In a recent tweet, blockchain-based distributed ledger network, Stellar Lumens, provided highlights regarding the launch of its NFT marketplace, Fun&Games NFT club. Stellar revealed the plan to launch this NFT marketplace has been in the works for more than 12 months. In a Twitter space hosted last Wednesday, the Stellar team revealed how things would work following the NFT marketplace launch and token sales end.
This is a big day for @FunAndGamesNFT Club!
🎪Token Sale Ends
🎪1st #NFT wheel spin
🎪Rewards token launch
🎪Logo contest announced
🎪Next weeks artist intro#Stellar $XLM @ReachROCKIN @RenegadeJpg
Set a reminder for my upcoming Space! https://t.co/j645tUJeEI
— Lumenator.XLM (@LumenatorJack) September 21, 2022
One of what was discussed during the space was buybacks. Buybacks have already happened, with Stellar selling 16,500 tokens and generating 16,500 XLM. XLM backs each token in circulation. Holders of the tokens can swap their tokens for 1.03 XLM tokens. This is important because it proves that the Stellar team was able to build a system that demonstrated added value, particularly on launch day.
The Stellar team and community would decide on whether to reduce the tokens’ total circulating supply and put the withdrawn tokens in YXLM or passive safe income. Currently, 1/6 of the total circulating supply is placed on buybacks. Over 2,750 XLMs are available to buy back at least 2,750 member tokens.
Thus, the team can raise buybacks of 1 percent for every 165 XLM it generates from passive income. The Stellar team also announced the deployment of its loyalty rewards token. The NFT club highlights what Stellar has to offer. The buybacks are how members can access the shares, while the funding money is the loyalty reward program. Then, the team uses XLM as a tool to measure its achievements. During the spaces, the team introduced a new artist to feature on the platform this week.
Stellar lumens’ Fun&Games is a community of developers, artists, and collectors on the Stellar network. It results from friendships, relationships, and a common goal to highlight and promote Stellar NFTs and its broader ecosystem. The NFT club operates a community wallet and community Litemint account.
It helps artists come together to achieve goals they wouldn’t be able to achieve individually. One of the club’s primary objectives is to enable artists and collectors to benefit from access to quality utilities for their NFTs. Stellar will partner with developers to establish innovative and dynamic NFTs. Thus, it can take maximum advantage of upcoming smart contracts.
According to Stellar, Fun&Games’ focus will be on deflationary tokenomics and the generation of a legitimate store of value. Meanwhile, the Fun&Games NFT club has revealed “Funny Munny” as the utility/rewards token for the NFT club. Interested persons can own this token by buying NFTs from the club’s featured artists and club members. The NFT club also disclosed that the token is 100 percent backed by XLM on a 1:1 basis. During the twitter spaces, the team revealed that it has put in place reserves and liquidity pools to ensure holders of the NFT tokens are treated fairly.
Paul is a cryptocurrency enthusiast from Canada, and since 2021 he has been writing about cryptocurrency for online news portals. He writes mostly news-related articles. Stay tuned to his posts to stay up to date with the crypto world.
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