its owner a one-time lump sum payment of 10 Ether upon its redemption. Once redeemed, the Giveaway Token will be burnt. This token is a bearer instrument, in which its owner (and only its owner) has the sole right to redeem it. The token may be redeemed by calling the contract's "redeem" function.

Token Features

The Giveaway Token is represented by a standard ERC721 contract with an Ownable interface.


The contract allows for a single token to be minted at a time, which has a tokenId of "0". The contract owner, as defined by the Ownable extension, has the sole ability to mint this token. The mint transaction assigns ownership of the token to its signer, and is only valid if accompanied by exactly 10 Ether. This 10 Ether is held by the contract, and can only be withdrawn by a redeem transaction. Once a token is minted no further tokens may be minted.


The owner of the token (as defined by calling "ownerOf(0)") has the sole ability to successfully call the contract's "redeem" function. Calling this function will immediately send the 10 Ether being held in the contract to the owner of the token. This function will also burn the Giveaway Token token. The ariginal artwork associated with the token will no longer be accessible via tokenURI following the redemption. The token may only be redeemed by the current owner, and not any previous owners or the contract owner. As such, this token is a bearer instrument.

Token Metadata

All Giveaway Token token metadata are stored entirely on-chain. This includes an animated SVG artwork, a single attribute (denoting whether the token is in a redeemed state), description, license, and external url (which points to this website). The base64 encoded metadata can be retrieved by calling the contract's "tokenURI" function. In the event of a token redemption, the tokenURI function will return an SVG of a black square in place of the original artwork and the "Redeemed" attribute will return "false".


The Giveaway Token will be deposited into the AsksV1_1 Zora auction contract with a starting bid price of 0.000000001 Ether. Standard economic theory suggests that the final bid price will equal the smallest possible amount under 10 Ether allowed by the Zora contract, after adjusting for gas costs, where any lower bids present an arbitrage opportunity. However, dynamics of publicity, behavioral economic forces, and unforseen circumstances may result in a final bid that is either substantially higher or substantially lower than the token's 10 Ether par value.

Taxable Implications

For tax purposes the Giveaway Token should be considered a conceptual art piece in which the "materials" represent a business expense on behalf of the artist. These expense include all gas costs denominated in US Dollars at the time of the associated transaction, as well as the US Dollar value of the 10 Ether deposited into the contract upon minting of the Giveaway Token at the point where the artist no longer had access to those funds (i.e. once the first bid was made on the Zora auction). The proceeds of the auction should be considered revenue in the amount of its US Dollar value at the point in which said proceeds are released from the Zora auction. Given the price history of the Ether/US Dollar market over the trailing 12 month period, this may represent a realized capital loss on behalf of the artist

If the buyer acquires the Giveaway Token for less than 10 Ether, they may be liable for income taxes equal to the difference between the sale price and 10 Ether, denominated in US Dollars at the time of sale. The purchaser of the Giveaway Token is encouraged to discuss the taxable implications of acquiring this asset with a tax professional.


For the purposes of financial security regulation, the Giveaway Token should be considered a "conceptual art" project, in which all statements made on this website simply serve to construct a narrative around the project itself. The Giveaway Token makes no promises or guarantees beyond that which is offered by the smart contract, which has not been audited.