The blockchain-based distributed ledger network Stellar Lumens recently tweeted about the highlights of the debut of its NFT market, Fun&Games NFT club.
The launch of this NFT marketplace has been in the works for more than a year, according to Stellar.
The Stellar team explained how things would function after the NFT marketplace launches and token sales end in a Twitter space they hosted last Wednesday.
Buybacks were one of the topics that came up during the discussion. Buybacks have already taken place, with Stellar generating 16,500 XLM by selling 16,500 tokens. Each active token is backed by XLM. Token owners have the option of exchanging their tokens for 1.03 XLM tokens. This is crucial because it demonstrates that the Stellar team was successful in developing a system that offered added value, especially on launch day.
Whether to lower the total amount of tokens in circulation and place the withdrawn tokens in YXLM or passive safe investment would be decided by the Stellar team and community. Currently, buybacks account for 1/6 of the overall circulating supply. To buy back at least 2,750 member tokens, there are more than 2,750 XLMs available.
As a result, the team can raise 1 XLM in buybacks for every 165 it receives from passive income. The deployment of the Stellar team’s loyalty rewards token was also disclosed. The NFT club showcases Stellar’s advantages. Members can access shares through buybacks, whereas the funding money is the loyalty reward system. The team then uses XLM as a tool to gauge its success. The team introduced a brand-new artist during the spaces who will be featured on the platform this week.
What you should know about the Fun&Games NFT market
On the Stellar network, there is a group of programmers, creators, and collectors called Fun&Games. It is the result of relationships, friendships, and a shared desire to raise awareness of Stellar NFTs and its larger ecosystem. Both a community wallet and a community Litemint account are run by the NFT club.
It enables artists to collaborate in order to accomplish goals that they otherwise wouldn’t be able to. Making it possible for artists and collectors to gain access to high-quality utilities for their NFTs is one of the club’s main goals. Stellar will collaborate with developers to create unique, dynamic NFTs. It can thus fully benefit from upcoming smart contracts.
Stellar claims that Fun&Games will concentrate on deflationary tokenomics and the creation of a reliable store of wealth. The utility/rewards token for the NFT club has been revealed as “Funny Munny” by the Fun&Games NFT club. By purchasing NFTs from the club’s featured artists and other club members, interested parties can acquire this token. The NFT club also revealed that the token is backed 1:1 by XLM at 100%. The team disclosed during the twitter spaces that it has established liquidity pools and reserves to guarantee that owners of NFT tokens are treated fairly.