Over the past year Fraktal has evolved from a simple NFT marketplace into a Foundational NFT Protocol which can be used across the entire ecosystem to drive utility to NFTs instead of the current, limited state of speculating and collecting.
Fraktal has been approached by numerous project teams looking to build with the Protocol, and therefore this has changed incentives and how to align the community and contributors.
Due to this demand, we recently released the Fraktal Software Protocol License which is designed to ensure that stakeholders in the Fraktal Ecosystem (holders of FRAK) are properly rewarded.
In addition to the License, we have decided that a token re-launch is the best path forward to ensure the long-term success and growth of Fraktal and that stakeholders are propertly rewarded as the ecosystem expands.
Currently, tokens are concentrated among the internal team and contributors to the marketplace. Since the project has morphed from a single application into a protocol, this distribution is not reflective of the new Fraktal ecosystem consisting of many applications and protocol integrations.
The New Distribution is set to reduce seed investment allocations in 2021 from 10% to 5% and prepare for additional capital raises in 2022 and beyond. In addition, it provides a clearer framework for how community tokens can be distributed to drive ecosystem growth.
Distribution
*Investors (30%)*5% to Cryptnotiq (down from 10%) for 400,000 DAI investment between April 2020 and August 2020.30% Remaining for future investors
*Team (15% with 3 year vesting)*8% distributed to team members who have worked on Fraktal without salary or any form of compensation over the past year.7% put aside for future team members and contributors
Community(50%)-Airdrops-Artists-Launch Partners-LP
How is value driven to FRAK: Fees from marketplace transactions were distributed to the DAO which can be claimed by users who stake their FRAK in the DAO and are active in governance. Now, fees from any integration or usage of the protocol are distributed to the DAO, creating infinite possible revenue flows to holders of FRAK.
How the Migration will workAll FRAK details will remain the same, such as symbol, max supply, etc. The Contract will simply be re-deployed after a successful audit which was never conducted.
There are less than 50 holders of FRAK and very low liquidity across AMMs. Therefore, the re-distribution is very simple.
- Team Tokens (8%) will be distributed and use superfluid for linear vesting over 36 months. 7% will be held in Team Vault.
- 50% of Tokens will be placed in Community Fund Vault where anyone with current FRAK can depost in the DAO and claim new FRAK via a proposal.
- 30% will be held in Investors Vault
- 5% will be distributed to cryptnotiq for the seed investment
Re-creating Markets and Re-launch Timeline
Fraktal is currently preparing for several releases and events in Q1/Q2 2022 which include:-Series A Fundraising-Fraktal AMM Launch-FrakFest Launch-Fraktal Marketplace Launch (pending release of Ethereum-Arbitrum NFT bridge by Composable and audit of new features such as updated metadata, auction format, fee structure, and NFT decimals to expand past current limit of 10,000 Fraktions)
The plan is to not rush the re-launch and do so alongside the application releases which will include airdrops.