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Overview

NFTL is an ERC-20 token given to our holders and players for free to foster the decentralized vision explained in About Nifty DAO.

Governance​

NFTL's primary utility is governance! A governance token is a type of cryptocurrency or digital token that grants its holders the right to participate in the decision-making processes of a decentralized organization or platform. These tokens are designed to represent ownership or voting power within a decentralized autonomous organization (DAO) or a similar governance structure.

Key features of governance include:​

  1. Voting Rights: Holders of NFTL have the ability to vote on proposals or decisions related to the development, direction, and management of the Nifty DAO.

  2. Decision-Making: NFTL allows token holders to participate in key decisions, such as protocol upgrades, changes to parameters, funding allocation, or other matters outlined in the governance framework.

  3. Community Involvement: The use of a governance token promotes community involvement and decentralization by distributing decision-making power among token holders rather than concentrating it in the hands of a central authority.

  4. Rewards and Incentives: In some cases, NFTL holders may receive rewards or incentives for actively participating in the governance process. This can include receiving a share of transaction fees, additional tokens, or other benefits.

NFTL plays a crucial role in Nifty DAO by fostering a more inclusive and democratic decision-making process. However, it's important to note that the effectiveness of governance mechanisms depends on the level of engagement from token holders and the overall design of the governance system.

Past & Present Utilities​

Beyond governance, NFTL may have additional utility within the ecosystem, such as enabling access to certain features, services, or discounts.

NFTL has been exclusive for all on-chain systems built to-date, for example:

  1. NFT drops: Raffles, NiftyVerse Land & IMX Items Marketplace (upcoming)
  2. Ecosystem currency: Redemption of in-game currencies, compete-2-earn wagering (deprecated)
  3. Platform fees: Renaming DEGENs, DEGEN rentals (deprecated), Mini-Games (deprecated)

Often times NFTL recieved via fees are burned (removed from circulation) as is the case for previous raffles or mini-games and renaming DEGENs.

Note: NFTL may be used in our IMX Items Marketplace, although not exclusively, buyers can still use ETH or IMX if buying on secondary and some items might be for sale using alternate currencies.

Future Use​

If additional on-chain activations are introduced in the future NFTL will be considered. Ultimately it is up to the Nifty DAO to explore ideas as our ecosystem grows.

Game Integrations​

Nifty League's primary focus is mobile games which exclude NFTL at the moment mostly due to unnecessary friction it would cause players but also potential legal concerns. NFTL integration isn’t promised but can be explored in the future, if and when we have a successful game.