Newsroom: AFEN Development Update (Community) — June
April left a lot of “ah” and “ouch” moments in its passing wake, both for us at AFEN Group and the crypto space in general. For one, the bearish crypto market, prompted further by the crash of the Terra ecosystem, did crypto investors dirty as thousands lost millions of dollars in less than 72 hours.
On the positive side, things have been pretty moderate at AFEN. We have made steady progress in product development and project marketing, following our 2022 roadmap, since our last development update. Here’s a roundup of what has gone down.
- Development update on NftyTribe
- Preparation for BETA launch
- NftyTribe tokenomics and how it impacts $AFEN token
NftyTribe Activation in Progress:
- Summary of ecosystem partnerships (ongoing)
- NftyTribe launch partnerships
- NftyTribe Ethereum onboarding Series
- More partnerships
Let’s dive in.
Development update on NftyTribe
Revamping our old NFT marketplace to NftyTribe has been short exciting and challenging. Currently, we are 90% done building the NftyTribe website and are now actively onboarding launch partners.
Staying true to the promised multi-chain nature of NftyTribe, we built on the Ethereum network, Skale, and Binance Smart Chain. We also added a ‘Digital Twin’ feature which essentially allows a user to tie physical items to NFTs (either as a digital twin or a souvenir) and sell them on NftyTribe.
Preparations for NftyTribe BETA launch
With NftyTribe almost complete, we are preparing to launch a BETA version to allow BETA testers experience the platform before going LIVE with the real thing. This is to help us identify UX flaws in design and eliminate them, ensuring we roll out an NFT marketplace of the highest quality.
To support the BETA launch, we’ve made demo previews of NftyTribe to certain launch partners. Some of these partners bring a wealth of experience from using other NFT platforms and will provide us with invaluable insights to make NftyTribe even better. The demo previews also serve as an ‘appetizer’ to get launch partners excited about launching on NftyTribe.
Speaking of launch partners, we are excited to announce the activation of two launch partners on NftyTribe: Paladin Pandas and LocoMeta. Our marketing team is currently in talks to onboard more launch partners in the coming weeks. To accelerate this process, we released a launch partner landing page where interested NFT collections can apply to become NfyTribe launch partners.
Furthermore, we have partnered with Calypso NFT Hub, an NFT builder community on the Skale network. We would be creating more symbiotic partnerships for strategic growth.
NftyTribe tokenomics and how it impacts $AFEN token
One big question running through the mind of many community members is how NftyTribe tokenomics will support the $AFEN token ecosystem. Well, let’s clarify that, shall we?
All incentives and rewards accrued to NftyTribe users will not be paid in $AFEN. Instead, incentives will be made in stable tokens or in native tokens such as Binance coin (BNB), Ether (ETH), or SKALE. By doing so, we are avoiding a dump of the AFEN token while retaining its value. Once we launch in June, we strongly believe more people will purchase $AFEN. This should naturally increase trading activity as well as significantly boost the value of $AFEN.
But, that’s not all we’ll be doing to strengthen $AFEN’s value. We will have periodic buybacks and burn events in the coming months, shielded from public eyes. This is to avoid the negative price reactions to $AFEN following the manner in which we conducted the first buyback and burn. Don’t forget that we continue to set aside 5% of weekly trading fees in a wallet to facilitate further buybacks and burn events.
Other update | Multi-Signature
- To further boost $AFEN, we have successfully locked some team tokens (that has been a concern for community members of late) and have gradually moved team tokens from the unlocked wallets to a multi-sig contact wallet, making use of the Gnosis platform. The wallets will have 5 signatories and will remain in contract for the time being.
Summary of ecosystem partnerships (ongoing)
As part of our plans for the utility of $AFEN and cross-platform partnerships, we partnered with Curate, a gasless, cross-chain NFT app. Here are details of this partnership
- Integration of $XCUR (Curate native token) on NftyTribe: This gives NftyTribe users the flexibility to trade items and earn rewards in $XCUR.
- Integration of $AFEN (AFEN Group native token) on Curate: Similarly, Curate app users now have the option to trade in $AFEN.
- Cross-platform NFT drops: Certain NFTs drops will feature both on NftyTribe and on Curate.
- Future staking collaborations
- And more
What’s in it for you?
- The extra utility trading activities from Curate will generate for $AFEN will boost the token value across chains
- Our communities also benefit from cross-platform airdrops
NftyTribe launch partnerships
As hinted above, we have secured two other partnerships to launch with NftyTribe: Paladins Pandas and LocoMeta, the latter being NftyTribe’s first launch partner.
LocoMeta is a blockchain-based business Metaverse game centered around NFTs, Staking, and Farming. Paladin Pandas, on the other hand, is a P2E game characterized by 10,000 distinctive black and white pandas and built on the Ethereum blockchain. Both projects will have their NFT collections integrated for trading on NftyTribe.
NftyTribe Ethereum onboarding Series
As part of our pre-launch marketing strategy for NftyTribe, we will be starting a pilot program on Twitter titled Ethereum Onboarding Series, or EOS for short. EOS will be an episodical program on Twitter where we host big names/voices in the NFT industry, celebrity star guests, and launch partners to drive conversations around NFTs and put NftyTribe on the map.
The program will be a combined effort of the NftyTribe team, communities that double as launch partners (including DAOs and platforms), celebrity guests, and influencers. Our
ultimate goal is to establish NftyTribe as an authority within the NFT space, pulling interest and traffic to the marketplace in the process.
We are constantly on the lookout for more collaborations that provide value to $AFEN token and, most importantly, value to our community.
With NftyTribe launch imminent, we are aggressively driving more NFTs projects to sign up as NftyTribe launch partners ahead of the official launch. We do this through internal outreaches, promoting our released landing page, and the new NftyTribe EOS program.
June marks the end of the first part of 2022 and the beginning of part 2. We cannot wait to share more exciting updates with the community. Sign up on our waitlists across different products (Metacitti, NftyTribe, and BloomONE), to receive direct development updates on our progress.
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