$NFTART is now live on Avalanche!

The backbone of the enter ecosystem, $NFTART, successfully launched on Avalanche this week! In this article, we take a closer look at what this means for the enter community and the future of $NFTART.

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@enter.artPUBLISHED 9TH SEPTEMBER 2022

It’s a fine day in the enterverse; A day we have been eagerly building towards since the decision to open the ecosystem to the Avalanche community was made. We are immensely excited to announce that the backbone of our ecosystem, $NFTART, has been successfully launched on the Avalanche network and can now be traded on Trader Joe with the NFTART/AVAX trading pair!

Even with a seasoned crypto team like ours, you learn a thing or two after building actively in Web3 for well over a year. When deploying  $NFTART on Avalanche, an important focus has been improving the mechanics and flexibility of the token contract, to support the liquidity, utility, and long-term growth of the token. 

In this article, we’ll guide you through all the details of what this means for $NFTART holders, the supply and utility of the token, and how this launch will support the token and ecosystem moving forward. Scroll down for TL;DR, but make sure to refer back for in depth details!

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$NFTART on Avalanche shares supply with the BNB Chain version of the token, meaning the token supply of $NFTART remains the same. Technically, when $NFTART is bridged from BNB Chain, the tokens on BNB Chain will be locked in an escrow, and the corresponding amount of $NFTART is minted on Avalanche. When bridging back from Avalanche, the $NFTART is burned out of circulation, and the corresponding amount of $NFTART is released on BNB Chain. 

The token can be bridged from BNB Chain to Avalanche and vice versa on: https://app.multichain.org/#/router.

The official NFTART contract address on Avalanche: 0x74A488BcCb16d90Fd628E75132e49ff067384aA9

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We’ve chosen to keep the ownership of the contract, to ensure flexibility when and where it is needed to support the liquidity and make strategic changes along the way. On Avalanche, $NFTART currently has a 6% transaction tax that is adjustable between 0-10%. 

4.5% of each transaction goes towards automatically growing the liquidity pool. These LP tokens are then burnt out of circulation locking the liquidity. 1.5% of each transaction is turned into USDC and used for buybacks on both chains.

 

Note: The tax is flexible with a hard cap on 10%, and you can never be taxed more than 10%. We’ll always keep the community up to date if any changes are being made in regards to tax and routing of the tax (LP, Buyback programmes etc.)

Due to the immutable contract on BNB Chain, there will always be a 10% tax when bridging from BNB Chain to Avalanche. However, the bridge contract is whitelisted on the Avalanche side, meaning there is no tax when interacting with the bridge on Avalanche.

 You can read more about $NFTART tokenomics on BNB Chain in this short knowledgebase article. Catch the full history of  $NFTART in this article from enter.blog.

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Already when we announced the launch of enter.market on Avalanche, we prepared frens of enter that $NFTART would be implemented as a payment currency on the $AVAX versions of the enter platforms. We are currently working on the implementation of $NFTART on enter.market as a part of the development focus for September. 

The flexibility of the token contract on Avalanche will allow us to completely remove the tax when using the token for purchasing NFTs on the enter platforms, as well as when using it in DeFi play. This gives holders of $NFTART a unique advantage when navigating both on the inside and outside of the enterverse

Our enter.market smart contract is already excluded from taxes, making it possible to buy and sell NFTs on .market without being charged tokenomics on the transactions. Furthermore, we have the possibility to whitelist contracts to exclude them from taxes, for example DeFi pools,  farms or exchanges.

 

Lastly, it also allows us to alter the tax for specific events and campaigns related to enter and $NFTART - giving new opportunities for marketing efforts and turning new eyes towards our ecosystem.   

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TL;DR:

  • The official $NFTART contract address on Avalanche: 0x74A488BcCb16d90Fd628E75132e49ff067384aA9
  • DEX - trading pair / listing on Trader Joe: $NFTART - $AVAX
  • You can bridge your tokens from BNB Chain to Avalanche and vice versa on https://app.multichain.org/#/router
  • The token supply is shared across chains. 
  • No bridge tax on Avalanche, always 10% on BNB Chain.
  • New token contract with more flexibility. Current tokenomics on Avalanche 6% ( 4.5% to LP - 1.5% for buyback with USDC). The tax is flexible from 0-10%. The flexibility allows reducing/removing tax when using $NFTART in the enterverse, as well as in DeFi. 
  • We’re currently working on the implementation of $NFTART on enter.market. All sales made with $NFTART on enter.market are excluded from tokenomics, giving holders an extra trading incentive.

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