What Is FOMO LAB (FOMO)?
FOMO Lab is a DeFi project driven by a community of creatives, designers, and fans. The project aims to create unique collaborations and engagements between digital creators and famous celebrities, artists, fashion icons, etc. Hence, the FOMO Lab acts as a metaverse creation studio and digital asset as it focuses on Metaverse applications, NFTs, and Play to Earn GameFi ecosystems. The FOMO Lab aims to expand the boundaries of Augmented Reality, Virtual Reality, and NFT technology to launch new products in the market.
The marketplace built for FOMO Lab is called Avenue which is built on Ethereum and Binance Smart Chain. Avenue is a native multichain NFT marketplace. Here, multichain is the space where NFTs can be developed using various blockchain technologies. The Avenue platform provides the solution where collectors and artists have full control over digital collectibles.
FOMO Lab envisions exploring the new kinds of utility to NFTs. These NFT tokens can be used in various ways such as a pass to access the online or real-life event or as a ticket that is impossible to copy or replicate.
The core element of the FOMO Lab ecosystem is the token $FOMO. The FOMO token is utilized in six products that are incorporated by FOMO Lab. These products create an immersive platform for the collectors or fans trade collectibles. Here are a few products offered by FOMO Labs-
FomoSTAKE: The FomoLab staking platform is used to get rewards in the form of FOMO tokens.
FomoWALLET: From the wallet, the user can get FOMO tokens by storing NFTs on the platform.
FomoSWAP: FomoSWAP is a peer-to-peer marketplace to trade collectibles, NFT art, and in-game assets
FomoVAULT: FomoVAULT holds valuable NFTs and allows users to redeem the NFTs by burning the required token amount. Cryptocurrency burning is when a fraction of tokens are sent to a wallet with no private key. This means the tokens are lost forever. Tokens are usually burnt to reduce availability and increase market value.
The total supply of $FOMO tokens is limited to 100 million and 30% of tokens are kept in reserve for the team. The remaining tokens are distributed between projects and staking pools.
History of FOMO LAB (FOMO)
The co-founders of FOMO Lab are Pixasso and Khalil Kasam. Pixasso is also the CEO of Fomo Lab.