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NEFTY Token Brings Governance to NFT Marketplace on Wax

Posted by
Hristina Yordanova

NeftyBlocks adds staking and voting to the platform

NeftyBlocks, the second-largest marketplace on the Wax blockchain, has announced it will launch its native NEFTY token on August 31st. The community sale will allow investors and NFT collectors to get NEFTY tokens exclusively. After that, users who wish to mine tokens will have to buy or sell NFTs on the marketplace to do that. 

With the introduction of the native token, NeftyBlocks sets out on an ambitious journey to further its position as a top name for NFTs on the Wax blockchain. According to the official whitepaper, the NEFTY token is a key step in the marketplace’s general roadmap. It will allow the project to solidify its reach, attract new users, and possibly apply to become a WAX Guild of its own. 

One of the main goals of the marketplace is to become a complete ecosystem of services for NFT creators and not just a collection of handy tools. With the launch of the NEFTY token, NeftyBlocks takes the next big step in becoming an all-around NFT marketplace and creation platform. 

In order to further boost interest in the token, the platform has decided to introduce a limited edition Cross-collection NFT pack. It will be available only to people who hold a Nefty Pioneer Pass, and have also participated in the community sale of the NEFTY token.

NEFTY token utility and tokenomics

NeftyBlocks developers have an ambitious goal to make the platform into a next-generation marketplace. Introducing the NEFTY token is a big step towards achieving that goal.

According to the official documentation, NEFTY token holders will get the opportunity to stake their holdings. Staking is divided into three levels, depending on the amount of NEFTY locked. Level 1 requires 10,000 tokens, level 2 requires 25,000 tokens and level 3 – 45,000 NEFTY. Of course, each staking level comes with a variety of benefits for stakeholders. 

One of the more important functions the native token will bring to stakeholders is governance powers. Level two and three stakeholders will get the chance to participate in community votes regarding the platform’s future. It’s important to note that level 3 stakeholders’ vote has double the weight.

After the sale, token distribution will happen based on bought or sold NFTs. This is a distribution mechanic very similar to Rarible’s RARI token, which has brought that NFT marketplace great success. However, the downside was that it allegedly made users washtrade their assets, boosting their RARI earnings by selling items to themselves. We’ll see how NeftyBlocks will tackle this issue.

Extras

As part of the community sale, NeftyBlocks has decided to spice things up and add extras to the drop packs. NEFTY drop packs will come in three different levels, according to the amount of tokens the buyer wishes to purchase. 

All of these packs, however, will include a Betsy NFT artwork. Some of the packs will also contain extra NFTs, which can be exchanged for NEFTY tokens afterward. Some of these extra NFTs will be worth between 1,700 or 4,500 NEFTY tokens. There are also special NFTs including a Whale NFT and a Golden Betsy NFT. 

NeftyBlocks performance

As a relatively new project, NeftyBlocks has had a good run so far. According to DappRadar data, the marketplace has steadily increased the number of unique active users it has attracted since its launch. 

Since May, NeftyBlocks has also seen several spikes in the number of users and the volume going through the platform. This means that as an NFT marketplace, NeftyBlocks has managed to drop interesting collections and attract heaps of new users. 

With the launch of the NEFTY token, it wouldn’t be a surprise to see further boosts in activity on the platform. In the past 24 hours, NeftyBlocks saw unique active users on the platform jump more than 34%. Currently, only AtomicMarket has more users on the Wax blockchain. 

The recent push in activity might also have to do with the fact that the WAX token was officially listed on the Binance exchange. However, NFT artists and collectors are excited to see the NEFTY token drop live, as this will mark the beginning of the next phase of development for NeftyBlocks. 

DappRadar will continue monitoring NeftyBlock’s development, especially as the NEFTY token drops. Stay tuned!

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