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    • Founder NFTs Burning (1%)
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  1. Infrastructure

Founder NFTs Burning (1%)

PreviousMarketplaceNextReferral Program (5%)

Last updated 3 months ago

In order to make the best possible investment vehicle, 1% of the newly created QFTs are allocated each week to purchase these NFTs from the market via auction and then burn them.

There will be a single auction each week for the Founder NFTs of all six tiers. In the auction, the system will use QFTs to buy back Founder NFTs offered by users, whose bids will be ranked according to the price of a Founder Point in the NFT.

As a result, a system will only be able to buy a certain number of NFTs because it cannot buy just a portion of the Founder Points contained in the NFT. Bought NFTs will be burned and the remaining QFTs that are not enough for the next NFT on the auction will be carried over to the next week.

This means that if user bids are too high this week and the system is unable to buy even one NFT, the amount allocated for buyback will be increased at the next auction. After several such accumulations, the system is guaranteed to meet user bids.

Higher tier NFTs can cause bottlenecks because the price of such NFTs will be much higher, while the bid per Founder Point may be the lowest. However, this approach guarantees that the system will end up buying and burning the maximum amount of Founder Points for the same amount of QFTs.

The burning of Founder NFTs will begin at the launch of Questfall and will continue until there are no NFTs left in circulation. This will not only ensure that the price of the NFTs increases over time, but will also raise the share of the weekly reward for each remaining Founder NFT holder.

In fact, the last owner of the Founder NFT will be able to get as many QFTs as he or she is willing to wait for, as the amount the system will offer to burn that NFT will increase each week.

If there are no Founder NFTs left in circulation, the portion of the QFT weekly issue that should be used to reward founders and burn Founder NFTs will be set to zero, thus increasing the portion of other reward pools.

As a result of burning Founder NFTs, they become a deflationary asset backed by the deflationary QFT, making these NFTs one of the best long-term investment vehicles on the market.

Founder NFTs