Facilitates the purchase of NFT and is a medium of exchange on the Traxx Market Place.
The utility available on the Traxx Platform will evolve and be accessible by use of the TRAXX Token. As the platform become more sophisticated it is anticipated this will comprise features involving, membership and VIP benefits and as counterpart to the trading of playlists.
The issuance of TRAXX tokens will be effected through a regulatory compliant structure and overseen by TokenTraxx founder, Sors Digital Assets, who are designated as a Virtual Digital Asset Service Provider by the Central Bank of Ireland.
Users of the platform will pay a fee to TokenTraxx when purchasing/selling NFTs. TokenTraxx will us a portion of this revenue to purchase TRAXX on the market.
Some portion of this revenue is used to buy back the equivalent amount of TRAXX as issued under the Activity rewards protocol outlined below. These TRAXX will be placed in an out-of-circulation wallet. We will aim for the number of tokens released in the market by the “Activity Rewards” mechanism to be similar to the number of tokens “bought back through the revenue.”
The TRAXX token will be created on the 14th of March 2022 and made available to those who wish to participate in the TOKEN TRAXX NFT MARKET PLACE. The TokenTraxx token was made available for purchase by SORS DIGITAL ASSETS LIMITED (SORS) which is registered as a VASP in accordance with the rules of the Central Bank of Ireland.