KSM Starter IDO Deepdive: Luxy
They keep coming, so we’ll keep announcing them! KSM Starter is thrilled to share a glimpse into its third IDO event, LUXY — an upcoming state of the art NFT marketplace to premier on Polygon. It exists to cater the need for accessible, scalable, easy to use, and inexpensive NFTs.
Boasting blue chip partners such as Polygon, Syscoin, and BlockDesk, the LUXY token will be the backbone of an NFT marketplace soon to launch on Polygon.
The token will bring advanced perks and benefits such as early access to NFT drops, reduced marketplace fees, DeFi Staking incentives, NFT voting, ad space, platform governance, and access to whitelabel solutions.
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.
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.
Excited about LUXY? Stay tuned to KSM Starter’s official Twitter and Telegram to find out how soon their IDO will take place!
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.