NFT marketplace is launched with hundreds of thousands of users and artwork
- Stellar Lumens’ NFT Marketplace (Fun&Games NFT Club) is now live.
- Stellar sold 16,500 digital collectibles, a record for any digital collectible listing.
In a recent tweet, the blockchain-based distributed ledger network, Stellar Lumens, gave highlights regarding the launch of its NFT marketplace, the Fun&Games NFT Club. Stellar revealed that the plan to launch this NFT marketplace has been in the works for more than 12 months. In a Twitter post held last Wednesday, the Stellar team revealed how things would work after the launch of the NFT marketplace and token sale.
This is a big day for @FunAndGamesNFT Club!
🎪Token sale ends
🎪Repurchase starts
🎪1 #NFT wheel spin
🎪Reward token launch
🎪Logo competition announced
🎪 Next week’s artist intro#Star $XLM @ReachROCKIN @RenegadeJpg
Set a reminder for my upcoming room!— Lumenator.XLM (@LumenatorJack) 21 September 2022
One of the things that was discussed during the space was buybacks. Buybacks have already occurred, with Stellar selling 16,500 tokens and generating 16,500 XLM. XLM supports every token in circulation. Token holders can exchange their tokens for 1.03 XLM tokens. This is important because it proves that the Stellar team was able to build a system that showed added value, especially on launch day.
The Stellar team and community would decide whether to reduce the token’s total circulating supply and put the withdrawn tokens into YXLM or passive safe income. Currently, 1/6 of the total circulating supply is placed on buyback. Over 2,750 XLMs are available to redeem at least 2,750 member tokens.
Thus, the team can increase buybacks by 1 percent for every 165 XLM it generates from passive income. The Stellar team also announced the deployment of the loyalty reward token. The NFT Club highlights what Stellar has to offer. The buybacks are how members can access the shares, while the financing money is the loyalty reward program. The team then uses XLM as a tool to measure performance. During the gaps, the team introduced a new artist to the platform this week.
What is important to know about the Fun&Games NFT marketplace
Stellar lumens’ Fun&Games is a community of developers, artists and collectors on the Stellar network. It is the result of friendships, relationships and a common goal to highlight and promote Stellar NFTs and its wider ecosystem. The NFT club operates a community wallet and a shared Litemint account.
It helps artists come together to achieve goals they would not be able to achieve individually. One of the club’s main goals is to enable artists and collectors to benefit from access to quality tools for their NFTs. Stellar will work 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/reward symbol for the NFT Club. Interested individuals can own this token by purchasing NFTs from the club’s featured artists and club members. The NFT Club also revealed that the token is 100 percent backed by XLM on a 1:1 basis. During the tweets, the team revealed that they have put in place reserves and liquidity pools to ensure that holders of NFT tokens are treated fairly.
