Holders can stake FANX to accumulate platform points, these points give premium access to the platform including VIP content, as well as discounts on videos, NFTs, and creator coins purchases. One point is earned for staking one FANX token per day. Points are lost once the user unstakes their FANX tokens unless the user locks their points and pays a 5% fee which is broken down below: 1. 2.5% goes to the company wallet 2. 1.25% is burned 3. 1.25% is allocated for reward
Users are allowed to add more tokens to stake in order to earn more points at any time. Points will give the following benefits to users:
1. Discount on purchases made using $ETH. FANX Discount Eligibility:
To be eligible for platform-wide discounts users will need to hold FANX tokens on the FrontFanz platform. A user has to achieve a minimum points count to get certain discount levels and in order to maintain that level users will have to pay a 5% fee equivalent to the number of tokens held upon securing their membership level.
The points are calculated every day. Below are a couple of examples of stacking: а) A wallet that holds 100,000 tokens for 12 days = 1,200,000 points. Then it increases to 130,000 tokens for 5 days = 650,000 + 1,200,000 = 1,850,000. Now if that wallet goes below 130,000 tokens it would lose its points. So if the user wants to lock their original points they would have to pay 5% from 130,000 which equates to 6500 tokens. b) A wallet that holds 1,000,000 tokens for 12 days = 12,000,000 points, and then the user decides to lock their points and they must pay 5% from 1,000,000 = 50,000.
After locking the points, the user can reap the discount corresponding to their score which in the platform is governed by the membership level for as long as they continue to use the platform.
2. In addition to earning discounts on in-platform features, users will earn raffle tickets for FrontFanz live events based on how many points they hold. Live events will include • The FrontFanz official launch party. • FrontFanz official photoshoots. • Community gatherings and meet-ups. • Themed parties (Halloween, Christmas, and other holidays and special celebrations). Tickets to each event will be randomly given to the community via a raffle. Raffle entries can be purchased with FANX or redeemed with your platform points.
3. To access premium creator content- creators will allow people with a certain amount of points to access their exclusive content catalogue.
4. According to the point amount a user has, users, will be airdropped platform giveaways including FANX tokens and platform and creator NFTs. These NFTs will be exclusive 1-on-1 photos that the creator made just for the holder of the points, bringing the fan and creator experience to a new level.
There are two kinds of NFTs that FANX holders can access; creator NFTs and platform NFTs. Creator NFTs give the holder premium access to their favourite creators: 1. Discounts to creator content 2. Private Messaging 3. Access to ‘tagged’ content.
Creators will be able to tag their content with a topic that corresponds to the tag on a creator NFT. Only users who hold an NFT with the corresponding tag can access this content. For example, our lifestyle creators can use the hashtag ‘Christmas’ when sharing Christmas content. This content would only be available to the NFT holders with an NFT that includes the Christmas tag.
Platform NFTs unlock extra features on the FrontFanz platform including: 1. Discounts on the platform and/or creator content (including NFT, merchandise, subscriptions, and live events). 2. Profile skin (adds background / different fonts/colours to your page) 3. Chat skin (styles your chat messages in different fonts and icons) 4. Other options will be introduced in the future as the platform evolves.
NFT MECHANICS NFTs can only be purchased with FANX tokens 1. 70% goes to the creator 2. 25% goes to the company 3. 2.5% burned 4. 2.5% goes to rewards
In addition to using your points, you can lock your FANX tokens to get raffle entries for the chance to win an entry into live FrontFanz events, meet-ups, and parties. Users can lock their FANX to get event tickets and raffle for tickets. After the event, tokens are unlocked and the user is able to claim them back. All tickets/raffles are distributed as NFTs so users can claim multiple amounts of them and sell extra ones on any NFT marketplace, FANX are refunded to the buyer, not to the NFT holder
FANX can be used in the marketplace to purchase physical and digital goods. The marketplace will feature creator merchandise, as well as the creator's digital collectables and NFTs. FANX spent on the marketplace is broken down as follows: 1. 70% goes to the seller 2. 25% goes to the company 3. 2.5% burned 4. 2.5% goes to rewards
Each creator will have the ability to mint their own coin. This asset is based on their popularity on and off the FrontFanz platform. With this, people can trade the social status of each entertainer and go long on emerging content creators. Creator popularity can go up and down based on how active they are both within the FrontFanz platform and across the social media landscape. Creator Coin Utility: Creator coins give users the ability to back emerging creators and buy their coins as they reach mainstream popularity; thus raising the coin price of that creator. When fans hold creator coins, they get access to several exclusive perks including: 1. Allow to send premium direct messages; unlike regular direct messages, these go in a separate inbox that the creator can more easily track and respond to. 2. Reading and writing comments on the private chat board. 3. Creators can create their own creator tiers to give different levels of access to each tier. Creators can include whatever premium features they want in these tiers including exclusive content, 1-of-1 NFTs, free merchandise, and more.
1. To mint NFTs the creator must pay 10,000 FANX (as an application fee) and apply for NFT minting. I. If the application is rejected 9,000 FANX are returned back to the creator. II. If the application is accepted then the creator is invited to the whitelist to participate in the mint. III. The 10,000 FANX application fee is used to cover NFT minting, photoshoots, marketing & promotion, and other related expenses.
2. To mint your own creator coins there is a 5,000 FANX fee. Creator gets 10,000,000 coins which can be traded on the FrontFanz marketplace. The fee breakdown is below: a. 70% goes to the company b. 15% burned c. 15% goes to rewards
Prices for NFT and coin minting will change to reflect market conditions. As the FANX token will get more expensive, the fee will be reduced but the proportions will remain the same.
Once the platform has a critical mass of users, and multiple tier-1 exchanges to provide necessary liquidity, we will make FANX the default platform currency.FANX Tokens (the “Tokens”) are a payment token and are being used as a settlement currency on the FrontFanz Platform. They have been issued by Growthimpact Limited, (the “Issuer”), a company incorporated under the laws of the British Virgin Islands, with registered offices at 2nd Floor, Ellen L. Skelton Building, Fishers Lane, Road Town, VG 1110.