It’s only been two weeks since $XNL and Chronicle’s NFT Store has launched and already we’ve seen:
- Global partnerships with the much beloved Paddington Bear (Copyrights Group), Penn & Teller (TheCW), and I’m Your Man (Bleecker Street).
- Paddington’s first NFT “Paddington’s Tag” sells out within 24 hours of its launch generating US$25,000 revenue from the single collectible.
- Chronicle’s commitment to the environmental detailed in several key partnerships, including NEAR Protocol and Pandas International.
- Over 3 million $XNL staked on Pool-X from Chronicle’s community.
The team has been working on several ideas to further reward XNL token holders and NFT buyers and these are laid out in detail below.
XNL Token Lockups 🤑
In order to boost the XNL ecosystem Chronicle has decided to perform a lockup of 5 XNL tokens* for each initial NFT sold and/or given away on Chronicle Store (excludes secondary sales).
(* Tokens to be locked from XNL in existing circulation. Number of tokens per collectible to be reviewed quarterly.)
This is effective immediately and will be applied retrospectively for all collectibles sold since the platform launch date.
Each XNL token will be locked for a minimum of 12 months, after which it can be used at the team’s discretion. The team may also decide to extend the lock beyond 12 months.
The total number of XNL tokens locked, transaction ID and locked wallet address, will be announced by the end of each quarter.
Example
Chronicle sells 22,500 NFT collectibles in a quarter. Based on 5 XNL per collectible, the number of XNL tokens locked up will be 112,500 XNL.
The low down
This means the more collectibles sold, the more XNL will be taken out of circulation, thus creating scarcity for XNL. This model is designed to greatly incentivize our community of XNL token holders and ensures a holder’s benefit whilst the team works on XNL integration inside the Chronicle Platform.
NFT Burns 🔥
Chronicle today is also announcing NFT circulation burns for any unsold or remaining NFTs in the Chronicle Store. Along with XNL token lockups, this is an exciting news for NFT holders on Chronicle.
The intended purpose is to create scarcity of each NFT on the system, and it rewards all NFT buyers as there is a guarantee that one of two things will happen:
- The NFT collection will be fully sold out with its current circulation, or …
- Circulation of supply will be reduced and the NFT collection will be fully sold out.
Example
Collectible XYZ has a circulation of 3,000 items being sold at $10 per item. After 2 weeks a total of 2,494 have sold. Chronicle‘s strategy team announces a burn of 500 unsold items with the circulation of Collectible XYZ reduced to 2,500 (a 17% reduction). This means that only 6 items remain to be sold and any early purchaser has gone from having a 1:3,000 item to a 1:2,500 item, an exciting bonus for each collectible owner.
Any such NFT circulation burns in the future will be announced by the Chronicle team on a case-by-case basis.
This news comes as Chronicle’s technical team has been busy working on the secondary marketplace set to be released later in October. With the announcement that Chronicle NFTs can become scarcer through time, both the primary store and the secondary marketplace should be exciting to watch!
Purchasing of collectibles with XNL 💰
Whilst still in development, Chronicle will ensure that Chronicle platform users will have the option to make primary store purchases in XNL tokens in the near future.
As of now the platform has a non-crypto and fan focus of USD credit card payments, with crypto USDC integration also detailed on the roadmap.
Now added to the roadmap will be purchases made in XNL, further adding to the utility of XNL token.
Why is this important?
With collectibles on the Chronicle Store being able to be purchased with XNL tokens, XNL will be going from public hands back into the company, taking supply away from the market.
An announcement will be made later as to how XNL will be integrated into the secondary marketplace.
These changes highlight Chronicle’s long-standing commitment to XNL and building a community of long-term holders.
Be sure to be following our official social media channels to ensure you don’t miss out on a thing!
IMPORTANT: There have been fraudulent scammers attempting to fake our channel and website, asking money from people. Please remain vigilant and ensure you are following our correct social media channels:
✅ Web: www.chronicle.io
✅ Chronicle Chat: https://t.me/chroniclecommunity
✅ Chronicle Announcements: https://t.me/chronicleofficial
✅ Chronicle Twitter: https://twitter.com/ChronicleXNL
