Wednesday, December 8, 2021

IOTA Debuts Genesis NFTs on Newly-Launched Shimmer Network to Reward Early Adopters

Just days ago, IOTA introduced Shimmer and its native token $SMR as its official incentivized staging network. It presented a significant step forward built to ensure that IOTA’s major network upgrades are publicly validated and thoroughly tested through the right token incentives. IOTA debuted staking rewards in tandem with the release.

Now IOTA is furthering the sophistication and community-mindedness of its latest development with the launch of 11,111 Genesis NFTs on the Shimmer network. These NFTs will be available at limited amounts and in three price tiers: Gold, Silver, and Bronze.

Read Also: IOTA NFT Marketplace Records Thousands of Bids and 508 Minted NFTs in First Week of Testnet Operations

Each NFT comes with a set of exclusive perks and a roadmap to accelerate the creation of an entire ecosystem. This system is designed to reward early adopters in the ecosystem willing to explore the unique ways in which NFTs can empower the larger community.

All earnings from NFT sales on the network will fund the development of decentralized autonomous organizations (DAOs) within the IOTA and Shimmer ecosystem, accelerating growth and development internally and directly. The community-mindedness that drives IOTA’s mission is very much in play here.

As such, staking rewards will only be unlocked after a governance vote by the Shimmer community, and the community will ultimately decide on the exact distributions.

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If the community votes to give Genesis Gold NFTs a 15% staking boost, users’ Shimmer staking rewards will increase by 15%. If you hold two Gold NFTs, individual rewards will increase by 30%, and so on.


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Solomon Odunayo
Solomon Odunayo is a cryptocurrency journalist with over 3 years of experience in the crypto industry. He's sternly interested in covering developments of emerging and established blockchain projects.

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