AFEN NEWSLETTER: AFEN TOKEN BURN, NFT STAKING AND A NEW WEBSITE LAUNCH.

4 min readAug 26, 2021

The hype and excitement is still much in the air with the launch of afenmarketplace.com . As expected, the community received the launch of the first product in the AFEN ecosystem with warmth and delight. Activities kicked off immediately with so many artists and partners selling out NFTs hours after release.

While the euphoria stays, the AFEN has made sure to inform the community of a new direction in the scheme of things post product launch. This was themed as AFEN 2.0. Click the link to read extensively on AFEN 2.0.

The next paragraphs details the actionable steps AFEN has taken following the announcements as well as other important news for the community.

DETAILS ON DEVELOPMENT ADDITIONS:

Phase 2 development of afenmarketplace.com entails additional features such as a collection feature to better curate arts, filters, government listing, and other features.

STAKE AFROXNFT. TO EARN MULTIPLE TOKEN REWARDS:

The AFEN NFT marketplace launched alongside an Afro NFT project known as AFROXNFT. The project team is working to introduce a stake and earn reward structure for AFROXNFT holders. Holders of the first batch of AFROXNFT will receive multiple token rewards from AFEN partners through staking AFROXNFT. While waiting for the integration of a staking platform to the marketplace, AFEN will leverage partnerships to offer staking pools to the community of AFROXNFT holders. According to the AFEN team, this activity will increase cross-community partnerships, result in more AFEN holders, increase transaction volume on the marketplace, and fund the buyback of AFEN tokens to be burnt at the end of each month.

A clear illustration of how this works:

Visit afenmarketplace.com — — — > buy AFROXNFT — — — ->Stake AFROXNFT on third party staking platform — — — -> Earn Token A, B or C — — — -> Transaction increase on afenmarketplace.com — — — — > 7.5% used to buyback AFEN tokens monthly — — — -> Burn🔥

AFEN INTRODUCES BUYBACK AND BURN ROUTINE:

Just as we mentioned above, in order to reduce the amount of $AFEN in circulation, so as to stabilise the AFEN token, reduce volatility and ensure an incremental growth of the token, for the benefit of the community, ecosystem and those who will be staking NFTs to earn AFEN, AFEN tokens will be bought back using 7.5% of total monthly revenue from marketplace and will be burnt.

This will continue over a considerably significant period of time to ensure an uptrend of the AFEN token, while other measures as mentioned in AFEN 2.0 will be put into action. The buyback and burn initiative will occur on a monthly basis at the end of each month.

CONSERVATIONFT SECURES AND LOCKS 1% OF CIRCULATING $AFEN SUPPLY:

Stabilizing the AFEN ecosystem is of paramount importance at this point in time to the AFEN team for the benefit of the community. To do this, the AFEN team has brokered a contractual agreement with NFT project partners ConservatioNFT as well as NFT staking platform, NFTy labs, both partners with AFEN blockchain. This agreement will see ConservatioNFT lock 1% of the circulating supply to reward holders of turtle NFTs found on afenmarketplace.com.

Lastly, the AFEN team is working to deliver a new website with a recent and more organised activity roadmap that best describes the AFEN ecosystem at the moment. The website will be launched in no time.