What Is Taboo Token (TABOO)?
Taboo is an NFT and streaming media project focused on a mature community. The platform intends to promote selective content of the model community. The content at Taboo empowers these community people to be confident and happy. Also, the platform claims to make the members excited while they explore their taboo fantasies.
However, the hurdle faced in the industry was unusual media content availability. The Taboo token ($TABOO) has an NFT marketplace tier system. The system aims to generate a selective mature content availability. Thus through this NFT system, the platform intends to hold the content access. A member has to carry more Taboo tokens to access the content. This way, all the tiers enable the holders to access content that has availability and quality.
As per the whitepaper claim, to achieve this goal, the platform takes the responsibility of selecting quality over quantity. Anyone cannot be a part of the platform; hence there is an application process through which selection occurs. Thus, such a process ensures the quality of the media content on the forum. The platform provides the opportunity to be part of the content related to models, trendy outfits, make-up, and more. Users can get choices to have personalized content and personal messaging.
In addition, the platform uses blockchain technology to facilitate the payment system. Next, the system uses decentralized finance (DeFi) protocol, where the users stake $TABOO tokens. The platform uses staking and yield farming pools; this further rewards the users with $TABOO tokens. Yield farming is an approach in DeFi. These staking protocols are helpful to incentivize platform utilization and trading. Further, the creators and users also get the opportunity to reach up to higher-level tiers and acquire rewards. The platform also claims to resolve the challenge of receiving payments. Therefore, the platform integrates software that shares different acceptable payment modes.
The Taboo platform also intends to be an open advertisement platform. The team keeps the content constantly available, planning to support other cryptocurrency and start-up industries. Therefore, on the platform's landing page, ad space exists. The token TABOO, being the native token, claims to provide growth to the grownup crypto industry. This also plans to bring more people to the platform, nurture the participation token, and benefit the Taboo platform further.
To sum up, the development funds incurred from trading the token are the sources to list the top-tier exchange and upcoming development of the platform.
History of Taboo Token (TABOO)
The team of TABOO has James as CMO and CEO, Majid as COO and business strategist, Conrad as press or legal aid, Eli as the social media manager, and Mat C as a community manager.
James is a serial entrepreneur who has earlier also founded telecommunication companies before coming into the crypto industry. The TABOO website was launched in 2021 along with the airdrop of tokens and listing at certain crypto exchanges. In the first quarter of 2022, TABOO claimed to enter more strategic crypto partnerships and start a Taboo podcast for its users. The team claims to have included videos and images in its offering to its users as a part of its expansion strategy. In 2022 itself, the team claims to integrate a secondary token for platform use.
How Are New Taboo Tokens ($TABOO) Created?
The platform's NFT marketplace is cross-chain, using a layer-2 protocol solution. The platform claims to have low fees along with fast transaction speed. The Taboo ecosystem brings both ERC721 and ERC1155 standard-suited NFTs on its platform that works on the Binance Smart Chain (BSC). ERC721 represents the standard of NFTs' uniqueness. And ERC1155 is the standard edge for contracts that takes care of multiple token types. Both are the data standard on the Ethereum platform. As the TABOO tokens run on the Binance Smart Chain, the focus is to include more and more smart contract functions. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. These smart contracts are compatible with EVM (Ethereum Virtual Machine) and provide high throughput to the platform.
As per the website, 4% of every transaction is claimed to be added to liquidity, to stabilize the price, 2% is redistributed among holders, to provide passive income, and finally, 1% of every transaction is burned, which removes the token from the supply and increases the TABOO token’s value. Burning is when a fraction of tokens is sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burned to reduce availability and increase market value.
How Many TABOO Tokens Are There?
The token has a maximum supply of 9.7 billion coins. However, the current total supply of the token is 9,677,922,886.54381 TABOO.
