Our token, $FAYRE, is a utility and governance token which forms the central focus of our ecosystem. This digital asset can be used for many functions, including to swap for NFTs in our marketplace, and also to have voting rights in how the Fayre ecosystem is governed.

UTILITY TOKEN ECONOMICS: THE FUNCTIONALITIES OF $FAYRE

For every invested player in the market — [NFT] buyers, sellers, and creators alike — the utility token offers multiple functions.

The token enables key advantages such as commission-free transactions, staking (holding onto the asset for a set length of time, in return for rewards), as well as being used to exchange for NFTs in our multifunctional platform. Additionally, it offers voting rights in the Fayre ecosystem.

Together, these functionalities provide important value and agency for $FAYRE token holders.

So let’s have a look at the purpose of the token, how it is used, managed, distributed, and how it functions within our ecosystem.

1 TOKENS AS REWARDS
Brands can create rewards programmes that recompense $FAYRE token holders for specific actions, such as engaging with the community, thereby driving activity and increasing recognition among new audiences.

In the case of buyers, sellers and independent NFT creators (such as artists), they can earn $FAYRE tokens as rewards for certain transactions.

2 BUY NFTs with no fees and FAYRECARD NFTs with discounts
Buyers can use their tokens to acquire NFTs on the Fayre marketplace, avoiding transaction fees. (Alternative methods of payment are ETH, BNB, MATIC, other ERC-20 tokens, stablecoins, or bank cards via fiat payment gateways; these, however, do incur transaction fees.).

3 COMMISSION-FREE transactions
Users can stake their $FAYRE tokens to obtain membership while paying zero commission.

Staking 200 $FAYRE gets Standard membership: no fees for transaction volumes up to $20,000.

While staking 25,000 $FAYRE gets Premium membership: no fees for unlimited trading volumes.

4 COMMUNITY VOTING RIGHTS — have your say how about fees are spend
Fees from marketplace transactions are held in the Fayre Treasury. Holders of $FAYRE can stake their tokens to obtain voting rights and decide together as a community how these fees should be allocated. This is a key governance decision: whether to invest in the ecosystem, or use in some other way.

To date we have raised $3.8m through our Angel and Seed funding rounds.

All information correct at time of publishing.

More tokenomics features will be coming soon. To learn more visit our website and follow us on our social media channels:

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• Follow us on Twitter @FayreLabs.