EARNX is a utility token of the EarnX platform and is developed to support unique art-based non-fungible tokens (NFTs). The platform aims at connecting the physical and digital world with NFTs. EarnX is a metaverse platform that has multiple unique physical NFTs inspired by native art forms from around the world for users. Users can acquire the physical product and its unique NFT on EarnX’s NFT marketplace.
The physical product is implanted with an RFID chip to give users access to the NFT linked to it. RFID chips are radio frequency-based tracking mechanisms that help to search, identify, and track items and people. The EarnX platform brings native art creators worldwide under one roof to offer customized, verifiable, antique, and unique physical NFTs to art lovers. The platform seeks to protect the endangered native arts.
EarnX is a community-oriented project supported and funded by art enthusiasts and native art supporters around the globe who are interested in preserving the ancient art techniques used to make physical products. The main products on the platform are luxurious Persian physical carpets and sports goods.
The EARNX token powers up the entire ecosystem. EARNX is a cross-chain utility token. Cross-chain tokens can be easily swapped between two different blockchain ecosystems. The supply for the EARNX token is limited and is constantly burning to maintain the token’s value. 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 burned to reduce availability and increase market value.
A 10% tax on each transaction helps prevent price manipulation of the token. To encourage users to hold EARNX, 5% of the tax is redistributed to the existing token holders, and another 5% is added to the liquidity pools available on the EarnX platform.
