New season, new goals to be reached! We’re heading into our series of IDOs this month of October and everyone at Fragmint is ready to reach and mark new milestones for our $FRAG token.
$FRAG is the backbone of our platform so how about we get you up to speed on how you can use it to generate value?
Are you in? Here we go!
Fragmint is the world’s first NFТ platform for modular art and formable DAOs. By being a part of the pioneer of the Events & Entertainment industry Evedo, we are thrilled to continuously push to new levels and expand the ecosystem, this time providing a unique way of conceptualizing, minting, and auctioning NFTs.
Thanks to our $FRAG token the Fragmint platform opens numerous opportunities and benefits.
The $FRAG token
The $FRAG token is the main value-driving mechanism of Fragmint. But it is much more than a native token – it is a deflationary tool that provides great utility for both artists and collectors, such as:
- Better Staking Returns
- Special NFT Drop Voting Rights
- Access to DAOs and Governance
- Higher Royalties for Artists
Being deflationary means that the token supply reduces over time. Each time you vote will cost you a certain amount of $FRAGs. To keep the deflationary nature of the token half of the costs will be burned and the other half will go to the “airdrop pool”. Owning $FRAG gives you the opportunity to make decisions about the future of the platform by expressing your opinion on available choices that concern the development of the platform, as well as on upcoming auctions.
Initially, $FRAG will not be required for bidding on NFTs, but owning it will empower users to benefit from platform operations.
Another purpose of the token is to allow for participants to vote within DAOs on matters such as selling a part of the art (a fragmint) on secondary markets, moving the NFT art, etc. Based on their % involvement in the art, much like actual equity in a company, participants will be able to determine the future of their NFT holdings and grow in value.
$FRAG: Token allocation
Being determined to provide a better economic model the $FRAG token has a total supply of 990 000 0000 tokens. 30% of them will be used for community, airdrops, and marketing while 21.75% are planned for sale.
Here is a diagram with more in-depth information about token allocation.
Additionally, $FRAG has value-generated mechanisms and functionalities including
- Burning upon DAO creation
- Staking for DAO treasury
- Purchasing participation % in DAOs
- DAOs ratings – voting power will be estimated in $FRAG Tokens (according to the value of the NFTs/$FRAG Tokens held)
- 1% of any future sale of Fragminted NFTs goes to the development pool and is used to cover expenses for the platform development and maintenance
$FRAG: User Levels
There are a few tiers of users depending on the number of tokens owned – General Users, Power Users, and Super Power Users. They all have varying bidding and voting rights.
- General users are users with up to 10,000 $FRAG tokens. These are the ones that have joined recently and have low to medium usage. They will be onboarded and shown the full capabilities of the platform in order to incentivize their usage right from the start. They are able to bid on the NFT auctions and receive 100 $FRAGS airdropped each time they participate successfully.
- Power users are people holding up to 10,000+ $FRAG tokens. This is the next step in the platform hierarchy. Based on their involvement, Power Users will be able to vote for the selection of the upcoming modular arts, earn returns, receive bonus NFTs, and more.
- Super Power Users are the most capable users on the Fragmint platform. To become part of this tribe you should hold up to 100,000+ tokens. Super Power Users possess all privileges of Power Users but can also be an active part in proposing new drops and art options for auctioning.
What comes next?
October will be a pretty exciting month with many public sales IDOs on a roll.
Fragmint’s calendar is full of great upcoming launchpad partnerships that will help us expand our meta-vision and keep developing and adding great value-generating mechanisms for our community artists and collectors!
Find Fragmint on social media and keep track of the latest updates on the project.