Before we go into supply, let’s briefly outline the utility of the $MUSE token, as the team and community remain committed to a “know the product, understand the value” perspective for the VeryNifty ecosystem.
The $MUSE token’s primary utility is simple: serve as the governance token for the NFT20 dex and as a means of broad exposure to the full range of the NFT ecosystem through its return of the transaction fees collected by the NFT20 dex to token holders.
The parameters of the NFT20 platform will be governed by the DAO managed by the $MUSE token holders. Here is what qualifying $MUSE holders will be able to decide at this phase of development:
Fees for the NFT20 dex that will be distributed to $MUSE holders.
Requirements for project approval for yield farming.
Team structure and marketing spend of DAO resources.
More to be decided.
NFT20 Fee Returns for Holders
Holders of the $MUSE token will also be able to receive a portion of all of the 5% transaction fees collected by the NFT20 dex. When the fees are distributed, you’ll get fees from Doki Doki NFTs, NodeRunners, Chonker, and any other future assets added to the NFT20 dex, in the form of the ERC20 token derivatives for those NFTs. This means holding $MUSE gives you diverse and full exposure to the NFT industry through fees collected and returned in the form of the various NFT20 created ERC20 tokens for those projects. In the long term, $MUSE could be used as a hedge against the NFT industry itself. See the Lite Paper for more explanation of the NFT20 dex and the concept of ERC20 token derivatives for NFT projects.
Details on the mechanism for collection of fees by $MUSE holders will be announced shortly.
- Total: 1 Million
- Very Nifty V1 Game $MUSE Mining (Distributed): 400k
- Very Nifty V1 Game Rewards (Distributed by End of February 2021): 100k
- Yield Farming Rewards: 300k, with emission schedule of 500 tokens a day
- DAO Treasury: 100k vested over 12 months
- Development Team: 100k vested over 12 months
$MUSE’s total supply is 1 million, with 500k set to be distributed by end of February to past participants in the VeryNifty ecosystem. 300k will be set aside to reward NFT20 liquidity providers through yield farming, with an emission schedule of 500 tokens per day.
For the time being, the ETH-MUSE pool will receive the largest daily $MUSE emission of 250 $MUSE. The Chonker, Doki Doki Finance, and NodeRunner pools will each receive 83 $MUSE a day. Check the NFT20 site for the latest breakdowns of NFT pools and the daily $MUSE rewards for liquidity providers. At the beginning, yield farming rewards will be targeted to incentivize NFT pools that have over $10k in liquidity on Uniswap or Sushiswap. This can change upon Snapshot voting, but we feel 10K liquidity for an NFT project is good enough for all users to have the options of buying or selling without waiting days on OpenSea for someone to bid.
Out of the remaining 200k in supply of $MUSE, 100k will be vested over a 12 month period to the developers and 100k will be vested over a 12 month period to the DAO.
The $MUSE token was first distributed through our first game Very Nifty, which only just launched in September of 2020! Players of this game were able to mine the initial $MUSE supply, minting 400k of $MUSE, with an additional 100k $MUSE being rewarded to players of the Very Nifty game as V1 closes down in February. After NFT20 was created, a successful governance vote made $MUSE the official governance token for the new NFT20 dex and halted mining any future $MUSE rewards from the Very Nifty game.
Development costs: We are currently working on NFT20 and the larger VeryNifty world without any prefunding or initial token sales. VeryNifty is currently a small team of two developers and a great community. We will keep our autonomy and commitment to vision even as we grow and bring on new resources.
Product will always be what matters most, not tokens. VeryNifty is a small, but motivated and committed team, with an unique approach to community engagement. Both the team and community believe in product first - and our ecosystem reflects this. The initial resources of VeryNifty were focused on development of the VeryNifty V1 game and the NFT20 dex over pumping initial token value. However, now that NFT20 is live as a key infrastructure solution in the NFT space, we are at a stage for a governance token with uniquely added value. VeryNifty has thus developed creative ways for this token to provide diverse market exposure and value to NFT investors, collectors, and participants alike, beyond just the role it plays in governance. This perspective of product driving value will remain a core part of the VeryNifty world.
Risks. This is a complex protocol that involves several contracts. The team committed itself to testing before releasing a token with extra monetary value, but please remain aware of the risk involved in any protocol of this complexity.
We are always looking for contributors and developers; all our code is open sourced on GH. Any helpful funds for deployment and audits can be sent to our wallet nft20.eth.
In the meantime you can check our governance docs to see how you can get involved right now.