KSM Starter IDO Academy: LUXY
With LUXY’s IDO on KSM Starter practically within view, the team wants to do its third feature piece on LUXY, highlighting it as Polygon’s best bet to mainstream NFTs within their ecosystem. By catering the need for accessible, scalable, easy to use, and inexpensive NFTs, LUXY will be a force to contend with.
Boasting blue chip partners such as Polygon, Syscoin, and BlockDesk, the LUXY token will be the backbone of an open and decentralized NFT marketplace soon to launch on Polygon. On the LUXY dapp, the community will be able to create, buy, sell and collect NFTs, focused on Art, collectibles and gaming.
The token will bring advanced perks and benefits such as early access to NFT drops, reduced marketplace fees, DeFi Staking incentives, NFT voting, advertising space, platform governance, and access to unique features such as split royalties, whitelabel solutions, an NFT launchpad meant for creators.
Through generous incentives such as reducing buying and selling fees from 2% to 0.25%, the platform makes LUXY token the core of its ecosystem and encourages token price stability, and the price’s natural growth alongside the platform’s adoption.
Below are specifics of the LUXY Tier System:
In perhaps unparalleled token design, LUXY takes deflationary tokenomics to the next level; a full 50% of all UXY tokens will be burned until 50mil LUXY Tokens of the 100 total are removed from circulation.
The burning will happen via two avenues:
- 100% of all fees earned via the marketplace in LUXY token will be sent to the burn address 0x000000000000000000000000000000000000dEaD. So this means that any services, buy/sells that are paid with LUXY Token, the fees generated from this will be burnt.
- 25% of all fees collected via all other payment forms, will be used to buy back LUXY from the market and sent to the burn address 0x000000000000000000000000000000000000dEaD.
The Future of NFTs on Polygon
If NFTs are early in general, then they are yet to even begin on Polygon. Currently, NFT trading volume on Polygon looks a lot like it did before major brands like Bored Ape Yacht Club drew buyers in droves to NFT marketplaces on Ethereum like OpenSea.
As of October, there were just forty-four collections based on Polygon with one ETH or more in total volume and only three Polygon NFT collections with over fifty ETH in volume. Both of which are absolute fractions of the NFT volume that is bound to come to Polygon, given its faster and infinitely cheaper transaction costs.
NFTs will need a home, a marketplace on which they can be traded; and none are better positioned to assume this responsibility than LUXY, which solely exists to cater the need for accessible, scalable, easy to use, and inexpensive NFTs.
Once LUXY conquers Polygon, they will be expanding their more cohesive NFT product model to all major blockchains.
Accessible NFT Sales
They believe that NFTs should be accessible to everyone, and so designed LUXY for ease use while keeping fees low. Through the LUXY platform, community members will be able to create both auctions and listings while receiving royalties for all NFT sales.
They will be launching on Polygon and integrate Syscoin when their NEVM Layer is launched. To LUXY, users are their number one priority and so they plan to offer integration of the best blockchains out there that are environmentally friendly, scalable, have low fees and are secure..
All transactions on LUXY happen on chain level with trustless trading every step of the way.
Unique to LUXY, NFTs on their platform are environmentally friendly, as they only integrate green blockchains like Syscoin which recycle mining power from Bitcoin.
LUXY Sneak Peek
Unlike many projects, which launch without a product in place, LUXY has already completed its testnet and is rapidly narrowing in on its first version launch. Graciously, the LUXY team has provided a sneak peek into their platform for KSM Starter to share with its wider community:
On arriving to the LUXY homepage, community members are greeted by an elegant landing page that automatically connects the display to their current network. On arriving, they are greeted with top tier LUXY collections as well as the opportunity to categorize their search to specify either 1/1’s, called “Uniques,” or generative NFTs, more casually called “Multiples.”
From the homepage, users will be able to navigate to an NFT Creation page, where they can mint their very own NFTs, customizable by a host of specifications including file type, collection size, trait number, trait rarity, image dimension, color, and a variety of others.
After creating their masterpiece, community members will for the first time, be able to split NFT royalties to multiple collaborators, incentivizing an added degree of Web 3 collaboration.
They can also add relevant tags so that their collection is more easily discoverable.
With the NFT collection created, creators can set prices or commence auctions, and sit back to enjoy the profits of their labor.
Never before has the NFT creation and listing process been so direct. Thanks to LUXY, KSM Starter believes that an entire new wave of NFT users will onboarded into the space to trade their creations on Polygon, Syscoin, and everywhere else that LUXY expands to.
LUXY is becoming the go-to NFT platform, established in March of 2021, and has evolved into a team of 18. Starting with a next-gen Marketplace that is designed to offer a new and much improved NFT experience. It is built to be multichain, starting with the Polygon blockchain allowing it to be fast, scalable, green, low cost, and user-friendly. Decentralization is the core of crypto, so at every step, our marketplace is built around that core concept.
LUXY will offer your standard marketplace features plus additional features curated over months of research. These will include support for: GameFi and 3D models, Collection Launchpad, User-owned Collections, Multiple Royalty Addresses for group projects, direct royalties, all file types, White Label Solutions, UI/UX for ease of use.
Connect with LUXY
Send your project here: https://luxy.io/
About KSM Starter
KSM Starter, the primary launchpad on Kusama, is built to provide early-stage support and public funding for projects building on Substrate. KSM Starter’s incubator modeled launchpad is driven by the community and shared values of fairness, transparency, and decentralized organization. Unique to the KST ecosystem, community members are incentivized to participate in the pre IDO selection process through higher allocation rewards. Also unique to KSM Starter, collaboration is fostered among launched projects by incentivizing community members to support previous launches by awarding them with improved lottery odds. This along with the KST Ecosystem Council generates a synergistic network effect that empowers all projects to succeed and leave a lasting impact on Kusama.