Abstract
Fomo Lab is an organization of crypto experts, artist representation specialists, and passionate NFT lovers, creating a platform and marketplace for verified well-known musicians, athletes, celebrities, rappers, artists, digital creatives, and influencers to establish their NFT collections. They are one of the fastest-growing full suite NFT DeFi Platforms on the Binance Smart Chain due to the fundamental usage of NaaS (NFT as a Service) platform that integrates services for all entertainment and creative industry verticals.
Fomo Lab offers a direct transfer of ownership to the users of the platform. These users can sell their NFTs or keep them in their crypto wallets. Linked to the physical asset, the NFT acts as proof of ownership while the physical asset gets delivered to the user – all through different platforms on Fomo Lab such as the Avenue and the Market Place.
FomoLab Ecosystem
Fomo Lab ecosystem incorporates six significant products that help make NFTs mainstream and bring about change in the digital art industry. These products create an immersive platform for collectors and fans to access and trade digital and physical collectibles.
These products are:
- FomoSTAKE: The FomoLab staking platform is used to earn rewards in the form of $FOMO tokens and supply liquidity to the FOMO Pools – predominantly done on Pancake swap. Additionally, they are developing a FomoSTAKE V2 platform with the ability to mine and stake exclusive NFTs.
- FomoSWAP: FomoSWAP is a p2p marketplace for the users to sell and trade NTF art and collectibles and in-game assets.
- FomoWALLET: FomoWallet is the first passive staking wallet for NFTs, which can earn FOMO tokens by simply storing your NFTs on the platform.
- FomoJACKPOT: Every month, the company partners with a renowned personality to create an NFT collection of physical and digital products that are redeemable using $FOMO tokens and sold in FomoSwap.
- FomoVAULT: FomoVAULT holds some of the most valuable NFTs across the blockchain community. It will be audited and used to achieve a minimum redeemable value of FOMO tokens. Users can redeem these exclusive NFTs by burning the required token amount.
- FomoLAUNCH: Use your $FOMO token to participate in IDOs that are vetted thoroughly by the Fomo team. The IDO platform eradicates the restrictions that exist in other token listing models. It allows anyone to buy tokens from anywhere and at any point in time.
Fomo Tokenomics
$FOMO token is the lifeblood of the Fomo Labs ecosystem. FOMO tokens facilitate all financial interactions inside the Fomo Lab ecosystem. The tokenomics behind the token is defined by industry experts making it as sustainable as the platform itself.
- IDO Day: 16% Of the total token supply will be available through our presale and private sale.
- Pancakeswap liquidity: An additional 8% of the supply will be used for liquidity provisioning to pancake swap. Pancake swap is currently the largest exchange on the BSC (Binance Smart Chain).
- Blockwave/Advisors: Fomo has secured advisory services and VC backing from blockwaves in the UAE, 10% is allotted to them.
- Advisors: Advisors will have a locked and vested amount of tokens (8.5%) for their support in developing our infrastructure and building our partnerships.
- Reserves: 30% will be kept for the team and for any future developments or partnerships that come throughout the first 12/24 months of the project.
- Staking: 20% of the allocation will be distributed in staking pools and yield farming projects. Details on the APY and pool structures will be announced soon.
- Marketing: Although 5% may seem like a small budget for marketing, our company will be revenue positive from day one and has pre-existing marketing partnerships on board to help keep overall costs low for maximum exposure.
- Airdrop: 2.5% of the token supply will be distributed as an airdrop to raise awareness throughout the launch phase of the project.
Token Burning
Unique and restricted to FomoLab, 5% of profits from NFT drops will be bought from the market and burnt. The biggest advantage of doing so is deflationary reasons. Token burning can help to stabilize an asset’s value and curb potential price inflation. It additionally keeps the network uptime and bandwidth healthy. At earlier stages of projects, like FomoLab is in now, token burning is done to give a sense of confidence and reliability.
Humanising NFTs through partnerships
FomoLab was brought together to create NFTs, digital collectibles for famous personalities, and Smart ticketing service. The company has a pre-existing network of sports personalities and celebrities excited to become a part of the crypto ecosystem using NFTs.
The first partnership announced by Fomo Lab as seen on Forbes was the lineal heavyweight champion of the world Tyson Fury. This was followed by sponsoring and becoming exclusive NFT partners with Miami Crypto EXP. Auctions for Miami Crypto EXP include the first-ever Porsche to be auctioned on the blockchain, signed by Rick Ross, and other art pieces by leading NFT creators such as Ali Spagnola who’s previous work has sold for over $500,000. They further collaborated with world-leading music producer Pvlace who has accolades including numerous platinum records, No. 1 Billboard, and album charts.
Web: https://fomolab.io/
Twitter: https://twitter.com/fomo_lab
Github: https://github.com/TheFomolab
Instagram: https://www.instagram.com/fomo_lab/