To consolidate its foundational growth, metaverse guild hub BlockchainSpace (BSPC) recently unveiled the new Tokenomics for $GUILD. In its updated version of the whitepaper, the hub revealed its new roadmap for the token.
Table of Contents
What is $Guild?
BlockchainSpace’s $Guild serves as the utility token for its YEY ecosystem, facilitating community governance, inter-guild transactions, and esports league tournaments. With a total supply of 1,000,000,000 tokens, there are currently 207,843,230 tokens in circulation.
While $GUILD has a fixed maximum supply, ongoing evolution and innovative token sink strategies tied to brand demand aim to reduce the circulating supply through burning or locking mechanisms.
As per the whitepaper, YEY introduces an economic model that leverages a portion of revenue generated from brand activations to acquire and subsequently burn or lock the $GUILD token. The platform noted that this approach establishes a direct correlation between brand demand and the intrinsic value of the token. In addition to the direct benefits for token holders, this strategy also fosters alignment of interests between brands and the YEY community.
What is YEY?
Positioned by BSPC as an “experience platform”, YEY is designed to revolutionize fan rewards for creators, games, and brands. The community analytics platform is currently residing on Polygon and in an exclusive alpha phase, YEY has plans to expand to the public blockchain.
The platform’s vision includes providing a web3-enabled toolkit for community engagement, enabling the creation of customized rewards programs, community engagement tracking, and a gamified rewards experience.
According to the whitepaper, YEY goes beyond analytics; it actively rewards community contributors with SHINYS (non-fungible token badges), redeemable for perks from Community Owners or other financial incentives.
In August, the YEY platform partnered with Smart Communications for the FIBA World Cup 2023 to provide attendees with exclusive Shiny NFTs for raffles.
GUILD Distribution
As stated in the whitepaper, the token will be distributed in six different terms: Public Sale (27,692,761 GUILDs), Private Sale (150,000,000 GUILDs), Teams and Advisors (200,000,000 GUILDs), Community (300,000,000 GUILDs), Staking (47,307,239 GUILDs), and Treasury (275,000,000 GUILDs).
Tokenomics Phase 1-3
The version 2 of the BlockchainSpace whitepaper revealed that the GUILD roadmap will be comprised of three phases, beginning this month and continuing through December 2026 and beyond.
Phase 1
In Phase 1, BSPC will implement initiatives and features such as Proof of Action, Proof of Attendance, raffles, staking and tiered rewards.
In this phase, the platform will activate the $GUILD buyback and burn mechanism, which will be tied to SHINYS purchases and the reduction of circulating tokens. Upon the minting of a SHINY, a portion of $GUILD may either be directly burned or securely locked within the SHINY, depending on its tier – Common, Rare, or Epic. The circulating supply of $GUILD is also influenced by the integrated Staking Mechanisms, which not only facilitate tiered rewards but also generate yield tokens, contributing to the dynamic balance of token availability.
Tiered Rewards
Further, BSPC highlighted that the Tiered Rewards System is a key element designed to boost engagement between core fans and their preferred Community Owners, promoting long-term commitment and loyalty.
The whitepaper stated that staking GUILD or LP tokens provides benefits such as increased chances in promotional raffles, with tiers providing ecosystem-wide and community-specific advantages, impacting activation eligibility, and introducing cosmetic benefits to SHINYS.
Moreover, token holders achieve specific reward tiers based on staked $GUILD amount and lock period, diversifying demand and ensuring sustained interest amid changing token incentives or market values.
In addition, it was highlighted that the Claim and Redeem system will allow fans to redeem high-value benefits using SHINYS in promotional raffles.
In turn, the Tiered Rewards System further amplifies this process by providing bonus chances for higher-tier fans, bolstering loyalty, perpetuating utility for voided SHINYS, and aligning with the broader benefit redemption mechanism.
Phase 2
During phase 2, users will be able to utilize utilities such as customization, activation, and reservation.
Activation Utility
BSPC emphasized that the difficulty of activation directly correlates with the incentive value in the SHINYS system. Common SHINYS are suitable for lower-value Community Owner incentives, while Rare and Epic SHINYS offer more valuable rewards or entry into premium experience raffles. The distinction between Rare and Epic is in the quality of the incentive and the cost to brands.
Moreover, the firm noted that pricing is flexible as these will be negotiated between brands and Community Owners to ensure sufficient incentive for participation in activations.
Reserve Utility
The whitepaper states that GUILD’s utility expands as it becomes the Reserve Utility Token backing Rare and Epic SHINYS. The Reserve Utility Token Model establishes a minimum floor value for SHINYS by locking GUILD tokens within NFTs during brand purchases. This locked GUILD is acquired off-market, funded by a portion of brand activation spending, providing collateral for each asset.
Further, once SHINYS are allocated to fans, they can choose to hold, claim the Community Owner incentive while burning the GUILD collateral, or forgo the incentive and redeem the locked GUILD (voiding the SHINY).
“This underlying value layer enhances real demand and liquidity in SHINYS’ secondary markets. The difference between a SHINY’s market price and collateral amount represents the perceived value of the Community Owner incentive, with locked tokens serving as a “floor value” generally smaller than the incentive, encouraging most fans to opt for the incentive,” the statement read.
Phase 3
The full details regarding the final phase have not been disclosed; however, BSPC has teased users with some information.
The white paper highlighted that the YEY team envisions a range of upcoming strategies to enhance both the fan experience and the utility of $GUILD.
These may include, but are not limited to:
- Speculative Token-Gated Access
- Reserve Utility-Based Liquidity Boosting
- $GUILD Stakers Platform Voting
“YEY plans to rapidly expand the platform and quickly execute on the planned phases. The majority of these features will go live during 2024 and all three phases are expected to be executed by the first half of 2025. The order of certain components may be subject to change to maximize the benefit to the platform,” they wrote.
This article is published on BitPinas: BlockchainSpace Releases Whitepaper Version 2 For $GUILD, With Focus on YEY Platform
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