$gNFT Litepaper Update
And some other nifty news…
On 4/20 (despite some technical hiccups), NFThub.com held the first decentralized token offering to take place on the Matic Mainnet. Of 21m total supply, 320.000 $gNFT were available at a price of 1 $MATIC = 1 $gNFT. During the sale, just under 180k tokens were purchased, or which 85% of the gained funds were used to open liquidity,
100% of which is locked until Oct. 30
At the time of this writing, there is approximately $200k USD in available liquidity, with the token trading at ~$0.85. The current rate of adoption of Polygon (previously Matic Network) as Ethereum’s “internet of blockchains” is causing us to seriously consider whether it may be beneficial to not add a liquidity pairing with $ETH; while we firmly believe in the strength and potential of the Ethereum network, the coming months are likely to see $MATIC be a powerful catalyst in the Web 3.0 ecosystem.
- 15% of the raised funds were retained to be used to compensate prior work and overhead cost of the team, and to further develop and optimize the platfrom. The ~140.000 unsold tokens were locked in the presale contract. Those 140k tokens are never retrievable, and therefore (for all intents and purposes) became $gNFTs first token burn.
- Following the token presale; we re-evaluated our token distribution model slightly , and have made some MINOR modifications, which we feel are of a better benefit to the NFT ecosystem, early supporters of $gNFT and the NFThub mission, and the community of HODL’ers and site members the token belongs to.
- 2mil Team Reserve (under 10%) we are discussing a vesting schedule as well as negotiating percentage of the allocated team reserve [no change, still 2m] that will be redirected as long-term compensation for hirees who become a fundamental part of our team for NFThub and future projects.
- 1mil Launch — Originally intended to be 1 million tokens available during soft launch, we reduced the quantity to alleviate anxiety that the sale might fail, as well as to remove the potential that such a large number of tokens would be burned.
- Marketing 1mil — *To be vested into a series of 3–6 months, and used to run marketing campaigns across the crypto landscape.
- Grants 1mil — 1million tokens will be reserved to offer grants to projects, creators, developers etc. who are working to advance and approve the NFT ecosystem as a whole. **Grant Program details have not yet been defined, and the 1mil tokens will be stored in a publicly viewable vault**
- Partners 1mil — 1million tokens have been reserved to compensate and support projects/platforms/protocols that we are working directly with or receiving support from.
- BUIDL 2mil — 2million tokens are reserved to utilize as payment for required services/products that will allow NFThub to continue adding value to our users and HODL’ers, as well as to establish our platform an community as a fundamental resource for creators, collectors, makers, and brands within the NFT ecosystem. Even as a basic prototype, NFThub is an industry-first, and our team is comprised entirely of NFT veterans who are well aware of the potential within the tech, and will be lifers in the space. *Depending on expenditure, and fluctuatin of crypto prices, up to 1mil may be re-allocated to community reward programs.
- Invest — 1mil tokens are pledged to serve as a way for NFThub to gain early stage exposure to promising creators, projects and protocols as the NFT space evolves. F inal decisions will be left to the DAO, and 80% of any realized profits will be rewarded to the community, with the originally invested value and 20% of realized profit being returned to the investing pool.
- TBD 1mil — Originally 1 million tokens were pledged to the Wabbajack meta-DAO, created to be a unified voice of the larger community made up of teams/users/HODL’ers, etc. for NFThub, Nifty Pride, future endeavors by our team/community (among other goals) we feel that the alottment of 1m $gNFT put forth in the initial litepaper will be better utilized elsewhere; though the exact use is yet to be decided.
Don’t worry, we’re not interested in making the next pump-and-dump token, or in just having a token thats fun to HODL while its liquidity-base token takes a trip to the dark side of the moon. We want to reward the community for helping us grow NFThub into something incredible, and we want to see the NFT industry continue to progress and innovate at breakneck speeds. We’re currently hard at work to devise the absolute best ways to utilize $gNFT, the most rewarding ways we can let you use it, and (of course) the most enjoyable ways for you to EARN it. Strap in folks. We’re fueling up the DeLorean.
Earning is a bit of a tricky beast to tackle. We’re excited to be in a position to play a supporting role to the entirety of the NFT ecosystem; whether it happens to be on Ethereum Mainnet, Layer 2 Solutions, HIVE, WAX, or elsewhere; even BSC and TRON are welcome to add their projects to the directory and their community-facing events to the calendar. We’re not tribal, we’re NFT maximalists.
Some of the coming use cases :
- HODL to earn (details pending)
- Stake $gNFT/$MATIC LP to earn NFT’s [Quickswap LP]
- Stake $gNFT/$ETH LP to earn NFT’s [Quickswap LP]
- Provide liquidity on SwapMatic to earn $SWAM
- Join / Propose / Vote in the NFThub DAO
- Spend $gNFT to obtain adspace on the front (or other) pages
- Spend $gNFT to redeem various other services offered by our platform and our team
- Accumulate $gNFT to earn VIP roles in our discord
- Buy tickets for a monthly 1:1 NFT raffle with the NFTs to be created by some of the world’s top cryptoartists
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Some planned use-cases a little further out:
- Spend $gNFT on various participating storefronts’ NFTs
- Join VIP-only live events
- Feature your NFTs on our upcoming gallery page
- join weekly poker games
- get price discounts on phygital merch [physical merchandise paired with NFTs]
- participate in no-loss lotteries [via pooltogether]
MORE EARNING, UTILIZING, YIELDING, ETC. STRATEGIES TO BE ANNOUNCED SOON. For now, come hang out with us, learn from some real NFT experts (as opposed to the blind leading the blind [in most cases, we know of the exceptions] all over Facebook and Clubhouse, and tell your friends with diamond hands that it could be a good idea to getNFT.
As before, $gNFT is a method of community governance, a way to reward the community and contributors of NFThub, and redeem for products/services/benefits within the NFThub ecosystem. It holds no monetary promise and the value beyond our offered redemption rewards are based entirely on the willingness of third parties to accept and recognize that value in exchange for their time/services/products. $gNFT is not a promise of revenue share, a representation of equity, or an investment vehicle. As with any other crypocurrency project or digital asset, do your own research and understand the risks involved when making any decisions. The team behind NFThub are collectors, creators, and enthusiasts; we are not liable for your financial decisions, nor are any of us financial, legal, or investment advisors.
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