The price of NFTb ($NFTB) has increased by more than 30% in a single day. NFTb is a non-fungible token exchange based on the Binance Smart Chain (BSC). The platform made the decision to update their token burn mechanics.
The price of NFTb ($NFTB) has risen by more than 30% in a single day. At the time of writing, the $NFTB price is $0.179, with a 24-hour trading volume of $4,198,464 on CoinMarketCap.
NFTb is also a non-fungible token (NFT) marketplace based on the Binance Smart Chain (BSC). The market intends to launch on other blockchains, including Ethereum, in the future. Furthermore, NFTb’s community-run marketplace allows users to create, sell, and trade digital art for a fraction of the price it would cost elsewhere.
NFTb creates one-of-a-kind works of art that are minted on BSC, with all NFT-related files stored on the InterPlanetary File System (IPFS). IPFS is an open-source project that provides a decentralized file storage platform for anyone to use. Furthermore, the files are protected from central vulnerability, ensuring their durability and longevity.
Price Increase as a Result of Token Burn Mechanics Update
The price of NFTb ($NFTB) has increased by more than 30% in the last 24 hours as a result of a tweet from the NFTb ($NFTB) community.
Token Burn Mechanics 2.0: Reminder🔔
NFTb foundation will increase the token burn rate by 650% from 31st Aug for the next 2 years.
🔥1.3M tokens burned per month🔥15.6M tokens burned per year
🗓️Next burn: 30th Sept 2021
More info👇https://t.co/l2APPtYFEo$NFTB #NFTbEarn
— NFTb (@nftbmarket) September 26, 2021
To reduce the supply of NFTB tokens, the Token Burn Methodology was introduced in July. Aside from that, NFTb decided to update its token burn mechanics in response to strong requests from the NFTb community to increase the rate at which the NFTb Foundation burns tokens.
The NFTb Foundation intends to burn 1.3 million tokens each month for the next two years, beginning on August 31. (1302083 precisely). Furthermore, the NFTb Foundation will burn more than 15.6 million tokens per year, implying that 25% of tokens will be burned in the next two years.
In fact, as shown in the tweet above, the updated token burn mechanics will burn more than 650 percent more tokens than the original mechanics.
NFTb will provide more value to its token holders and platform users as a result of this decision. Furthermore, the team believes that as NFTb Earn Phase 2 launches and its marketplace develops, the $NFTB token will see increased demand and utility.