BLOCKv Introduces Tokenomics 2.0: Rewarding All Users of SmartNFTs
BLOCKv is proud to unveil an updated Tokenomics 2.0 Model that rewards participation, aligning token utility with user engagement. Coupled with key strategic developments, BLOCKv is establishing a robust foundation for the next growth phase, catalyzing accelerated adoption across the landscape.
BLOCKv has been working to develop the foundation of the Web3 Operating System, carefully assembling and delivering each component. Today, BLOCKv is announcing a significant milestone: the introduction of a reimagined Tokenomics 2.0 model that marks a new era.
With Tokenomics 2.0, we're implementing a strategic shift in our approach to ecosystem growth, centered on expanding the utility of the VEE token—the driving force behind our protocol and platform, and aligning it closely with user activity.
In this article, we detail these transformative changes, exploring our innovative VEE fee distribution structure and introducing a suite of strategic initiatives that lay the groundwork for BLOCKv's growth and wider adoption across the Web3 ecosystem.
How BLOCKv's Web3 OS is Shaping Digital Rewards
BLOCKv has built the world's leading protocol for creating, minting, and distributing next-generation SmartNFTs (Non-Fungible Tokens), establishing a standardized framework for a digital goods economy centered on engagement, with all the SmartNFTs being created and residing on the BLOCKv Network. This innovation comes at a crucial time, as a growing number of brands recognize Web3 as the future of customer engagement and seek the right technology to leverage this shift.
“Reeve Collins, co-founder of Tether and BLOCKv, wanted to create a technology with the founding team to tokenize digital assets like collectibles and tickets, at a time when NFT wasn’t even a term.”
Since then, BLOCKv has evolved from the founding team's vision to become the Fortune 500's preferred Web3 technology, and our Operating System has provided extended reality experiences, global campaigns, and creative problem-solving for some of the world's most successful businesses.
As brands worldwide have noticed the shift in consumer behavior regarding the value of digital assets, our technology has become increasingly vital. BLOCKv enables brands to create and distribute unique, interactive digital experiences directly to consumers, bypassing traditional intermediaries.
This approach has been successfully implemented by our key partners, SmartMedia Technologies and Vatom Corporation, who have leveraged the SmartNFT Protocol to run engaging campaigns for major brands like American Express, Intel, Lacoste, Ben & Jerry's, Vodafone, PepsiCo, NBA, Doritos, Benefit, The Olympics Games 2024, Manchester City F.C. and more.
Building on this momentum, our current and future partners, along with our recent launch of BLOCKv Labs are set to attract even more integrators to our ecosystem. This further amplifies the expansion of our ecosystem, built upon the SmartNFTs that have powered over 100 captivating experiences for global brands so far.
Introducing Tokenomics 2.0
VEE is the utility token that powers the SmartNFT Protocol, enabling the creation, distribution, and interaction with SmartNFTs across all campaigns and projects in the Web3 OS Ecosystem.
In line with our vision for the Web3 Operating System, we have reimagined our Tokenomics to benefit the entire BLOCKv community. This new model represents a shift from our previous approach, introducing a direct value distribution system that empowers and rewards participants at every level of our ecosystem by splitting the fee associated with SmartNFTs.
Whenever a SmartNFT is created within the BLOCKv-powered ecosystem, a nominal fee of 2 cents (0.02 USD) is donated by the creator, transacted in VEE tokens at the current market rate. With the new VEE Fee Distribution Model, this fee is then split equally: half goes to the Staking pool, supporting long-term ecosystem participants, while the other half will be awarded directly to end-users who engage with the SmartNFT across all integrations of BLOCKv.
The fee of 2 cents is transacted in VEE at the current market price. For example, if 1 VEE token is valued at $0.01, then for each SmartNFT a fee of 2 VEE tokens is donated.
To ensure complete transparency, every SmartNFT transaction, including the fee paid, is recorded and will soon be written to an on-chain smart contract on the BLOCKv Network. This fee structure is embedded within our protocol itself, making it an integral and non-bypassable part of the system.
Importantly, BLOCKv does not retain any portion of this fee, reinforcing our commitment to protocol-centric growth.
To fund projects leveraging SmartNFTs, businesses, creatives, and developers have two options: they can either deposit VEE tokens directly or fund their publisher accounts with USD. When USD is used, BLOCKv purchases an equivalent amount of VEE tokens from the open market, ensuring consistent token utility and circulation.
Powered by our Wallet as a Service infrastructure, the system will enable users to claim their share of the VEE donation fee through a unique wallet created for each user. As VEE is distributed on-chain on the BLOCKv mainnet, participants will be able to access their share of the VEE donation fee using the same credentials they used to claim SmartNFTs.
While legal considerations currently necessitate the distribution of VEE in a segregated wallet from which the users will be able to claim the tokens, each SmartNFT remains verifiable on-chain.
Staking Program and Future Initiatives
The VEE Staking Program incentivizes long-term participation in the BLOCKv ecosystem. By staking their VEE tokens, participants receive token rewards, creating a mutually beneficial relationship between long-term VEE holders and the platform's sustained growth.
Our new Tokenomics 2.0 model introduces a sustainable funding mechanism for these rewards. Half of the donation fee from each created SmartNFT will be allocated to the Staking rewards pool, creating a direct link between platform activity and staker benefits.
As BLOCKv evolves, we will be exploring additional uses for a part of the fees allocated to the Staking pool. These future projects will be subject to community voting, ensuring that the Web3 OS continues to evolve in a way that best serves all participants.
Our approach will focus on ecosystem support, interoperability, and community building, to create a self-sustaining cycle of innovation and adoption.
Specific details about these foundation initiatives will be announced at a later date, and we are excited about their potential to shape the future of digital interaction and value exchange across the Web3 OS we are building.
Empowering the Web3 OS: From Utility to Mass Adoption
VEE enables businesses to create immersive, blockchain-backed experiences, developers to build complex, interconnected digital assets, and users to seamlessly interact with and own pieces of the digital and physical world.
With over 48M SmartNFTs created on the BLOCKv Network and distributed in the Web3 OS ecosystem, and more than 300M $VEE consumed so far, the use of VEE in creating interconnected experiences and transactions ties to real-world value generation. This has enabled people worldwide to engage with and benefit from the new era of digital interaction we are building.
The new fee distribution model amplifies this effect not only by bringing active users into the ecosystem, but also by exposing a broader audience to the token fueling the SmartNFT Protocol, creating a self-reinforcing growth cycle.
The implementation of the Tokenomics upgrades will also bring significant benefits to the entire BLOCKv network. For all operations on the BLOCKv Mainnet that incur a charge, VEE tokens are used exclusively as the only gas in the network. This positions VEE as the main currency for the network, with each application built on the BLOCKv Mainnet using VEE in a different way.
Fees, such as those paid for running network validators or reactors, and other adaptive fees associated with the active use of SmartNFTs and the ecosystem, will be implemented with the launch of the associated decentralised networks, planned for the coming future. This transition will pave the way for the decentralisation of the entire BLOCKv platform, with VEE at the centre of this wide ecosystem.
As the BLOCKv Web3 OS is a dynamic and ever-evolving ecosystem, the Tokenomics will be constantly developing over time to bring more utility and use cases to VEE.
BLOCKv is also developing a dedicated application to provide real-time insights into the network. This tool will allow users to track SmartNFT activity, monitor VEE token flows, and access key metrics that reflect the usage and growth of the Web3 OS. Through this, we seek to empower our community to fully engage with and understand the ecosystem dynamics.
Closing Remarks
The introduction of Tokenomics 2.0 marks a transformative milestone in BLOCKv's journey to realize the Web3 Operating System. As we evolve and expand our ecosystem, this new model will continue to empower users, developers, and businesses to unlock unprecedented opportunities within the SmartNFT protocol infrastructure.
We invite all participants to join us in reshaping the digital landscape. Together, we'll create a future where every digital interaction carries inherent value, fostering innovative engagement models and truly user-centric experiences in the Web3 space.
Tokenomics 2.0 FAQ
Is this a new token?
No, this is the same VEE token.
Will there be more VEE minted?
All tokens have been minted. No more tokens will be issued than the maximum supply of 3,646,271,241.
What was the TGE price?
The price per VEE for the TGE was $0.021.
Can I buy VEE?
VEE is a tradable utility token available to buy and sell on a number of reputable decentralised exchanges, including Uniswap, Sushiswap, MetaMask Swap, and more.