In March 2022, with the idea of making every moving moment more valuable, the first Move-to-Earn project in Korea, SNKRZ, began. Now, people are creating greater value beyond simple exercise with every step they take while walking, running, or cycling.
The path that was created by each step of the user. People who exercise together on that path have come together to create a new space we have never seen before. After Korea, Japan, China, and Russia, our movement is becoming a bigger one, sometimes together, sometimes in competition, from Italy and France to Africa. Now, SNKRZ is transforming into a new form to connect people and the world.
Tokenomics 2.0: SNKRZ Connecting Users and Lands
If the tokenomics of SNKRZ 1.0 was a reward system centered around exercise, SNKRZ 2.0 was designed around the interaction between exercise, Land, and SNKRZ NFTs that connect them.
Through this, we aimed to 1) strengthen the connection between user exercise and Land, 2) increase the number of token burn mechanisms and complement each token’s utility to enhance the stability of the tokenomics, and 3) create a fun exercise experience where all users can exercise together beyond simple exercise.
1. New utility token $FORCE and governance token $FIT
Utility token $FORCE
The unlimited issuance $SKZ token will be replaced by $FORCE token with a total supply of 1 billion. With $FORCE token, users can repair, level up, and breed SNKRZ NFTs, as well as purchase skins, items, and Land, expanding the utility of the token compared to the previous version 1.0.
Governance token $FIT
$FIT token is a governance token with a limited total supply of 6 billion. $FIT token is used to nurture Land by constructing city buildings and organizing quests, as well as nurturing SNKRZ by purchasing them and leveling them up according to their grades. As $FIT token can be used for advertising by utilizing traffic within the Land, it becomes a major burning event for governance tokens. The new governance token $FIT enhances the connection between users’ exercise and Land.
2. Workout Points (WP) and Land Points (LP)
The SNKRZ ecosystem consists of users who exercise, landowners, and SNKRZ NFTs that connect the two. Each time a user exercises, they receive Workout Points, and landowners receive Land Points. The acquired Workout Points and Land Points are rewarded to users with $FORCE tokens and $FIT tokens, respectively, based on each user’s tier and ranking.
Workout Point
Users can acquire Workout Points each time they exercise and consume stamina. The number of Workout Points that can be obtained per 1 stamina is determined not only by the shoes owned but also by various contents of SNKRZ. The number can be increased by the generation of the shoes owned, the sum of the shoe levels, skins, collections, tile occupancy, spot acquisition, friend invitations, and the user’s $FORCE token burning activities. A strategy that balances exercise and tile competition participation is important because activities within the tile are reflected in the Workout Points.
Land Point
Only landowners can obtain Land Points, which are acquired hourly. The number of Land Points that can be obtained per hour is determined based on the average rating of tiles that make up the land, the number of owned lands, and the overall SNKRZ land occupancy rate. It is important to use $FIT tokens on the land to offer various benefits to users and increase traffic, thereby maintaining a high tile rating within the land.
3. $FORCE and $FIT Reward System
Users can acquire Workout Points by wearing SNKRZ and exercising. Based on the number of Workout Points acquired for the day, the user’s tier and ranking for the day are determined, and they receive $FORCE tokens as a reward.
Users can receive $FIT tokens based on the tier and ranking determined by the number of Land Points acquired by landowners for the day. Additionally, users who contribute to the tokenomics by staking $FORCE tokens or utilizing LV50 shoes can also receive $FIT tokens. Therefore, both users who contribute to the tokenomics and landowners can benefit together.
The $FIT token reward ratio for each element will be jointly determined through communication between the SNKRZ foundation and our users.
4. Improvement of user convenience and increased fun exercising “together”
Various items have been added to increase user convenience and burning quantity.
- Item Shop
A new item shop has been added to SNKRZ through $FORCE, where you can purchase a variety of items. The items added for user convenience include the Time Save, which reduces exercise time, Tile Boost, which can affect more than one tile, Tile Magnet, which automatically acquires nearby spots, Experience Potions, Upgrade Tickets, Reset Tickets, and more. You can enjoy SNKRZ with your own strategy using these items.
- Open Box and Skin Collection:
Various collections using previously released Open Boxes and skins for users will be added. Open Boxes and skins, which previously had low utilization value, will now provide new effects to users through collections. The more collections you collect, the more Workout Points you can get per 1 Stamina. A new collection will be added every time new open boxes and skins are added. You can find more information in the user guide link.
Open Box Collection (EN): https://bit.ly/SNKRZ_OPENBOX_COLLECTION_EN
Skin Collection (EN): https://bit.ly/SNKRZ_SKIN_COLLECTION_EN
- Location-based social platform
SNKRZ enhances its functions as a social platform. It expands to a location-based social media service that both Open Mode users and NFT Mode users can participate in beyond a reward system centered on walking. The location of friends or workout crew is displayed in real-time on the map, and you can have conversations or compete, adding fun to workout together on this social fitness platform.
- Various Cities in Land
Various cities that provide different functions will be established on Land. You can establish various cities that can be fostered in Land, such as Energy City, which increases Stamina, Boost City, which raises Workout Points, and Gym City, which is used to do $FIT with level 50 SNKRZ. These cities can be used to represent individuality between different Lands, creating various plays.
Removal of Exercise Limiting Factors and Easier SNKRZ Fostering
- Simplification of Breeding System
Previously, to obtain new SNKRZ, users had to go through the three stages of breeding, obtaining a shoe box, and opening the shoe box. To alleviate the difficulty of breeding caused by the structure of obtaining shoe boxes and SNKRZ in the breeding process, the breeding system has been simplified. Now, when breeding, shoe boxes of lower rarity than the SNKRZ involved in breeding will no longer appear.
Example 1)
(Before change) Rare + Rare → Rare Box 70%, Normal Box 30%
(After change) Rare + Rare → Rare Box 100%
Example 2)
(Before change) Epic + Rare → Rare Box 80%, Normal Box 20%
(After change) Epic + Rare → Epic Box 50%, Rare Box 50%
- Removal of Daily Stamina Cap
In Tokenomics 1.0, due to the stamina cap, even users who had many high-grade shoes could only exercise for a maximum of 100 minutes per day. Tokenomics 2.0 does not have a stamina cap, so users who own many shoes can exercise more. Users who exercise more can have an advantage in competition.
Example 1)
(Before change) User with 29 Normal shoes, 9 Rare shoes, and 1 Epic shoe → Stamina 100
(After change) User with 29 Normal shoes, 9 Rare shoes, and 1 Epic shoe → Stamina 183
SNKRZ Tokenomics 2.0 connects users and the world in a unique way through SNKRZ. We will lead the growth of SNKRZ by strengthening the interconnectivity within the ecosystem of exercising users, Land, and SNKRZ NFTs, and establishing a stable tokenomics with a circular structure.
Tokenomics 2.0 Introduction Video : https://youtu.be/NYy4gGnfm_E
