The price of NFTb ($NFTB) appreciated more than 30% in one day.
NFTb is a marketplace for uncounterfeitable tokens built on the Binance Smartchain (BSC).
The platform has decided to update their token burning mechanism.
The price of NFTb ($NFTB) has risen over 30% in one day. According to CoinMarketCap, the $NFTB price was $0.179 at the time of writing, with 24-hour trading volume of $4,198,464.
Furthermore, NFTb is a marketplace for non-forgeable tokens (NFT) built on the Binance Smartchain (BSC). The marketplace has ambitions to launch on other blockchains in due course, including ethereum. In addition, NFTb’s community-run marketplace lets users create, sell and trade digital art at a fraction of the price elsewhere.
NFTb creates unique artworks that are minted on the BSC, and all files associated with NFT are stored on the InterPlanetary File System (IPFS). As an open source project, IPFS is a decentralized file storage platform that anyone can use to store files. More importantly, these files are protected from central influence, ensuring their durability and longevity.
Token burning mechanism update leads to price spike
NFTB’s token burning method was introduced in July to reduce the supply of NFTB tokens. In addition to this, NFTb decided to update its token burning mechanism to increase the speed at which the NFTb Foundation burns tokens after receiving strong requests from the NFTb community.
For the next two years, starting on August 31, the NFTb Foundation intends to burn 1.3 million tokens per month (1302083 to be exact). In addition, the NFTb Foundation will burn over 15.6 million tokens per year, which means that 25% of the tokens will be burned in the next two years.
In fact, over 650% more tokens will be burned under the updated token burning mechanism than under the original mechanism.
With this decision, NFTb will provide more value to its token holders and platform users. Furthermore, with the launch of NFTb Earn Phase 2 and the growth of its market, the team believes that the $NFTB token will see more demand and utility.