NFTb upcoming 25% Token Burn & Updated Tokenomics
To accelerate NFTb’s further growth in Web3 Gaming, the NFTb Foundations has decided to update the Token Burn Mechanics by initiating Governance Voting on the NFTB Token Burn.
In early January, the first-ever Governance Voting was launched with more than 3000 token holders voting in favor of a 25% token burn on Jan 31, 2023. The total supply of NFTB will be reduced by 242M with the burn occurring partially from the circulating supply and partially from the non-circulating supply.
“To burn a substantial chunk of our total supply will help to provide more utility to the ecosystem. Our developers are working on launching the Gaming HUB in the first quarter and we are actively working with Polygon to onboard with their Gaming ecosystem. We want to reaffirm the team’s commitment to driving innovation within Web3 Gaming while also supporting early to mid-stage start-ups looking to accelerate their project with our Launchpad and gaming MetaMarket,” stated Mr Esen, NFTb’s COO.
Since the launch of Token Burn Mechanics 2.0 in August 2021, a total of 22,3 million NFTB has been burned from the total supply.
New Tokenomics Details
On 31st January 242M NFTB tokens will be burnt partially from the circulating supply and partially from the non-circulating supply.
180M tokens will be removed from the Protocol Reserves, 50M NFTB from the Foundation, and 12M from Team Token allocation.
- Current Total Supply: 977M $NFTB
- New Total Supply: 735M $NFTB
Compared to the updated Token Burn Mechanics 2.0 (22.3M tokens burned), there will be a rapid increase of 985% in the number of tokens burned so far.
What You Need to Know About NFTB Burn
Since the launch of Token Burn Mechanics 2.0, we’ve been committed to removing 1.3M NFTB monthly for the next 2 years through a process called burning. The number of tokens removed is automatically calculated according to the Auto-Burn formula. This Burn Mechanism was introduced on August 31, 2021.
As a result of the community’s governance vote, a 25% token burn will be held on January 31, 2022. The monthly 1.3M Token Burn will resume on February 28, 2023.
Upcoming Governance Proposals:
- Extend Team Tokens Vesting Schedule
- Increase Regular Monthly Burn
- Major CEX listing in 2023
- End-of-the-Year Token Burn
NFTb — The Most Influential Project in Blockchain Gaming
NFTb won the Most Influential Project Award in Blockchain Gaming at the recent @ABGAasia Awards Ceremony on 17 Jan 2023. ABGA Awards recognize innovative organizations in Gaming, NFT, MetaVerse, Web3 & Media space 🍾
About NFTb
NFTb is a multichain Gaming & Metaverse platform for digital ownership, empowering GameFi projects with the ability to distribute & raise liquidity.
Backed by Binance Labs, Polygon Studios, Klaytn Foundation & Oasis Protocol, NFTb is well equipped to facilitate early-stage funding for gaming communities by amplifying them through NFTb Launchpad, gaming MetaMarket and staking vaults.
NFTB provides support for early and mid-stage Web3 projects through their incubation programs & accelerator grants with Klaytn & Polygon.
