Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Non-Fungible Tokens, digital representations of real-life items, defined the blockchain and cryptocurrency space in the last couple of years generating mouthwatering figures for digital artists. NFTs didn't only make these digital artists rich. They solved the underlying problems prevalent in the physical art world, such as copyright infringement and auctioning.
While these digital collectibles owe their popularity and expensiveness partly to celebrities, influencers, and communities, there's no denying that their utilities have expanded over time from on-chain to off-chain. NFTs aren't considered precious possessions, a way to earn money, or a key to unlock some items in games and real-life alone. They have become tickets to exclusive membership clubs, elite circles, etc. The latter utility defines the GCBC NFT.
The Great Canadian Beaver Club (GCBC) is an original and private club with a unique collection of 10,420 NFTs developed on the Ethereum blockchain by Dino Tomic. All NFTs are crafted from over 250+ traits, with each one uniquely designed.
Labeled as the first community-based NFT platform, GCBC aims at giving NFT holders access to diverse incentives and lodges. Earlier this week, the private club disclosed its decision to give these holders a seat at the owners’ table. This implies that holders can sit with the decision-makers and speak their minds.
GCBC Lodges and Incentives
Giving NFT holders access to private tables is immense. That shows the undeniable power of NFTs. However, it doesn't end at giving holders private access. The Canadian private club established different lodges to further bolster the use case of its NFTs.
One of these lodges is the Political Lodge. This lodge gives NFT holders exclusive access to rule the colony based on a set of regulations. The next lodge is the Beavers Den, which enables GCBC NFT holders to make decisions regarding blockchain investments to diversify their portfolios.
The Celebrity Lodge is another private lodge that allows holders exclusive access and input for advertisement campaigns and influencers. There's also the Technology Lodge that allows NFT holders to have a say in technological development for the colony. The Party Lodge, which is the final lodge, allows holders to contribute to the planning of private and special annual parties.
A Look At the Roadmap and Utilities of GCBC Tokens
The Canadian community-structured NFT platform has unveiled a roadmap, which includes the launching of its free-to-use DeFi application for all GCBC NFT holders. Additionally, it aims to incentivize token holders by giving them the opportunity to generate extra income.
Token holders can stake GCBC NFTs to earn $PELT. The investors are given 30 days burn period before the rewards are distributed. $PELT tokens that would be rewarded would be sent to a burn address, creating a deflationary supply for the token. $PELT tokens also have other use cases, such as enabling owners to perform transactions and execute tasks on the network.
The private club also has some interesting, defining features. In a bid to properly compensate its token holders, GCBC partnered with a prominent Bitcoin ATM provider to institute a community bank. According to reports, the private club will send 100% of the revenue obtained and 50% of aftermarket sales. 20% of $PELT total supply will also be deposited into the bank.
GCBC is revolutionizing the use cases of NFTs and shifting the paradigm. It has become a pacesetter for others to follow.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.