gembox

Play the Players

Dear anons, degens and chads, we get it!

You're all about those "up only" charts, deflationary tokens, strategic buybacks and burns, ETH rewards and all the fancy tweaks you love about this crazy jungle.

Excitedly, we introduce the genesis token $GEM and $BOX, the first and unique playground from the gemlabs, where game theory meets tokenomics. Dive into the world of auctioned NFTs, known as $BOX, paired with the deflationary ERC20 token, $GEM. Here, your strategic choices pave the way to ETH rewards.

Oh, and just so you know, we're rolling on BASE for those budget-friendly transaction fees. Plus, we’re kinda betting on this L2 to be flood with fresh liquidity once Coinbase lets its millions of users in.

Here's how it unfolds

Every 6 hours, a new BOX NFT is up for grabs. The winning bid is fully shared with existing BOX NFT holders, allowing you to continuously earn ETH. Feeling strategic? Burn your BOX NFT to claim 90% of the ETH rewards directly. The rest? It's channeled into buying back $GEM, with half returning to you and the other half burned to enhance $GEM's value. This process is boosting your assets and $GEM's market value by reducing its supply. And there's a cherry on top: each $GEM transaction sprinkles 1% of the tax fees back to NFT holders, enhancing the rewards simply by being part of the game.

1. The Auction Cycle

Every 6 hours, we introduce a unique BOX NFT up for grabs in an auction. Everyone can place bids, aiming to be the last and highest bidder when time expires. Winning here means more than just securing a rare digital asset; it triggers a reward distribution function within the game.

2. Reward Distribution

The entire sum of the winning bid - say, 1 ETH - is spread out among all BOX NFT holders. So, if you're holding onto a BOX NFT, you get a slice of the auction's winning bid. The game gets an extra kick from a progressive reward allocation that leans towards the more recently minted NFTs, giving them a bit of an edge over the older ones. Additionally, a portion of the $GEM trading tax is shared with BOX NFT holders, keeping the reward and engagement wheel turning.

3. Strategic NFT Burning

This is where gembox adds a bit of strategy to the mix. To unlock the rewards you can choose to burn the BOX NFT. Burning means reducing supply - permanently remove it from circulation to claim its stored rewards. And now we turn up the heat a little: if you burn a BOX NFT to get your ETH rewards, you'll receive 90% in your wallet, while the remaining 10% is cleverly reinvested into $GEM.

4. The $GEM Buy-Back-Machine

The 10% taken from the ETH rewards of your burned NFT is funnelled into buying $GEM tokens. This amount of tokens is then divided: half is given back to you as an extra shiny bonus, while the other half is burned, permanently deleted from the $GEM supply, injecting a deflationary twist into the token's economy.

5. Reranking after NFT Burning

To keep the edge, strategic moves are essential. When BOX NFTs get burned, there's an immediate reranking of positions. This shuffle can elevate older NFTs up the ladder, enabling them to secure a larger share of rewards through the progressive reward allocation. It's about outsmarting the competition, not just playing the game!

6. Understanding $GEM

$GEM, an ERC-20 token, is the sibling of the BOX NFT and a cornerstone of the gembox ecosystem. You can trade or hold it separately from the NFTs. Each $GEM transaction comes with a 5% tax: 4% goes towards development and marketing as 1% is distributed among all BOX NFT holders, enriching the rewards system even further.

7. Selling & Trading

If you're eyeing bigger profits, remember that you can always sell your BOX NFT on secondary markets. Should you speculate that your BOX NFT will appreciate, holding off for a deal that surpasses the immediate gains from burning it for rewards could be wise. While $GEM tokens are distinct, they play a role in the rewards from BOX NFTs. A high market price for $GEM could signal an opportune moment to burn your NFT, secure your rewards, snag the extra $GEM, and then sell those tokens when their value peaks.

By diving into the gembox arena, you become part of a vibrant ecosystem where each auction, transaction, and tactical choice influences the broader market, forging an ever-changing and captivating game.