The Fair Crypto Foundation announced on December 29, the launch of the XENFT and XEN Torrent protocols on the Ethereum blockchain. The new products mark the entry of the XEN Crypto token into the booming NFT market, the introduction of a new batch minting tool, and the burning mechanism. The technology introduced by Jack Levin’s foundation provides more building blocks that will enable developers to build on the original XEN Crypto smart contract while allowing users to burn XEN Crypto’s supply.
Read: How to mint a XENFT
The XENFT launch
Jack Levin announced on Twitter that the XENFT launch would come into effect when the Ethereum block height hit 16300528. The block was finalized on December 30 at 10:20:59 PM +UTC. The XEN Torrent contract was published and it was available for public review before the launch. The XENFT minting can be done on the official xen.network dapp. The XENFTs created by the community members are visible on the OpenSea market.
$XEN turns deflationary (today) in the wake of #XENFTs launch... Thank you everyone! pic.twitter.com/CpYaeGJW5l— Jack Levin (@mrJackLevin) December 31, 2022
Faster minting and better security
The XEN Torrent protocol provides faster and easier minting execution. Thanks to this new technology, the users are able to mint XEN with the power of multiple Virtual Minting Units (VMUs) in just one click of a button. Up until now, it was possible to have one active XEN mint per account. People were frequently using third-party bulk minters to speed up their mints, but with the introduction of the Torrent and XENFTs, they can now be sure to have a CertiK audited product that provides them with more functionality. Moreover, by using the new batch minter, users now have better security as they need to manage just one account instead of many, and the use of a hardware wallet becomes trivial. The XENFT created during the minting process is the key to all of the underlying VMUs as well as a collectible that can be traded on secondary marketplaces like OpenSea or Rarible.
XEN Crypto enters the NFT market with XENFTs
After launching XEN on 10 different networks (Ethereum, Polygon, BSC, Avalanche, Ethereum PoW, Evmos, Moonbeam, Fantom, Dogechain, and OKX Chain) and contributing to the creation of over 200 million addresses, the Fair Crypto Foundation expands XEN’s activity to the NFT market, which is forecasted to reach $80 billion by 2025. With the deployment of XENFTs on the Ethereum network, the team allows users to mint but also to burn XEN tokens.
The XENFTs are divided into three categories. The Collector Category is a straight batch minter to mint XEN with 1 to 128 VMUs. It’s divided into 8 classes with different Power depending on the number of VMUs and the mint term length. The Limited Category is limited by time because these NFTs will be mintable for only one year from launch. In order to mint a Limited XENFT, it’s required to mint XEN with at least 100 – 128 VMUs and burn 250 million XEN. Apex Category has five classes and a total supply of 10,000.The minimum burn is 500 million, and the maximum burn is 10 billion. It’s required to mint XEN with at least 100 – 128 VMUs and to burn a specific number of XEN to get a XENFT from a specific category.
The NFT market is known for selling jpeg images for millions, but the Fair Crypto Foundation wanted to create something different that is stored on-chain rather than off-chain like it’s done with the most famous Bored Apes or CryptoPunks. The XENFTs are colorful svg images featuring a diamond, a rabbit, or the yin and yang symbol, depending on the category. Each XENFT is minted with a quote from Lao Tzu, Confucius, or other historic figures. They hold a collectible power, but their utility goes beyond that. Each XENFT immortalizes a user’s cRank which makes history. Each XENFT is a vault holding an active mint, which can be redeemed after the mint term ends. The ability to have an NFT as a key to the underlying mint means that the XENFT works as a bearer instrument that can be sold right after creation without waiting for the mint term to end. The user is effectively trading the future price of XEN.
Reducing XEN Crypto supply
At press time, XEN Crypto’s supply is around $2.4 trillion. The supply is inflationary in the beginning and disinflationary in the long run; however, the introduction of XENFTs with the burn function is allowing the minters to burn XEN in large quantities. A mint of all 10,000 Apex XENFTs generates a burn of 15,5 trillion XEN, which means that there are not enough XEN tokens in existence to support the burn. The forecast is that increased demand and reduced supply will generate more mints and higher gas prices. Moreover, the XEN community has recently voted to raise the fee on sale of XENFTs on secondary markets to 5%. 2.5% is a royalty fee and the other half is to be used as a buy back mechanism to burn more XEN.
We have originally planned to set XENFTs royalty fees to 2.5% (for trading only) on Opensea. There is a proposal to raise the fee to 5% and use extra 2.5% to buyback XEN from the open market to Burn it reducing the XEN Total Supply, please vote in favor or against this proposal:— Jack Levin (@mrJackLevin) December 28, 2022