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Anvi Saini
Anvi Saini
Jul 31, 2023
News

Bloktopia Launches $BLOKN Reward Token for NFT Purchases

Bloktopia introduces $BLOKN, a new reward token that can only be redeemed for NFT purchases, offering a fresh incentive for users to stake their $BLOK tokens.
Bloktopia Launches $BLOKN Reward Token for NFT Purchases

In an effort to enhance the Staking and NFT Ecosystem, Bloktopia has recently announced the creation of a novel sub-token named $BLOKN. This innovative token is set to serve as a reward mechanism for users who participate in specific Staking Pools, thereby opening up exciting new opportunities to purchase NFTs such as REBLOK and ADBLOK.

What is the Purpose and Value of $BLOKN

Distinct from the utility-focused $BLOK token, $BLOKN stands as a unique token. Unlike $BLOK, $BLOKN is not and will never be a tradable token. Its primary and only utility is to be a means to purchase coveted Bloktopia NFTs- REBLOK and ADBLOK. The introduction of $BLOKN serves as a compelling incentive for the community to stake their $BLOK tokens, providing not only lucrative rewards but also contributing to the burning of the total $BLOK supply. 

The $BLOKN token will not replace the $BLOK token. There are no changes to the current $BLOK token and its utilities. The conversion rate is 1:1, meaning 1 $BLOKN token is equivalent to 1 $BLOK token.

Earning $BLOKN through Staking Pools 

To earn $BLOKN, users can participate in designated Staking Pools. Bloktopia will launch a new staking pool where users can stake their $BLOK tokens, and in return, they will receive an equivalent amount of $BLOKN relevant to the APY of the Staking Pool.

A key feature of $BLOKN is its role in reducing the total supply of $BLOK tokens. For each $BLOKN used to purchase an NFT, Bloktopia will burn an equivalent amount of $BLOK from the Staking and Treasury Wallets it controls. This innovative approach helps maintain the scarcity and value of $BLOK tokens, benefitting token holders and promoting long-term sustainability.

In conclusion, the introduction of $BLOKN by Bloktopia marks a significant step in the evolution of the Staking and NFT Ecosystem. By offering a unique reward mechanism and contributing to the reduction of the total $BLOK supply, $BLOKN is set to provide both exciting opportunities and long-term benefits for the Bloktopia community.

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