What is NFTB?
NFTB is the native token of a community-owned NFT (non-fungible token) marketplace that goes by the same name. The platform is built on the Binance Smart Chain. If you want to see the live NFTB price, take a look at the NFTb price chart featured above.
The NFTb crypto project was created to benefit both – creators and collectors. Creators get a space to upload their works and earn income, while collectors have a platform where they can find high-quality NFTs. To ensure that quality, NFT developers are required to undergo a verification process in order to become NFTb creators. Besides, creators receive royalties from the resales of their works. They can then keep their earnings or donate a portion to various charities.
Lastly, note that the files of newly minted NFTs on the platform are stored on the InterPlanetary File System (IPFS). It is a distributed file storage system that ensures the safety and longevity of stored files.
In the future, NFTb aims to become a platform for cross-chain NFT trading.
Who Founded NFTb?
NFTb was founded by an entrepreneur from Ukraine, Olexiy Federov, as a platform that makes it easier for creators and NFT projects to find early support for their work, as well as give users the ability to make multi-chain DeFi transactions. The NFTb crypto project participates in the Binance Accelerator Program. Besides, it’s backed by major investors like Spark Digital, RareStone Capital, and others.
Olexiy Federov has a degree in automated electromechanical systems. In the past, he worked as a designer at Creative Studios and Evolution media, a marketing director at TelePark, and a publisher at Na chasi. Besides, he is the founder of BUIDL.agency and deco.agency.
Use Cases of NFTB Tokens
Primarily, NFTB tokens are rewarded to creators and users for their activities on the platform. Talking about creators, there is a special Creators Fund that is used to reward them for adding new NFTs to the platform. Active users, on the other hand, are rewarded with NFTB coins for buying and selling NFTs.
Besides that, NFTB holders get voting rights that allow them to vote on future upgrades of the NFTb crypto project. Thus, this makes NFTB the governance token of the platform. Additionally, NFTB tokens also provide users with discounts on transaction fees within the platform.
Tokenomics of NFTB
The max supply of NFTB coins is 1 billion. 120 million of the total supply was dedicated to the team while 450 million was set aside for creator and collector rewards. The remaining portion was distributed between strategic contributors and the foundation, as well as sold during an IDO.
In order to prevent investors and team members from selling off large quantities of NFTB tokens, NFTb employs token vesting. This means that a chunk of NFTB tokens dedicated to the team is locked away and released daily in small portions. This also helps to keep the NFTB price from going down quickly. Besides that, to maintain the stability of the NFTB price, the project plans to burn 25% of the ecosystem fund and mining rewards over 20 years.
