Fomo Lab, a leading metaverse architect, announced the launch of $FOMO token, a new NFT product which went live on the ethereum main net from Tuesday.
$FOMO token can be used by users on the Avenue NFT marketplace as a token to purchase, sell and list digital assets.
It can also be used as core fee token associated with listing and trading assets on the market ecosystem rewards such as P2E rewards, Loot Boxes and Airdrops, the company said.
The company said within the FomoVERSE, the new token can be used for transacting and earning rewards throughout the MetaGALLERY and the Play and Earn Battlechain game.
The NFT community can purchase $FOMO tokens on Fomo Lab’s partner launch pad IDO platforms – GamiFi and GemPad – as well as via UniSwap.
Fomo said legacy BSC and Fomo token holders will be able to deposit their tokens into the Fomo deposit dashboard – to claim their new $FOMO tokens.
The company said $FOMO will also be the core governance token for making proposals on Snapshot, DAOHaus and eventually on its own standalone DAO platform and dashboard.
Khalil Kassam, co-founder and chief business officer at Fomo Lab, the launch of the new token is part of the company’s efforts to make NFTs and the Web3 world more accessible to the masses.
“We will continue to develop user-friendly onramps for people to discover decentralised financial technologies through education, media, communities, and culture,” Kassam said.
He said the Fomo Lab was working on plans to make it a household name by bringing tier 1 ‘in real life’ brands into the Web3 space and assisting companies in successfully launching their NFT collections and metaverse builds.
“Fomo Lab was created with the purpose of connecting Web3 enthusiasts and communities to enhance lives and businesses through new technologies and this is exactly what is happening now,” he said.
The company said in just under a year and a half of its operations, its NFT marketplace – The Avenue – has sold over $3.5 million in NFTs.
The sales included partnerships with world-renowned celebrities, artists, musicians, and fashion icons such as Mr Bean, professional road racing cyclist Mark Cavendish, and Tyson Fury – with the professional boxer’s NFT selling for $987,000.
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