The NFTNARA token is the key currency of the NFTNARA ecosystem and is used for NFT creation, payment, ownership, distribution, compensation, Defi, curation, staking (deposit), and custody (custody). NFTNARA tokens are issued and circulated to solve the tasks adopted by NFTNARA and achieve the goals oriented towards it; they are determined by the token's intrinsic value, transaction value, circulation, consumption, etc., and designed to eventually reach a certain number, maintaining the value. All participants in the marketplace will be able to own the NFTNARA token, and as the key currency, the circulation and trading volume will be optimized so that their intrinsic value can be continuously increased or maintained. Tokens are paid to creators, buyers, sponsors, and participants every time an NFT is issued and traded, or a promised action occurs. The payout rate is calculated according to variables such as valuation for each NFT project and product, contributions of helpers and participants, NFT asset staking pie, trading volume demand, market circulation, and token price.
A Token Economy is a decentralized autonomous economic ecosystem in a virtuous cycle that is being developed and expanded through governance that induces user participation through rewards, provides services, creates profits by using tokens (coins), cryptocurrencies used in blockchain, and distributes the created profits according to the contribution.
The following participants may exist in the NFTNARA Token Economy.
First, there is the ‘sponsor fandom’ that participates in the initial mining by agreeing with the task resolution, goals, and vision that NFTNARA is aiming for. The sponsor fandom is rewarded according to the proof of participation (POP). Second, the NFTNARA Foundation is a member group that initiates and coordinates the platform and consists of planning, business, operation, design, technology, and advisory experts. Third, there are creators who directly create NFTs and NFT project teams that specialize in creation (creative labs). Fourth, there is the NFTNARA Marketplace, which is a market where NFTs are actually bought and sold. Fifth, there are S2E (social media to earn) sponsors who advertise the NFTs uploaded to NFTNARA on social media and contribute to the promotion and advertising of the NFTNARA platform, creators, and NFT works through subscribing to creators, likes for works, sharing on social media sharing, and comments. Fifth, there are users (collectors) who actually purchase NFTs in the NFTNARA marketplace and either own or put their NFTs for sale on the market. Sixth, there are brand sponsors who create secondary to nth works using the NFT and perform performances and productions through neighboring copyrights if the copyright of the NFT purchased by the user is permitted by the creator.
Different participants exist together in a fair ecosystem where they voluntarily provide their own resources, and services and receive compensation or pay fees for using resources.
They participate in the platform ecosystem indirectly by staking tokens on the NFTNARA platform foundation network and receiving NARA tokens as a reward. Anyone who agrees with the vision and goals of NFTNARA can contribute to network expansion and strengthening and receive rewards by staking tokens (NARA, BNARA, BTC, ETH, USDT, etc.). Staked tokens can be used as leverage and reserve for the success of the overall project, such as project execution, token price stabilization, token burning, and project investment
The foundation aims to build an autonomous community so that various NFT creators, entire ecosystem participants, and members can be compensated and benefited from the fair token economy, the core of the blockchain economy to improve the negative effects caused by the oligopoly of the current platforms and performs overall business execution, technology implementation, advisory group operation, the establishment of operating regulations, collecting opinions of participants, and token issuance and management.
NFT creators such as digital and physical artists primarily create content for NFT online and offline and provide it to the NFTNARA platform. Individuals who create NFT items through VR, AR, XR, and MR games, or metaverse activities also fall into this category. NFT project groups include NFT creator groups or organizations and companies for the purpose of professional NFT planning, management, and investment. When users purchase uploaded NFTs, creators are rewarded accordingly, and they pay a portion of the rewards as platform fees. The fee is a consideration for the trading system, storage space, and support service provided by the platform to the creator and may be charged differentially according to the size of the content, category, and payment rules. We keep fees to a minimum by enabling a token economy.
The NFT uploaded to the marketplace will be expanded and known to the community inside and outside the network through the active viral and word of mouth of S2E sponsors, and if such promotion leads to an NFT purchase, sponsors will be rewarded with tokens as a reward. In addition, from S2E participation activities, they will be evaluated by community members in the form of ‘likes’ and ‘dislikes’ to receive S2E sponsor ratings, and they can receive differential rewards according to the accumulated rating results and S2E sponsor evaluation ratings.
It is a global market where NFTs are bought and sold, and NFTs uploaded by creators from all over the world are categorized and displayed in various categories, and everyone can easily search for NFTs using the robust search function and check the detailed history of each work. Transaction history, total transaction amount, price trend, and owner and creator information are disclosed, and when a transaction occurs, payment and settlement of fees are carried out in a smart contract. Trading is linked with the token economy, and tokens given as rewards are allocated for each transaction. In addition, if royalties (including copyright fees) are set by the creator of an NFT, it is automatically paid to the creator when a transaction occurs. If the price of the NFT is high or if necessary for marketing purposes, we also support the sale and trade of NFTs in pieces, and the NFT Defi service is also available.