The new article on DUST token gives a rundown of all the information that Flovatar NFT holders need to know about the distribution, the rewards, utility, incentives, and more.
May, 2022—There are few projects in the NFT space with as passionate a following as Flovatar on the Flow blockchain. And the long-awaited information on the $DUST tokenomics has finally been released publically. The tokenomics and distribution mechanism for $DUST is very unique, and it is novel in the way it rewards Flovatar NFT holders over a period of 10 years. The $DUST allocation and distribution is important for their lofty goal of becoming the Lego + Disney in the Web3 space.
The Flovatar team has been building a whole framework where each new Flovatar story can live and be shaped with a very active role in a metaverse of sorts. This will be a fully immersive experience where there will be an opportunity to shape the direction of the narrative and build out a massive universe together. DUST token plays an important role in that NFT universe.
The main $DUST utilities and benefits offered to Flovatar NFT owners are:
- Naming the Flovatar
- Creating a bio for the Flovatar
- Flobits (Accessories) upgrade mechanism
- Flovatar 3D upgrade mechanism (AR experiences coming soon with interactivity)
- Special swag purchases
- Participation in the Ultimate 1/1 Flobit auction
- Metaverse/gaming unique unlocks and participation opportunities
- DAO voting participation
- Minting brand new NFTs for future series
After $DUST is released, new Flovatar series minted will burn $DUST directly, without Spark or Boosters, with the cost varying depending on rarity. Also, for community members who believe in the long term vision of Flovatar, they can lock up their $DUST from 1 week to 3 yrs, receiving a reward multiplier proportional to their length. Locking $DUST will mint a Frozen $DUST NFT that can be traded on marketplaces or used as collateral.
The new $DUST NFT Builder coming soon will be a core part of the project because it allows $DUST owners to choose from a wide range of possibilities for their next NFT. The new NFT could be a dog, a cat, an alien, or even products like a car or house!
One unique reward for Flovatar NFT owners will be the daily $DUST token reward sent over to every holder. If you own a Flovatar series one, there will be a daily free $DUST airdrop. And further rewards can be received through frozen $DUST NFTs, which is similar to staking. There will be a special “$DUST Freezer” page where you can enter the amount of $DUST you want to “freeze” and for how long (1 week to 3 years).
The lock-up length will impact the multiplier of the reward you will receive, so the longer the period the larger the reward multiplier. In doing so, you will receive in exchange a brand new, freshly minted NFT that will represent the $DUST amount that you staked.
One unique value from this new integration is the ability to trade the NFT representing your locked asset freely on the Marketplace. For example, the Frozen NFT could be used on something like Flowty as collateral to obtain a loan in stablecoins, without having to give up on the locked $DUST tokens. This allows you to tap into liquidity without giving up locked $DUST.
The $DUST token is also deflationary, due to it being burned when users are using it for the token utilities. The more utilities built, the lower the total supply of $DUST over time.
In terms of supply, the total supply will be capped at 500M $DUST. 40% of the total $DUST will go to the community (the Flovatar owners), distributed over a period of 10 years on a daily basis. And 35% will be allocated to the Flovatar Treasury used to fund projects and future initiatives, including community grants. That makes a total of 75% of the total token supply used to the benefit of the community — very rare in the NFT space.
You can read more about the full $DUST tokenomics breakdown on their blog. You can also join their email list on their website to be notified of exclusive offers, events, and when $DUST is officially released in Q3 of 2022. You can also join the Flovatar discord community here.
Flovatar is a fully on-chain, composable NFT 2.0 with 1% lifetime royalty, full commercial rights, and a $DUST token (coming soon) currently operating on the Flow blockchain.
If you would like more information about Flovatar, potential partnership opportunities, or if you would like to do an interview with team Flovatar, please email Jason at [email protected].