The Official Token is central to the utility and incentivization structure of the OfficialNFT® platform.
3.2 $OFCL Token Utility
The underlying token of this ecosystem will be instrumental in the payment of transaction fees and adopted for platform fee discounts. It will be employed in distributing early adopter rewards and airdrops for use on the platform. $OFCL will be utilized to mint the NFTs that creators and brands are minting on the OfficialNFT® platform. The use cases of $OFCL will be discussed below.
Creators can only mint NFTs on the OfficialNFT® platform with $OFCL token.
Buyers can only purchase NFTs on the OfficialNFT® platform with $OFCL token.
Official customers will have exclusive access to physical products our brand produces and available for purchase with $OFCL exclusively.
$OFCL can also be exchanged for visibility, which translates into sponsored ads highlighting the NFTs the seller is offering or releasing on the marketplace.
At the Whitelabel phase of our NFT platform, minters will be required to use $OFCL when minting, selling, and buying with $OFCL. This expands the use and utility of $OFCL beyond our own marketplace and to Whitelabel solutions for other brands, artists, entities utilizing the OfficialNFT® platform.
Owning a certain amount of OFCL tokens ensures eligibility for NFT discounts.
Discounts will save the buyer money and earn privileges when purchasing NFTs. Moreover, the seller will be able to issue their NFTs on more beneficial terms. OFCL token will also be used to pay for advertising banners and premium placement for NFTs being sold in the marketplace.
You can Buy / Sell OfficialNFT®s with OFCL tokens.
One of the primary utilities of the $OFCL token is to be used for trading on the platform. $OFCL will fuel every transaction on the platform.
Artists holding OFCL tokens pay lower fees.
With $OFCL, you can purchase a special status on the platform to activate extra features including preferred placement, marketing, and advertising.
OfficialNFT® plans to introduce a suite of services that are in the development stage. They will only be accessible with a special status that can be purchased with the project’s native token.
Tax: 4% Tax on all tokens sold. The redistribution of this tax goes straight back into the OfficialNFT® ecosystem. 2% goes immediately back into the liquidity pool and 2% is burned at sale.
3.3 Token Distribution
Official tokens will first be offered in a “Fair Pre-Sale” method. We call it a Fair Pre-Sale as we are making the initial purchase of $OFCL token available to our core customers first. Anybody who wants $OFCL token can buy it but we are not making it exclusive to large investors during the pre-sale or exclusive to only our existing customers. A fair pre-sale gives the fans, customers, and believers in our brand the same ability to buy $OFCL token as an early adopter to our NFT solution.
Fair Pre Sale: 1,500,000 $OFCL Tokens are allocated for Fair Pre-Sale on an ascending discount schedule.
Day 1-15 of Fair Pre-Sale
0.55$ per token
Day 16-45 of Fair Pre-Sale
0.64$ per token
Day 46-60 of Fair Pre-Sale
0.75$ per token
5% Discount on Fair Pre-Sale price on any purchase of 50,000 to 100,000 tokens.
10% Discount on Fair Pre-Sale price on any purchase of 101,000 to 200,000 tokens.
200,000 Cap on tokens for investors during Fair Pre-Sale.
Fair Pre-Sale Tokens are locked for 90 days from the purchase date.
Initial DEX offering: 3,500,000 tokens are allocated at the initial DEX offering at a price of 0.88$ per token, with 100% unlocked on the day of the listing.
Marketing and Reward pool: 3,000,000 tokens are allocated to OfficialNFT® marketing and reward pool. These tokens will undergo a vesting period of 3 years and will be solely utilized for driving the ecosystem with marketing and distribution of rewards to NFT enthusiasts. The reward pool will incorporate incentivization programs, reward schemes, and incentives to use tokens awarded on our NFT platform.
Founders and Team: 1,000,000 tokens are allocated for the founders and team building and working towards building OfficialNFT. The team is vested for six months followed by a daily distribution from day 180th of the listing day for the following 12 months.
Liquidity Pool: 500,000 tokens are allocated for the liquidity provisioning pool with a 100% unlock on the day of listing. These tokens will be employed for liquidity mechanisms on exchange market pools for OfficialNFT®.
Foundation Reserve: 500,000 tokens are allocated as the foundation reserve, which will undergo a vesting period of 2 years from the TGE. This will primarily be used for future strategic funding needs and to fuel product development/maintenance.
Advisors: 500,000 tokens for advisors locked until month 6th, following which it will witness a daily distribution from day 180th of the listing for the following 12 months.
Initial Circulating Supply of $OFCL
The Initial Circulating Supply of Official Tokens will aggregate to 1,500,000 i.e., 45% of the total supply with an effective market cap of $3,615,000. This comprises 1,500,000 tokens from the Fair Pre Sale, 3,000,000 tokens from the IDO.
Aggregate Supply: The aggregate supply of the Official Tokens is capped at 10,000,000.
Initial Market Cap: The Initial Market Cap excluding liquidity provision will be $3,465,000