GhostMarket is distributing 6.5 million GM tokens (6.5% of total supply) over the next year through its Trading Incentives Program. The program launched on July 13, 2022 and is designed to release the GM token to the most active users of the platform. An additional 1.8 million GM tokens will be distributed to what GhostMarket refers to as “OG Users,” which includes anyone that used the NFT marketplace prior to July 18, 2022.
The initial 8.3 million GM are part of a larger 50 million token pool that will be distributed via other means such as future trading programs and staking incentives.
For the first rewards program, any wallet with a minimum trading volume of US $10 is eligible for the incentive distributions. Using GM token to trade NFTs versus other supported currencies will net the user an additional 20% in incentives.
The tokens will be released according to the following schedule:
- 07/18/22 – 10/17/22: 3 million GM (33,333 tokens/day)
- 10/18/22 – 01/17/23: 2 million GM (22,222 tokens/day)
- 01/18/23 – 04/17/23: 1 million GM (11,111 tokens/day)
- 04/18/23 – 07/18/23: 500,000 GM (5,555 tokens/day)
Note: each phase of daily distributions will conclude at 11:59:59 p.m. (UTC).
The incentive rewards apply to all chains on the GhostMarket platform that users have used to mint or trade NFTs. The GM rewards will be distributed to each chain in proportion to the user’s activity on that chain, and are collectable in the Rewards section of the platform.
Planned utility for the GM tokens includes promoting NFT collections, bounties for community moderation, plus special NFT drops and reduced trading fees for token holders. Looking forward, GhostMarket intends to release a staking program for the GM tokens and special offer programs for Neo N3 users.
The full announcement can be found at the link below: