The RNM (Rename) token
NFT Naming is live for 0.05 ETH per name. The RNM Token Launch will follow. The following outlines the specifics of the RNM token once it launches.
The RNM (Rename) token is an ERC-20 token bound to the NFTR registry contract. In order to assign or modify NFT names in the registry contract, 1,000 RNM or 0.05 ETH must be spent per NFT name registration. RNM can be staked for RNM yield, ETH platform revenue share, and DAO Governance voting weight.
RNM can be acquired through the initial distribution via:
Distribution of RNM tokens among Community, Team, Treasury, Strategic, and Liquidity Provision and Bootstrap Event
Stakable amounts for all categories, including Team, Treasury and Strategic increase on a per block basis in linear fashion between the amounts shown in the table at the difference monthly checkpoints.
Tradable amounts for all categories, except Team, Treasury and Strategic also increase on a per block basis in linear fashion between the amounts shown in the tables in the sections after this one. Tradable amounts for Team, Treasury and Strategic get unlocked in steps (opposed to linearly on a per block basis).
Accounts that name an NFT will be allocated RNM naming rewards pro-rata for that day based on number of namings. Daily naming rewards increase each month across 24 months, as described in the Naming Rewards section.
An RNM distribution will be claimable by qualifying individuals within the Ethereum NFT ecosystem. To claim the distribution, an NFT must be named in the process for free (not including gas fees).
Name & Claim will be available for two years, at which point unclaimed RNM may be burned, mobilized by the NFTR Protocol, or otherwise directed by the NFTR DAO into the Treasury.
Naming Rewards, RNM Staking and Spent GTK yield paid in RNM will distribute on an accelerating basis, with monthly distribution totals increasing in a linear fashion. Magnified yield will facilitate a continued rise in the # of participants while sustaining substantial yield for early RNM stakers and GTK Spenders.
The naming fee is 0.05 ETH or 1,000 RNM. The 1,000 RNM Naming option will be enabled at the beginning of month 4. At that point, namers can pay in whichever they prefer. Naming fees collected in ETH will be claimable by RNM stakers pro-rata. 100% of Naming fees paid in RNM will be burnt.
At any given time, 0.05 ETH or 1,000 RNM will be cheaper. If 1,000 RNM drops below 0.05 ETH, it will be cheaper to name with RNM. The resulting RNM buy pressure creates an artificial floor for 1,000 RNM at 0.05 ETH, or 0.00005 ETH/RNM, with unrestricted potential price upside. The deflationary force of burning RNM magnifies the proportional supply share of RNM stakers and holders.
RNM price upside originates from RNM buys for staking to receive ETH platform revenue. This scenario makes RNM a crypto-native stable-floor coin with upside, where the floor is supported by the utility the platform provides (NFT naming). We call this new token primitive a utility-strengthened floor crypto asset.
The 1,000 RNM naming option beginning in month 4 allows for sufficient expansion of the supply before RNM burning kicks in. It also incentivizes RNM Staking to receive a share of ETH naming fees (which will all be paid for in ETH for these three months).
As an RNM staker, if a naming is paid for in ETH you benefit as the fees are streamed to RNM stakers, and if it is paid for in RNM, you benefit because RNM is made more scarce through the burn.
RNM Stakers benefit from every NFT naming, regardless of how the fee is paid for. 90% of ETH collected from NFT Namings is distributed proportionally to RNM Stakers. Namings paid for in RNM reduce the max supply, increasing a staker's proportional share.
Naming Fees + Name Marketplace Fees:
90% RNM Stakers
10% GTK Stakers/Spenders (Stakers and Spenders will be counted on an equal basis)
More information regarding Tokenomics and yield distribution rates can be found in the following sections: