ClubRare Metaverse: EMPT Token Introduction
EMPT is a utility token commonly used at ClubRare’s Metaverse.
SHOWCASE FOR THE PHYSICAL NFT: Users can display their physical NFTs in their showcase and also convert the physical products they own into NFTs and display them in their personal Metaverse showcase. The users can create their own customized showcases by decorating them with various physical NFTs and interior elements.
GUILD: It is a group for collectors who are interested in UNIQUE items. In the guild, collectors can interact with each other, share their tastes, and display guild-exclusive physical NFTs. Sometimes, NFTs that can only be obtained at the guild are dropped. Through regular Guild Battles, the winners can earn EMPT.
QUEST/BATTLE/CONTEST: Quests, Battles, and Contests will be held on either a regular or occasional basis. Participants can show their physical NFTs and boast their personal tastes to the world. The participants can earn EMPT once they satisfy the required condition. However, they may have to use EMPT in a special quest.
Examples of EMPT Issuance and Burning
AGOV’s token economy has a structure of which EMTP burning continues. Moreover, AGOV encourages the value of itself to rise in order to maximize the EMPT reward. Lazy Leo owners can get extra rewards.
Burning: EMPT tokens are used in most of the activities within the Metaverse service, such as decorating a showcase and an avatar or renting an item, and at this time, the tokens used are burned immediately.
Issuance: EMPT airdrops are made within the allocation of 5 billion out of the initial issuance of 10 billion EMPTs. Once the amount runs out, additional EMPTs will be minted to the initial issuance of 10 billion EMPTs.
Issuance factors: Rewards for all kinds of activities, such as participating as a judge for a Metaverse battle, winning at an individual/group battle, and completing quests, are made with EMPT tokens.
Differences from Axie Infinity: As SLP coins are only used when purchasing or breeding Axies, the value of the token is closely related to the value of Axie. However, EMPT is used not only for purchasing/combining/breeding Lazy Leos but also for various activities within the service, thereby having a token economy that also pursues the stable value of the coin.
1. Community Mining: 35%
- It can be used for Staking, Liquidity mining, and other activities. The allocations will be used when expanding to various mainnets in the future.
2. Platform Activity Mining: 50%
- The allocation is for F2E (Favorite to Earn) based reward, a reward for activity within the Metaverse service. The Closed Alpha version of the Metaverse service is aiming to be released in 2022, and the official version is to be released in 2023. The allocation can be partially used as a reward for activity in ClubRare, but most of the allocations will be used at the Metaverse service. After using all of the allocations on the Metaverse platform, additional EMPTs will be automatically issued through Smart Contract, according to the Metaverse service being used. However, EMPT aims for an F2E economic model that can burn more tokens when the activities within the service increase.
3. DEV FUND: 15%
- DEV FUND is up to 15% of the total issued quantity (10 billion). There will be no additional DEV FUND allocation for the additional EMPTs issued after the official release.
4. Minting Amount: 10 billion EMPTs
- 10 billion EMPTs are pre-minted, and the burning and issuance of the coin will be decided automatically according to the Metaverse service being used. The coins are burned through usage rate and item purchases and are issued as rewards for participating in activities. In other words, all EMPTs issued after the official release will have the automatic structure of burned through usage rate and item purchases and issued through participating in activities.