Reward Structure

To tap into the rewards of your BOX NFT, you'll need to burn it. Here's a clear breakdown of what happens during this process:

Burning for Rewards

Choosing to burn a BOX NFT is your way of tapping into the rewards it has accrued. For instance, if a NFT has accumulated 10 ETH in rewards, you'd initiate the burn to claim these earnings.

The 10% Fee

There's a 10% fee when you burn a NFT. This fee goes towards buying $GEM tokens, bolstering the ecosystem's vitality. Thus, out of your 10 ETH, 1 ETH is dedicated to this purchase.

Reward Buyback

Of the 1 ETH spent on $GEM buyback:

  • Half (equivalent to 0.5 ETH in $GEM) is returned to you as an extra bonus.

  • The remaining half is permanently removed from circulation, reducing the overall $GEM supply.

95% Net Rewards

After burning the NFT, you net 9 ETH plus an additional 0.5 ETH in $GEM, summing up to 95% of the initial rewards. This process not only favors you but also plays its part in reducing the $GEM supply.

First Auction Privilege

Early birds catch exceptional rewards! The first BOX NFT auction is special. With no existing NFTs to split the rewards, the auction's proceeds go straight into buying $GEM tokens, which are fully (100%) awarded to the first NFT's winner. It's a golden handshake for those who dare to lead the charge, rewarding the early adopter with the first-ever BOX NFT plus a treasure of $GEM tokens. Hold your horses my dear degens: the excitement escalates as the entire bid from the second auction goes towards the first NFT's holder, given that it's the only NFT at that point. You better be early Anon!

Minimal Price Setting

A minimum bid threshold of 0.01 ETH is set for minting a new NFT. If bids don't meet this minimum, the new NFT is instantly burned and the next auction starts, ensuring the value and sustainability of the ecosystem.

By understanding this process, you can make informed decisions about when to hold or burn your NFTs, maximizing your benefits within the gembox game.

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