With MEXC opening the deposit for the coin, what is Play Token is a question that many enthusiasts are currently wondering. In this article, we are going to explain what is Play Token and offer a background for it.
In May 2021, XCAD Network debuted its SHO on DAO Maker, and since then, based on current ROI, it has grown to become one of the most successful projects to establish an SHO. In the beginning, XCAD Network served as a fan token and NFT platform for some of the biggest content creators in the world. However, in December 2022, the product was released to the general public and quickly racked up over 100,000 members from just three authors.
The XCAD team became aware of the popularity of projects and trends like AXIE with Play2Earn and StepN with Move2Earn as time went on. People who watch YouTube are more numerous than those who run computers or play PC games combined.
What is Play Token?
Users can create NFT Nerds that can be evolved and upgraded in the PLAY area. When NFT Nerds watch a certain type of YouTube content, they accrue play tokens. The levels of a user’s NFTs can be upgraded & evolved using Play Tokens earned. Users that watch videos within 30 minutes of their release are rewarded the most, which is quite beneficial for the YouTuber who gets the views.
The game may be played by connecting directly with YouTube because XCAD Network is the first #Watch2Earn Platform to do so. There are alternative Watch2Earn models available right now, but none of them work directly on YouTube or have the distinctive marketing strength that XCAD does (XCAD has over 500,000,000 followers on YouTube). The first #Watch2Earn model with widespread appeal and applicability is XCAD.
Although XCAD Network is a fan token platform for Web2 users and has enjoyed excellent success since launch, we have heard feedback from the community and users that want to utilize the network more as a game than to spend the fan tokens. We have witnessed the success of StepN in terms of 2Earn models.
Play Token revenue stream
XCAD Network already makes money from its fan token side of the company, but it also intends to make money from the PLAY Area. The team charges commissions on the following:
- NFT Purchase
- NFT Repair
- NFT Trading fees
- NFT Upgrade fees
The longer-term goal is to offer the product a true gaming component, which would allow for several transactions for consumables, power-ups, and other obstacles. Users’ earning potential can be increased thanks to these features, which will boost user engagement and retention.
How does Play work?
There are two distinct aspects to the XCAD ecosystem. the PLAY area and the fan token area. The goal of the fan token section is to eliminate barriers between fans and creators. The PLAY section more closely resembles StepN’s Watch2Earn Game concept.
The ecological components that pertain to PLAY are listed below:
- XCAD Network iOS & Android Application – Users may watch YouTube on their phones using native iOS and Android programs while earning incentives.
- XCAD Network Google Chrome Plug-In – The Google Chrome Plug-In works similarly to the mobile application in that it enables users to watch YouTube and earn fan tokens or PLAY tokens if they are in the play area (directly on YouTube).
- XCAD Network NFT marketplace for PLAY – Users can exchange their PLAY NFTs on the XCAD Networks NFT marketplace.
- XCAD Network Governance Portal – The XCAD Network Governance Portal will allow users to control the PLAY area and which artists are supported.
Play token utilities
The Watch2Earn Game requires the usage of a Play Token, which is utilized at launch to purchase, exchange, or repair the NFT required to earn. Therefore it’s important to know what is Play Token. When one of these acts is performed, the majority of the tokens cause a token burn to occur:
- 93% of NFT Minting volume is burnt, 7% goes to treasury
- 7.5% of NFT Trading volume taken in fees, with 3.75% being burnt and 3.75% going to the Treasury.
- 96.5% of NFT Repair Costs are burnt, 3.5% goes to treasury
- 96.5% of NFT Upgrade Costs are burnt, 3.5% goes to treasury
We hope that you now have the answer to the question of what is play Token. As we mentioned above, the deposit is now available for the Play Token. Below, you can also see the withdrawal and trading opening dates. If you want to read more about the current state of the cryptocurrency realm, also check out: Bitcoin surpasses $30,000 amidst investor optimism
- Withdrawal: 10:00 2023-04-14 (UTC)
- PLAY/USDT Trading: 10:00 2023-04-13 (UTC)
