Hello Community!
We have been receiving a lot of queries regarding the utility of Nalnda native Token NALNDA (earlier NMT). So here is a detailed post on our native token.
Nalnda protocol will have multiple use cases and several stakeholders working in tandem on one or more of these use cases. For every stakeholder to work towards the benefit of the eco-system there will be various incentive structures that will incentivize everyone stakeholder based on their input. Nalnda marketplace Token (ticker $NALNDA) will be the native token of the Nalnda Protocol and will be used to incentivize all the stakeholders in the Nalnda ecosystem. Although the stakeholders will have the freedom to use fiat-backed stable coins for basic service (buys and sell nBooks), for all other use cases NALNDA token will be used.
NMT has the below-mentioned functionality in Nalnda Protocol:
- Access — NALNDA is a utility token that provides access to the features offered within the ecosystem
• Staking — Staking NALNDA will provide special privileges to the holders
• Governance — NALNDA token holders will have the right to vote on proposals to change the system parameters.
Stakeholders will use NALNDA for the below-mentioned use cases:
• Publishers/ Authors — Publishers/ Authors will have to pay fees for listing and creating nBooks. This fee can only be paid using the NALNDA token. Publishers will also be able to incentivize readers with NALNDA tokens for reading specific books. This will help publishers to generate revenue from less popular works and market them.
- Readers — Reading a book on Nalnda will incentivize readers based on the. of pages read and time spent on the platform. With time the incentive factor for a reader will increase or decrease based on the reader’s involvement on the platform. However, this incentive factor will have a minimum and maximum factor.
- • Service Providers — Service providers can charge fees for providing services. This fee will be charged in NALNDA token
- • Social Platform — The inbuilt social platform will allow readers, fan clubs, service providers, and authors to socialize and connect. NALNDA will be used as a tipping mechanism on this social platform.
- • Traders — will have to stake tokens for participating in the launch of new titles
NALNDA will be an ERC-20 token launched on Polygon Chain with a max supply of 500 million tokens. Below are the token details on Polygon Testnet.
Contract Address: 0x93Ae5C4B1d10E6f58bc9CaB0b1277A4B459837DC
Block Explorer: https://mumbai.polygonscan.com/address/0x93Ae5C4B1d10E6f58bc9CaB0b1277A4B459837DC
Stay tuned for more updates about your favorite marketplace for NFT based eBooks.
About Nalnda
Nalnda is a decentralized marketplace for eBooks that allows readers to more than just read them and authors/publishers to have multiple revenue streams and earn a royalty on every secondhand book sale.
