Token Utility & Token Economy
Last updated
Last updated
The utility and benefits of the SmartPlaces utility token ($SPXT) within the blockchain-based social ecosystem include:
Access to SmartPlaces features: Users who decide to enter the web3 world by purchasing a land plot become Pioneers. They help shape the network and gain access to advanced features. To expand their reach, connect with more people, and have a positive impact on their environment, Pioneers can use $SPXT tokens to access benefits on the map, such as status upgrades, or redeem them during the NFT purchase process. Additionally, by joining web3, they can use their $SPXT tokens to take advantage of special offers from our partner network, opening up a whole new world of experiences to share with visitors to their land plot.
Rewarding engagement: True to the motto ‘Be the influencer of your immediate environment,’ Pioneers will be rewarded with $SPXT tokens for activities and actions on their land plots. Anyone who adds value to their immediate environment and can encourage people to interact with each other in the real world will receive $SPXT tokens as rewards. Active Pioneers can therefore receive rewards in the form of SmartPoints as well as $SPXT tokens and exchange these two assets for each other, offering the best of both worlds!
$SPXT locking – A gateway to governance and benefits: What sets SmartPlaces apart from other social networks is the active participation of its users – the very individuals for whom the network was created. SmartPlaces introduces a novel approach by enabling users to stake their $SPXT tokens on the blockchain, thereby allowing them to actively engage in decisions that shape the network itself. Pertinent and trend-setting topics will be presented to the Pioneers for voting. Depending on the quantity of $SPXT tokens locked, Pioneers can exercise their voting rights. Furthermore, in addition to this voting privilege, Pioneers can augment the earnings generated on their land plots based on the number of locked $SPXT tokens.
Backbone of economic success: Backbone of economic success: Real utility for a token can only be achieved if it serves a supporting function within the ecosystem. As an on-chain asset, the $SPXT token will play a central role in various economic factors. Whether advertisers wish to place ads, Pioneers seek to upgrade their land plots, or data packages are purchased, $SPXT will be involved in all these processes. The direct involvement of $SPXT in these business processes ensures that the success of SmartPlaces, as well as that of all Pioneers and users, will be reflected in the value of the $SPXT token.
An illustrated overview of SmartPlaces’ token economy and token circulation is provided below.
In summary, sales and successes of SmartPlaces will directly benefit the $SPXT token. Users can earn SmartPoints simply by being active, exchange them for $SPXT tokens, and not only directly impact the network but also benefit from its success. We see this as nothing less than a significant step in the evolution of social networks.
A portion of the revenues generated by SmartPlaces’ platform will be utilized for token buybacks from open markets. This replenishes the treasury and supplies the staking pool with $SPXT tokens for rewards.
