What Is World Token (WORLD)?
As mentioned on the website, ‘World’ is a digital platform that combines two things, a marketplace and the native token, WORLD. First, the World marketplace serves as a one-stop store for digital goods on the internet. NFTs, games, collectibles, comics, gift cards, music, e-books, and more are available on the marketplace. Next, smart contracts facilitate all transactions in the marketplace. The World Marketplace aims to bridge the gap between the merchants and the customers.
Second, the platform’s token WORLD aims to provide various benefits to the users, like staking. Holders of World token receive rewards passively. If a user owns 5% of the supply, they receive 5% of the 1% holder’s rewards. There is no need for users to deposit tokens into any contracts; simply having them in an ERC-20 wallet earns them more.
The WORLD token also allows becoming a liquidity provider for the liquidity pools. A liquidity pool is a crowdsourced pool of cryptocurrencies or tokens locked in a smart contract to execute trades between digital assets on a decentralized exchange (DEX). Users can earn 1% of the pool by depositing LP tokens for the ETH-WORLD pair. Of every WORLD token transaction, 1% is sent to the LP rewards pool contract. The mechanism calculates the total amount of the pool at midnight and then distributes 1% of it as the next day’s prizes. The payout increases as the pool grows, and the reward pool can thus never be depleted.
Additionally, WORLD has a mechanism for getting burned. Token burn happens when tokens are sent to an unusable wallet address where no one can ever retrieve the tokens. Token burning is done to create a scarcity in the supply of the tokens so that the value increases. Besides this, there is a 3% tax on every transaction of the WORLD token. The tax is equally distributed to three parties—holders, liquidity providers, and a perpetual marketing/development fund.
