MFG Tokenomics Upgrade
NFT Marketplace MFG Tokenomics Update | Smart MFG
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As we get closer to the official beta launch of our NFT Marketplace, we are excited to share our updated tokenomics roadmap.
The original planning and design of our marketplace began in early to mid 2021, which included some basic conceptual planning around the core features and role of the MFG token for services such as minting, payments, transaction fees, royalties, etc. As development and partnership opportunities have progressed over the last several months, our vision of the marketplace evolved into a more agnostic, feature rich design while adding value for ALL (instead of specific) participants in our ecosystem whether it’s the token holders, marketplace users, partners, and liquidity providers (LPs).
Our core marketplace objectives are as follows:
- Providing a stable & secure marketplace with a seamless & user-friendly interface
- Being the leading marketplace catered to 3D NFT creators
- Being the leading marketplace for interoperable 3D NFTs for metaverses
- Flexible minting & payment options
- Reducing cost overheads for users compared to competing platforms
- L2 scaling option(s) for speed and lower fees
- Minimizing friction by eliminating strict token requirements when using our marketplace services
- Fiat onramp option(s)
- Flexible tokenomics to help promote & build integration partnerships
- Fostering strong partnerships with creators, designers, modelers & other projects
- Growing liquidity across our supported DEX/AMM platforms
- Creating additional reward incentives for our LPs
Below are the key updates for our new tokenomics design for the NFT marketplace:
- Sustainable Marketplace — Ensuring sufficient revenue is allocated for future marketing, business development & software development for the marketplace
- Free Minting for MFG Holders — Marketplace will offer free, unlimited mints (excluding gas) for users holding a minimum of 25,000 MFG in their registered wallet. MFG requirement may be reviewed & adjusted periodically to account for price variances.
- Liquidity Growth — 40% of the token revenue from the marketplace will be converted to any required token (e.g. ETH, USDC, etc) & added to our nominated liquidity pool(s) quarterly
- MFG Buybacks & Additional LP Rewards — 10% of the token revenue from the marketplace will be used to exchange for MFG quarterly. All newly acquired MFG will be used as additional rewards for the next LP campaign(s).
- Flexible Payment Options — As part of our flexible approach, the marketplace will support a variety of options for minting and payments. Our fees will not only be competitive (better in most cases) compared to other platforms but will also offer even lower fees for MFG-based payments. In addition, multi-token support for our marketplace will allow Smart MFG to explore new integration and liquidity partnerships with other projects in the future.
- L2 Solutions — Ethereum is still by far the most widely used chain for NFTs; however, we have seen a growing demand for L2 solutions for their speed and cheaper fees. Our long-term roadmap for the marketplace will support (One L2 supported for beta launch) a variety of the most widely used L2 solutions. We are also planning on supporting a variety of tokens for payments across these L2 solutions.
FORWARD LOOKING IDEAS
We are also continuing to explore the following forward-looking ideas/concepts:
- Price Feed Oracles — Integration of price feed oracles to help eliminate any reliability issues which may occur using centralized data sources across our inhouse products
- Deflationary Mechanics — Exploring burns for a percentage of the MFG-based token revenue from the marketplace
- Decentralised Community & Governance — Exploring community-led governance models for all products & services
JOIN THE COMMUNITY!
We welcome you to join the conversation and help the Smart MFG community decentralization push. This includes participating in discussions, and finding creative ways to improve community and network performance.
Let’s move forward together. The success of Smart MFG is in our hands!
Contribute to the Community Decentralization Drive https://smartmfg.io/community/
Interested in joining our team? Learn more! https://smartmfg.io/team/
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