Fomo Lab
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Fomo Lab

FAQ

Who are Fomo Labs?

Fomo Lab are a team of crypto experts, artist representation specialists, and passionate NFT lovers just like you, we’re creating a platform and marketplace for verified well-known musicians, athletes, celebrities, rappers, artists, digital creatives, and influencers. We will be launching four key products in our ecosystem; FomoSWAP, FomoSTAKE, FomoDRAW and FomoVAULT. Each of these will help support the wider NFT market and also provide a unique platform for fans and collectors to get access to unique digital and physical collectibles from some of the most well-known personalities in the world.

What are NFTs?

NFT stands for ‘non-fungible token’.

Meaning they are a type of digital asset — essentially a tradeable, digital ownership certificate, authenticated through blockchain networks that hold a record of the underlying data. Currently most used amongst the art industry. We are seeing more items such as; collectibles, musicians switching to NFT alternatives.

How do you get an NFT

Before you rush to buy NFTs, there are four things you need to consider first:

  • What marketplace do you intend to buy the NFTs from?
  • What wallet do you need to download in order to connect with the platform and purchase NFTs(BSC, ERC20)?
  • Which cryptocurrency do you need to fund the wallet with in order to complete the sale?

Fomo Lab’s Tokenomics:

Check out our article which describes how the tokenomics will function.

https://medium.com/fomolabs-main-announcement-channel/fomo-tokenomics-f85430264662

Why is Fomo Lab different ?

The sole purpose of Fomo Lab is to build a platform for creating NFTs, Smart ticketing services and digital collectibles for athletes, celebrities, and world renowned personalities.

Fomo Lab is different because we have a pre existing network of world class celebrities and sports personalities that are excited to use NFT technology to bring new mediums of engagement with their fans. We also have partnerships building with smart ticketing platforms in collaboration with festival ticket booking agents for the deployment of a smart ticket network post covid lockdown.

Fomo Lab aims to be first to market when it comes to NFT talent representation as an agency platform, we also intend to be one of the most lucrative and high yielding NFT staking platform on the Binance smart chain, as well as providing a secure and verifiable list of crypto domains for validation of the authenticity of each of our partners releases. This brings a whole new level of authentication when it comes to using both the blockchain and NFTs to verify ownership and creation.

Where our competitors strengths are succeeding, we too believe we can succeed.

We also believe we have unique use case for our eco system and wider product network that have not yet been seen in the NFT marketplace and we aim to deliver a service that will both bridge the gap between NFT’s and current distribution network architecture.

Whilst also providing one of the easiest ways for people to on-board themselves into the crypto universe. The overall impact of NFTs on the blockchain as a whole could bring in excess of $10bln of growth in the next 12 months. As well as bringing a new user base of potentially over 1bln people to the blockchain. This is why NFTs are important and why Fomo Lab are building our ecosystem and this is how we will see mass adoption from the blockchain.

What is Fomo vault?

Fomo vault is bringing to you the benefits of staking, farming and harvesting with NFT marketplaces. This whole process works by enabling people to stake the Fomo token in the Fomo vault, which will be paid in an annual APY (annual per yield) for depositing Fomo tokens. With Fomo Lab we aim to emulate the whole governance protocol integrated within our exchange and marketplace. The vault is a cold storage implementation for prized NFTs. The first digital NFT vault on the blockchain where users can redeem priceless pieces via burning Fomo.

  • The Fomo vault unlocks the Fomo Labs governance platform.
  • This process will allow token holders to use currently staked tokens to create collective bids on some of our leading NFT marketplaces.
  • The vault is to be audited and will result in token holders having a redeemable value of tokens. Token burning is one aspect we are bringing to ensure that the Fomo token has a constant store of value.

Token holders can redeem exclusive NFT art via burning current Fomo tokens forever in exchange for NFTs. Token supply will thus be altered depending on how many Fomo tokens are burned for the NFT’s.

What Happens if not enough tokens are burned?

If there is not a sufficient amount of tokens burned in a set day period:

  • Fomo Labs would then make one NFT redemption if there is no participant in a 30 day calendar period. This will ensure that there is still a reward for holders who have burnt tokens without filling the required amount.
  • Fomo Labs creates a truly innovative deflation mechanism, burning our tokens creates value in our ecosystem, meaning that value is always stored, the only way to get out of the vault is to buy with Fomo tokens.
  • Adding new NFT creations to the FomoVAULT will create new demand for FOMO tokens, it also means that the value of the NFT and the Fomo is both locked and pegged forever until the NFT is redeemed and the Fomo tokens are burnt.

How do you join Fomo as an artist/ creator?

Fomo Labs want to create a platform that connects various different artists and creators. We will be launching a digital gallery partner program that allows these multi-talented individuals to work together collaboratively.

Fomo will host galleries of renowned digital and physical artists and collaborative pieces of work with renowned personalities on our platform.

For the chance to join our gallery partner program and have an NFT gallery on the Fomo platform you will need to be verified and hit certain key metrics and also burn 150 Fomo tokens to make a verification request.

The FomoSWAP DApp will also facilitate a secondary p2p NFT marketplace that will create a constant transactional flow of network activity for the Fomo token as all fee’s and transaction on FomoSWAP are payable only in Fomo tokens. This p2p marketplace will not need verification and will be a open marketplace available to artists and creators of all skillsets and varieties.

Who will Fomo be patnering with?

Fomo’s network varies from hedge fund & VC backing in the U.A.E, to some of the worlds most exclusive networks of artists, celebrities, musicians and athletes.

Our partnerships have set us with a prime opportunity to capitalise on the ever-evolving NFT and blockchain space. We have no doubt that Fomo Labs will be one of the leading NFT market places in the crypto space within the first few months of launch.

Enjoy the ride!!

To make sure you don’t miss any updates or announcements regarding the presale please join our telegram and keep up with our social channels below!
Connect with the Fomo Lab team:

Website: https://fomolab.io/

Twitter — https://twitter.com/fomo_lab

Instagram — https://www.instagram.com/fomolabs/

Medium — https://medium.com/@thefomolab

Reddit — https://www.reddit.com/user/fomolabs

Github — https://github.com/TheFomolab

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