Introducing $CFT — An overview of the Craft token
$CFT at its core is the governance token for the Craft Network, which allows stakeholders to participate in a wide variety of community proposals. These can include things such as deciding which NFTs deserve more spotlight, which artists are underrated and should be famous, what features to be added next, platform fee adjustments and much more! Today we’ll explore $CFT tokenomics, its release schedule, and ways to earn the tokens!
Tokenomics and release schedule
$CFT tokens can be mined via Marketplace Liquidity Mining (buy/sell on Craft) or earned via staking $CFT/$sICX LP (Liquidity Pair).
Tokenomics
Marketplace Liquidity: 84,000,000 $CFT(40% of total supply)
LP Staking Reward: 21,000,000 $CFT (10% of total supply)
Release Schedule
Marketplace Liquidity Mining: 120 weeks
LP Staking Reward: 120 week
Marketplace Liquidity Mining
Users of the Craft Network will earn a piece of the weekly marketplace liquidity mining allocation, based on your buy/sell activities. The more you participate, the more you earn!
LP staking
Supplying LP will be done on the Balanced Network and user can then stake the LP on Craft. 21,000,000 $CFT tokens (10% of total supply) will be distributed weekly to stakers based on your pool share. More details to come!
DAO Fund
In addition, 42,000,000 $CFT tokens (20% of total supply) are allocated as DAO fund. The fund will be spendable in a DAO fashion(similar to CPS for ICONists!).
Token unlock
As there are many moving pieces associated to $CFT reward distribution, including liquidity providing on Balanced, LP staking on Craft, economic impact on early holders etc. As a good measure, tokens will be locked but we will record reward distribution from day 1, so all of your trading activities are accounted for. Your unclaimed tokens will be viewable on the $CFT page. The team will announce unlock date soon after platform launch.
More $CFT Utilities
We have many plans in the pipeline, we will also love to hear community feedbacks and incorporate them! The features described below will be DAO-voted, our priority is to make the $CFT token community-driven and make sure that it’s reflecting the Craft’s user needs. Let us share some early ideas our team has!
$CFT Loyalty Program
As a buyer
You’ll be enrolled in our loyalty program after your first transaction on the platform. You can upgrade your membership tier with more $CFT holdings, either via earning from any of the above methods or purchasing from exchanges.
As a seller
You will get sale-volume boosters based on your membership levels. Your sales volume is multiplied by your tier level.
Bronze — 100%
Silver — 110%
Gold — 115%
Platinum — 120%
Diamond — 150%
This will amplify your sales volume, which in turn will increase your $CFT earnings in marketplace liquidity mining.
*boost % is subject to change, we will further analyze for the optimal distribution
Membership Tier Benefits
- Earn platform fees *
- Early access to NFT drops **
- Exclusive discounts ***
- Exclusive access to NFT drops ****
- Priority customer care ****
* Earned $CFT must be staked to earn platform service fees
** This is determined by the NFT issuer. The issuer can choose to enable this feature or not. For example, 1 hour early access for diamond-tier, 30 hour early access for platinum-tier and so forth. Or disabled.
*** This is determined by the NFT issuer. The issuer can choose to enable this feature or not. For example, 30% discount for diamond-tier, 20% discount for platinum-tier and so forth. Or disabled.
**** This is making the sale private, think of this as strategic private investment. The issuer should also advise exclusively to tiered members with their investment thesis.
Bronze 1
Make one transaction
Silver 1, 2, 3
Requirement: own 50,000 CFT
Gold 1,2, 3
Requirement: own 100,000 CFT
Platinum 1, 2, 3
Requirement: own 250,000 CFT
Diamond 1, 2, 3, 4, 5
Requirement: own 500,000 CFT
*Tier requirements subject to change
While we have many other good ideas in the pipeline, our team strongly believes that this should be a collaborative effort so we will not proceed to implementation before speaking with our community.
Hopefully this gets you excited about $CFT, if not, please let us know what will. We’re here to iterate and improve, we strive to bring your the best NFT experience, let us know in social channels. Until then, happy Crafting! ;)
Craft Communities
Homepage : https://craft.network
Twitter : https://twitter.com/craftdotnetwork
Discord: https://discord.gg/TaG8SfmAVH
Medium: https://medium.com/craft-network
Contact : hello@craft.network
