Tokenomics
The Utility token in LoM
MITA token will be a cross-chain asset that will start on Wax and later be extended to Algorand, Ethereum and Binance chain. Players will be able to earn MITA through;
    Winning leaderboards.
    Staking MITA.
    Selling NFTs.
    Participating in governance votes.
A total of 200,000,000 MITA tokens will be distributed in the order below.
Token amount
Total Supply
%
Play to Earn
60,000,000
30%
Ecosystem Fund
20,000,000
10%
Liquidity
20,000,000
10%
Gem Studios (Core team)
29,000,000
14.5%
Advisors & Partnerships
16,000,000
8%
Strategic Sale
30,000,000
15%
Public Sale
5,000,000
2.5%
Private Sale
20,000,000
10%
Total amount
200,000,000
100%

Play to Earn

Players will be rewarded with MITA while playing the game. This process will take into consideration the activeness and engagement of players in the game.
Fees
3.5% fees will be charged on all marketplace transactions, token and asset transfers.
    30% will be transferred back into the gaming pool
    20% will be burned
    10% staking rewards pool (every 30days, pro-rata)
    40% will go to Gem Studios

Deflationary Mechanism

Actions such as token transfer, NFT transfer, NFT sales will attract a fee, 20% of the amount will be burnt. This mechanism will decrease the total amount of token supply over time and will ensure the scarcity of MITA token.

Buying of MITA token

MITA token can be purchased as an In-App Purchase (IAP) using a debit or credit card from the Google Play Store or Apple Store. It can also be purchased from crypto exchanges and decentralized peer to peer platforms like Cryptolocally.com.
The base price to purchase MITA token in the game will be $0.05 USD(subjected to change). If the average price per token on third-party exchanges increases above $0.05 (subjected to change) for an extended period of time, the price per MITA in the game will also increase to the new average price.
In the event that a user decides to buy MITA via an IAP, they will be buying from our IAP reserve. Every 3 months, Gem Studios will buy MITA from the open market and keep this in the IAP pool, which will be sold to players buying MITA from the app stores.
MITA tokens sold in the game will be 10%-15% premium than what it is on the open market or 3rd party exchanges to help cover cost, fees, taxes on the various app stores.
Currently there is no easy way to update MITA market price in real time on the app store, we will be doing this randomly to reflect the market price as and when there is a new update or there is an extended price increase.

Ecosystem Fund

The purpose of the ecosystem fund is for growing the LoM community. It will initially be managed by the Gem Studios team. Overtime Gem Studio team will integrate the funds into a DAO and hand it over to the community and stake holders to manage.
Last modified 1mo ago