FAR Token Design (aka Tokenomics): A Closer Look

TL;DR: The Token is deployed on NEAR’s Testnet and on Mainnet soon — we’ve unboxed five key aspects of its design.

FAR Token is now deployed on NEAR’s Testnet — and on Mainnet soon — with plans to scale to Polygon and other EVM side-chains.

We’re pleased to share the design of FAR Token which will pave the path of future development. As such, below we’ve unboxed five key aspects of its design

1) Function— a protocol facilitator for NFT trading, tooling, rewards, and more.

FAR Token functions as the native, fungible token of the Few and Far ecosystem — used to power protocol operations including NFT trading, tooling, and rewards.

We think that FAR Token will power the future of blockchain in what’s dubbed “Web5” — including use cases for blockchain innovations like decentralized identity (see Section 5 below).

Before reading further, you can find out more about Few and Far’s Programmable NFTs (aka “pNFTs”) available on NEAR’s Blockchain — and check out our Updated Roadmap — an example of new products that our development team is shipping this year (using FAR Token as its fulcrum).

Lastly — our contracts are live on NEAR’s Testnet. The Mainnet deployment is slated for Q1 this year. You can view the smart contract on NEAR’s public blockchain at accounts starting with fewandfar-protocol*.

Few and Far is no longer supporting contracts deployed on accounts fewfar.near. If you’re still interacting with those addresses and need support, reach out to support.team@fewandfar.xyz.

2) Utility — an interoperability token for our platform.

At its very core, FAR Token is a fungible token and an exchangeable asset that’s divisible but is not unique — unlike the NFTs on our marketplace.

However, it is a type of digital asset that’s built on NEAR’s Blockchain — which can be used for a variety of purposes, like representing a unit of value or a right to participate in a decentralized platform.

Any time a transaction happens on-chain, the smart contract executes a protocol — presenting a unique use case. Below are a few examples how the Token will facilitate the Few and Far (aka FnF) Protocol.

In our case, FAR Token is a transferable representation of the utility functions specified in our smart contracts and codebase — designed to solely be used as an interoperable utility token for our platform*.

*Please read our Terms before interacting with FAR Token.

3) Allocation —laying the groundwork for sustained building.

Read about our “Commitment to Building Few and Far” — and previous Progress Updates — on our Publication page.

FAR Token’s has a fixed-supply of 500,000,000 total units — allocated to dedicated NEAR wallets. The tokens will be used to fund various initiatives, including airdrops, rewards, and development.

The Few and Far Team has opted out of receiving token grants to establish trust with the community and to show our commitment to building sustainably — but don’t “trust us blindly” — follow our wallets on NEAR’s public blockchain at: fewandfar-protocol.

4) Distribution — unlocks dedicated to airdrops, rewards, and more.

Stay tuned for updates regarding FAR Token’s issuance and distribution by following our new ‘X’ (Formerly Twitter) Account. Discover it so you don’t get MoMo, Noh-Moh — get it?

Usable FAR Tokens dedicated to airdrops, community rewards, and other forms of distribution will become available in a contract-based unlock (unlike monthly batches), on NEAR’s blockchain after the token listing.

If you think you may be eligible for a distribution, email support.team@fewandfar.xyz with the subject line: “Am I Eligible for a FAR Token Distribution?” — and share any relevant information with us so we can best support.

5) Scalability— turning ‘Web3’ products into ‘Web5’ solutions

Backstory: When NEAR Protocol announced that it was building on ZK Solutions, it gave the Few and Far team a new impetus to turn its ‘Web3’ products into ‘Web5’ solutions (e.g. decentralized identity).

It also made us consider how Bitcoin inscriptions can be used to evolve the company’s current business model, including figuring out the best ways to scale our existing Programmable NFTs (or “pNFT”) technology.

Current ‘Web3’ Use Cases:

• 2% of NFT marketplace fees are generated and converted into FAR tokens to fuel the ecosystem.
• Token airdrops will incentivize organic community growth and cross-chain liquidity.
• “Tax” and burn mechanism uses FAR transactions to maintain a healthy supply.
• Marketplace fees buy back FAR and contribute to community initiatives.
• FAR Token Holders get access to allowlists to own exclusive digital collectibles.
• Enterprise partners will pay a 5% API fee to mint and publish NFT collections.

Future ‘Web5’ Use Cases:

• Polygon and EVM-Supported NFTs — scaling FNF-007 NFT Standard to EVM
• Cross-Chain Community Airdrop — cross-chain liquid FAR Tokens
• New NFT marketplace features include—(a) Anonymous bidding and sales, (b) Selective disclosure proofs for NFTs, (c) Private ownership transfers, (d) Zero knowledge access control, and (e) Interchain portability.

Thanks for reading. To learn more about FAR Token, visit our website’s FAR Token page — and remember to follow us on our new ‘X’ (Formerly Twitter) Account @fnfprotocol.