The SNAP is a cryptocurrency that is inspired by NFTs (non-fungible tokens) and comics. The goal of the SNAP token is to grow the DeFi (decentralized finance) community. Snap aims to create a realm for comic fans and NFT collectors, with everything being decided and affected by the community, which is called Snap Universe.

Snap Universe has 10,000 NFTs, which are categorized into “heroes” and “villains.” These 10,000 NFTs are issued on the Ethereum blockchain. Users can join the Snap Universe by selecting one of the 10,000 heroes and villains who live in the Snap Universe. These heroes and villains are avatars, which decide the backstory and powers of the users.

As mentioned on the website, the SNAP token has both inflationary and deflationary dynamics to reward holders while also keeping the pool of the tokens balanced. In the inflationary model, every time a user purchases SNAP tokens, 8% of the tokens are minted and redistributed as rewards among the holders.

In contrast, when a user vends SNAP tokens in the deflationary model, there is a transaction fee of 11%. Of the 11% fee, 9% is utilized to buy back and burn the SNAP tokens. Burning of the tokens is a process of destroying them permanently. This is done by sending the SNAP tokens to an unusable or invalid address from which the tokens can not be retrieved.

The SNAP platform was founded by lead developer J and NFT advisor QUANTZZ. Further, G takes care of the graphics and design. THE GERMAN is the community moderator. The platform was launched August 10, 2017.

In addition, the platform has achieved a few of its targets from the roadmap, like getting listed on exchange platforms, organizing community meetings, launching SNAP Universe, etc.