What Is Faraland (FARA)?

Faraland, as per the whitepaper, is an NFT and play-to-earn gaming platform on the Binance Smart Chain. Apart from collecting various NFTs, users can enjoy gaming activities and earn at the same time on Faraland. The NFTs on Faraland are different characters from different races living in the Faraland world. They are called NFT Heroes, who own Faraland world. Each race on Faraland is different from the other and has its unique power and characteristics. Users can collect these NFT heroes to fight against the Demon Lord Beelzebul on the platform.

FARA is the native BEP20 token of the Faraland platform. BEP20 is a token standard used to deploy tokens on the Binance Smart Chain. Users can use BNB tokens to get NFT heroes and upgrade them with various higher-tier equipment using FARA tokens. Along with the unique appearance of the NFT heroes, their names are unique, too, though users can change the name of their NFT hero using FARA tokens if they wish to do so.

Users can participate in raising the price floor for these NFTs. A price floor is an innovative function on Faraland used to bring liquidity for the NFTs and can help raise its value through trading and other gaming activities over time. There are many ways to do that:

• With each NFT sold on the platform, 90% goes for the platform's development, and 10% goes to help raise the floor price of that NFT hero.

• From each transaction taking place on the platform for buying and selling NFT heroes, 2% of the transaction amount is used to raise the price floor, and 0.2% is used for development.

• Another way is to burn FARA tokens to raise the floor price of a hero manually. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost permanently. Tokens are usually burnt to reduce availability and increase market value.

FARA is also a governance token that enables token holders to vote for various parameters in the game. Faraland also plans to offer staking services in the near future for token holders, allowing them to earn a yield on the platform.

History of Faraland (FARA)

Faraland is a project launched by Moon Knight Labs, a group of senior developers and artists with significant interest and experience in blockchain technology. Nguyen Tuan Hung is the CEO of Moon Knight Labs.

The maximum supply of FARA is 100,000,000 tokens.