πThe #MATT Token
Overview
MATT is an ERC-20 governance token that can be used to purchase investment assets in MatterCity and participate in the Matterverse DAO through staking and on-chain voting. The #MATT tokens are scheduled to launch in Q1 2023
How to Use #MATT
As the governance token for Matterverse, #MATT represents the underlying value of the platform and helps its holders to benefit from the growth of the platform. It mainly has three use cases:
Invest in the MatterCity: Our commercial land parcels and pioneer passports have only a fixed supply, making them the most valuable assets on the platform. One must use the #MATT token to purchase (invest in) those NFT assets
Stake and Earn Returns: all #MATT tokens could be staked to receive a return for holding your tokens. The longer you hold, the higher the returns are for staking your tokens. The returns will come from NFT sales & transfers, land rentals, and new members joining the platform.
Create and Vote for Proposals: once tokens are in our staking program, token holders will be able to participate in the governance of MatterCity, including introducing new features, adjusting transaction fees, and changing other gameplay mechanisms. Learn more about our Matterverse DAO
Value Accrual
#MATT token allows you to earn from two sources. You will be able to stake your #MATT token and receive returns directly based on the amount of time you stake. Also, a burning mechanism is set up (see Token Redistribution below) so that 5% of all transaction fees, land rents paid to the platform, and NFT sales paid through #MATT will be sent to an irretrievable wallet address to be burnt. This will create a deflationary model and increase the value of each token in circulation.
How You Can Get #MATT Token
In order to receive the #MATT tokens, you can do the following:
Buy Tokens: anyone could purchase tokens directly from the platform during our public sale or purchase tokens from others on an exchange
Create Content: You can apply for a creator's grant to improve the experiences on the platform by creating landmarks in MatterCity.
Work for the Matterverse DAO: Matterverse DAO will hire developers and creators for product iterations, system patches, and the development of platform spaces on public land in MatterCity. If hired, you can choose to get paid through the #MATT token.
Provide Rendering Capacity: Community members can pledge their own GPU machines into our render network to help us provide better edge computing capacities to more Matterverse inhabitants and earn #MATT tokens as a reward for their work. This program is still in development and a more detailed announcement will be made in the future.
Token Claiming for NFT Holders
A snapshot will be taken 2 weeks prior to the token launch. All land, passport, and badge owners can claim tokens based on the value of their holdings and the time of their initial purchase (with more rules to be announced). All rewards for both passport and land NFT staking programs will be claimed at TGE.
Token Redistribution
The above chart shows how gains and fees with #MATT are allocated through our redistribution mechanism. The specific number for the distribution is initially determined by the founding team based on the economic model, but can be adjusted through a proposal in the Matterverse DAO. Learn more about how the Community Treasury will be run on our governance page.
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