When is an NFT not an NFT?
The Polyient Games Founders Key, or PGFK, token sale begins Sep. 15, with a strictly limited 12,000 of the tokens up for grabs. This follows an August pre-sale during which the company sold an initial 500 tokens.
Each PGFK will be a non-fungible token, or NFT, with a twist. Using a smart contract called the “Particle Bridge”, holders can convert the PGFK into 1,000 fungible particles (XPGP). These particles will be the utility token for the Polyient ecosystem.
The corresponding PGFK is burnt forever, although a new one can be minted by sending 1,000 XPGP back through the smart contract in the other direction.
All PGFK are not the same however, and tokens re-minted in this way will no longer hold a coveted “generation zero” status. Future rewards for holders may be specific to the generation of token held.
In many ways this makes the PGFK more of a collectible than a trading token, and is just one of the ways that Polyient is gamifying participation in its ecosystem.
There will only ever be a maximum of 20,000 PGFK tokens. The remaining 7,500 are being reserved by Polyient, although some of these will be initially converted into particles to provide liquidity for the utility token.
PGFK holders will receive rewards, such as early access to games in the ecosystem, loot boxes and airdrops, and early access and fee reductions on the Polyient marketplace. As Cointelegraph reported, the marketplace will feature a decentralized exchange (DEX) for NFTs, powered by the Avalanche blockchain.
One of the first airdrops will be for the Polyient Games governance token, or PGT. These will be issued one-to-one with each PGFK and will serve as the voting mechanism behind the PG DAO.
Ultimately, the ecosystem will extend to include decentralized finance, or DeFi, style lockups, and third-party applications built on top of the assets.
When asked what differentiated Polyient from the flood of other recent DeFi providers, Polyient Labs’ Director of Innovation Craig Russo told Cointelegraph:
“We’ve taken the time to build out the ecosystem with a wide range of use models, including a gamified DeFi experience. This will facilitate user choice that will ultimately create an ever changing experience, coupled with the engaging supply dynamics of our dual-state token.”
With the proportion of tokens constantly in flux at some point between a maximum of 20,000 PGFK and a maximum of 20 million XPGP, it certainly brings a notable twist to token economics.