NFTTALK is part of the larger SocialTalk.space platform, which will offer the same platform to sports, health, entertainment, and even enterprise audiences on Twitter Spaces.
Our tokenomics has both Web2 and Web3 elements.
|$VSB — Virtual Space Bucks||
|$TSB — True Space Bucks||
Installations such as SPORTS.SPACE, TASTYTALK.SPACE, etc., that are for a future launch in the Web2 space, these installations only offer the in-app currency — Virtual Space Bucks or $VSB. This in-app currency, $VSB, in Web2 installations acts simply as a way to buy “credit” in the application to purchase various features, functions, and utilities.For example, a SPORTSTALK user can buy $100 worth of $VSB currency using credit cards and spend it on unlocking features to make their application experience suitable for their needs.
Only our Web3-focused audience on NFTTALK – our initial installation – has potential access to a Web3 token called True Space Bucks or $TSB. We only issue $VSB to the NFTTALK installation as a reward to hosts and speakers who are our platform's early adopters. They NEVER purchase the $VSB tokens.
Any speaker or host that earned the $VSB tokens as rewards can convert them to the $TSB tokens. For example, for the first 100K hosts and speakers, this conversation rate is 1:1. If a host earned VSB $1000 and the $TSB token is launched, they can get $TSB 1000 for burning the VSB $1000. The conversion rate will vary based on promotions.
Only folks that received $VSB as a reward or tip may convert them to $TSB from the NFTTALK platform. Folks that purchased $VSB as an in-app purchase on non Web3 installations such as SPORTSTALK, TASTY TALK, etc., will have no way to convert $VSB to $TSB. They are not a convertible virtual currency (CVC), and therefore no money transfer from US dollar to $VSB to $TSB will take place to abide by the FinCEN regulations.
Again, only folks that receive $VSB as rewards on NFTTALK – our early adopters – will be able to convert their freely received $VSB to $TSB based on an applicable conversion rate.
We are *still finalizing* the token distribution and expect to make it public in the Q1 of 2023. There will likely be a maximum supply of 100-500M tokens, and 50% of the supply will be released as rewards. The rest will be split into operations, marketing, investors, team, and founders. We are working out a breakdown that makes sense for all parties.
We are still finalizing the token distribution and expect to make it public in the third quarter of 2022. We will likely have a maximum supply of 500M tokens, and 50% of the supply will be released as rewards. The rest will be split into operations, marketing, investors, team, and founders. We are working out the breakdown that makes sense for all parties.