NEW YORK, June 11, 2021 (GLOBE NEWSWIRE) -- On its official website, NFTO ONE announces the completion of the first destruction mission. According to the official website, up to 100 million platform coins were repurchased and burnt, accounting for 10% of the total issuance. The coin NFTO also dropped by roughly 2% when the news was announced on the platform.
"The second burning mission was finished today as planned. This time, we've decided to burn up to 50 million platform coins during the Bitcoin mining reward halving period, accounting for around 10% of the overall issue. We anticipate a positive outcome. Drive the market's beneficial outcomes."
It increased by 700% after being announced the previous week as a collaboration with Async Art.
Before the partnership it wasn't worth that amount, due to the partnership with Async Art, the NFTO coin rose by 700% in a single day in the week before the destruction. It rose from 2.4 Taiwan dollars to a maximum of 7.00 USDT; Bitcoin was about 1.75% in the same week, and last week it was one of the best performing assets of NFTO.
It creates an ecosystem that truly belongs to the community.
NFTO ONE was created with the goal of creating an ecosystem that genuinely belongs to the NFT community. NFTO coins provided to consumers as a free via NFTO ONE via trade and mining, unlike other ICOs. A total of 60 million NFTOs have been erected.
NFTO coins possess a "lock-up mechanism" in addition to the destruction mechanism. By holding or locking the NFTO token, users can receive airdrop incentives.
The NFTO ONE Exchange further said that this destruction will have no effect on other NFTO coins' operations.
"If you got the NFTO coins, you can sell them on the market or use the lock-up system to collect bonuses. The destruction has no effect on the well-received lock-up system rewards or the benefits of time multiplication."
Introduction to NFTO ONE
NFTO is a non-encrypted NFT service provider that allows small businesses to build their own non-encrypted NFT mall and supports NFT to quickly distribute NFT and detect counterfeit and similar content for copyright purposes; it also offers a low-cost solution for NFT collectors. NFTO intends to create a compatible block network based on Ethereum 's core architecture and provide a smart contract NFT architecture to other block projects with excellent compatibility, scalability, efficiency, and anonymity. NFTO One is a blockchain project committed to the NFT and blockchainization of the world's greatest artworks, supported by the underlying technology of the world-renowned public chain Ethereum and the world's largest distributed data storage system BitTorrent.
Official website: https://nfto.one/
SOURCE: NFTO Ltd.