In summary
- Nifty Island launched its Ethereum-based ISLAND utility token as the hub of its creator-focused metaverse.
- ISLAND’s total supply is 1 billion, with distribution on Ethereum, Base, and soon Solana.
- Benefits include staking for rewards, access to exclusive resources, consumables, prizes, and governance.
Nifty Island has welcomed a wide range of communities established on Web3 to help expand its Roblox-style metaverse game.
Now he is rewarding them.
The project, which pioneered the now popular “play-to-airdrop” campaign, has just launched ISLAND, an Ethereum-based utility token that serves as the ecosystem token for its in-game economy.
Below, learn everything you need to know about ISLAND.
What is ISLAND?
ISLAND is the native token of the Nifty Island ecosystem, offering holders “in-game utility and demand drivers” to help enhance its creator-focused gaming metaverse.
ISLAND has a total supply of 1 billion tokens and was launched on the Ethereum Blockchain as an ERC-20 token.
The token will make use of LayerZero’s omnichannel technology, allowing it to be used on the Ethereum Base layer 2 network, as well as Solana in the future.
When was ISLAND released?
The token generation event for ISLAND took place on Tuesday, December 17. The release was delayed until the afternoon due to the game’s official X (formerly known as Twitter) account being hacked in the morning.
Who receives the airdrop?
ISLAND will be primarily distributed to five separate groups of ecosystem participants.
Community
The community receives the largest amount of ISLAND tokens, obtaining a total of 38.6%.
The pool of over 400 million tokens is divided into three separate community pools, allocating ISLAND tokens for the Nifty Island reward pool, ecosystem incentives, and the gamification campaign for the airdrop.
Play-to-airdrop campaign
Those who participated in the nine-month play-to-airdrop campaign will share 12.6% of the ISLAND supply, which was liquid and tradable at the token generation event. This group aims to reward “genuine play and participation” within Nifty Island.
A snapshot was taken at 11am ET on December 16 to finalize a player’s collector level before airdropping.
Users who held at least one of the more than 170 eligible partner community NFTs during a snapshot taken on March 25 may also be eligible to receive ISLAND tokens as part of Nifty Island’s “Wave 3” addition to the campaign. game for air delivery. Eligible communities are listed in the airdrop section on the Nifty Island website.
Rewards Fund
An additional 175 million tokens, or 17.5% of ISLAND’s supply, have been reserved in a Nifty Island reward pool for real-time earnings through future plays.
Ecosystem incentives
Lastly, 85 million ISLAND, or 8.5% of the supply, is reserved to attract developers and creators to Nifty Island.
The first installment is being provided to Animoca Brands’ flagship NFT community, Mocaverse, offering 10 million ISLAND to its community through the MocaDrop in token generation.
Investors and advisors
More than 300 million ISLAND tokens were reserved for Nifty Island investors and advisors.
Described as “exceptionally long-term,” Nifty Island backers will have 71% of their tokens locked for two years, unlocking linearly over the following two years. Meanwhile, an additional 29% of your tokens will be locked for three years, and then unlocked linearly over the following three years.
Nifty Island Team
The Nifty Island team has received 19.5% of ISLAND’s supply, or 195 million tokens. Like advisors and investors, team members will not be able to sell their tokens on the first day. Instead, 66% of team member tokens will be locked for two years from the token generation event, unlocking linearly over the following two years. And the remaining 34% will be locked for one year from the token generation event, unlocking linearly over the course of the following year.
Project Treasury
Initially managed by the Nifty Island team, the project’s treasury will hold 9.2% of the supply, or 92 million ISLAND tokens. These tokens are designed to be used to fund the expansion of the project and the promotion of Nifty Island.
Liquidity on the exchange
Finally, 2.5% of ISLAND’s supply is reserved for liquidity on centralized exchanges. This was increased from 1% just before the token generation, with the additional amount subtracted from the “Ecosystem Incentives” bucket.
How can I claim ISLAND?
ISLAND can be claimed directly from the Nifty Island website.
What can you do with ISLAND?
Nifty Island has already announced that the highest utility benefits will be given to ISLAND token holders who stake their tokens on Ethereum or Base.
Those who stake ISLAND will be eligible for the following benefits:
Improved reward rate
ISLAND staking will offer those who play on Nifty Island a higher reward rate, allowing them to earn additional ISLAND tokens faster than those who do not stake.
Access to exclusive resources
Players who stake the ISLAND token will have access to greater platform resources, allowing them to make their in-game islands larger and more immersive.
Consumables
Consumables that boost content and earnings within Nifty Island will be provided to bettors based on the number of ISLAND tokens they lock in a staking contract.
Exclusive prizes
Nifty Island and its partners will offer exclusive prizes and Bloom rewards from time to time to those who have staked the token.
Governance
Lastly, ISLAND staking offers users the opportunity to vote on governance proposals that can directly shape the future of Nifty Island. Voting power will increase proportionally based on the amount of ISLAND tokens a player stakes.
In addition to these utilities, Nifty Island developers indicated that more benefits will be offered to ISLAND holders as the platform expands.
Edited by Andrew Hayward
Editor’s Note: This story was originally published on December 16, 2024. It was updated with new details after the token generation event on December 17.
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