Griffin Art, a TechRate-audited GameFi platform, is about to release the full version of its NFT marketplace and the demo version of the Griffin Land mobile game, a recent update reveals.
The Griffin Art NFT Marketplace and Land Game
On September 21, the team announced plans of delving into the rapidly expanding NFT space by releasing the first iteration of their marketplace on the scalable and interoperable Binance Smart Chain (BSC).
According to the team, the platform will allow creators to showcase their art and mint NFTs while simultaneously collecting governance tokens for community improvements.
Notably, the Griffin Art NFT marketplace will integrate with their mobile games. The first game set for launch is Griffin Land.
The 3D game fused with a play-to-earn (P2E) model is based on mythological themes. It includes over ten uniquely rendered creatures for gamers to battle.
Since Griffin Art games meshes with the platform's NFT marketplace, it will be possible for gamers to direct trade in-game NFTs.
The GART Deflationary Token
Central to the Griffin Art is the GART token complying with the BSC standards.
The deflationary token will mesh with Griffin Land and prime the NFT marketplace. It will be the primary vehicle when trading or minting NFTs and also allow users to earn more tokens within the game.
In addition to its utility, GART holders can also access other products created by the developer.
Unlike fungible tokens, NFTs are unique and cannot be swapped for another. However, their existence on the distributed chain means they can be tracked like any other token, therefore guaranteeing transparency and other attributes only unique to the blockchain.
Additionally, NFT holders are assured of ownership as all minted assets are approved by the creator, further backed by immutable records on the chain.
The Griffin Art team is leveraging the BSC chain due to its low-fee environment, expanding ecosystem, and high scalability—a distinctive feature saving NFT minters and collectors of the high fees in Ethereum.
These features sync with the team's overall design objectives. Their core priority was to launch from a decentralized and universal network while ensuring product smoothness and cost-efficiency.
GART Tokenomics, Burn and Buy-Back Programs
In total, there are 100 billion GART tokens, of which 35 billion have been locked permanently. In addition, a further 16 billion have been burnt, bringing the total supply to 48 billion GART tokens.
Apart from the initial burn, Griffin Art has a buyback program. They will use seven percent of transaction fees to perpetually buy back the token at the market rate before burning them.
This feature, the team holds, will gradually reduce the total supply of GART, subsequently propping prices over the long run leading to capital gains by token holders.
Moreover, Griffin Art has a re-distribution function. It will see them take out two percent of the transaction fees and re-distribute them to token holders.
As such, the amount of GART tokens is expected to increase in lockstep with transaction count over the long haul.
From the 48 billion GART, tokens have been distributed for public investment--private sales and pre-sales--, for liquidity provision on PancakeSwap, the team, marketing, continuous project development, and more. Besides listing on the largest decentralized exchange on BSC, PancakeSwap, the token is available for trading at Lbank.
At the same time, token holders and analysts can track the performance of the GART token on leading coin tracking platforms, CoinMarketCap (CMC)—a portal owned by Binance—and Coingecko.