The Focus Token (FOTO)
The Focus Market platform is expected to launch as a public beta in January 2023 with the Open Marketplace. The minted NFTs will use the ERC 721 and ERC 1155 standards for Ethereum.
The FOCUS token (Etherscan symbol: FOTO) is the utility token (ERC 20) and it will allow the holder of the token to vote, and earn a percentage of the platform revenue from the marketplace (via staking).
This share of the transaction fee is the key feature of the FOCUS token. As the Focus marketplace will have transaction fee which is taken from each sale, those who hold the FOCUS token will receive a share of this transaction revenue. This share is 50% of the transaction fee and it will be distributed to all FOCUS token holders via the platform staking smart contract. So in effect, the more FOCUS tokens an individual holds, the greater their share of the transaction revenue.
The summary of the platform transaction fees is as follows:
- 1.Open Marketplace - 5% fee per sale
- 2.Curated Marketplace - 10% fee per sale
- 3.Stock Image Library - 10% fee per sale
The total supply will be 100,000,000 tokens with roughly 60% going to community initiatives, 10% being used for seed, private and public sales, 10% for the team, 10% for liquidity and the final 10% for a partnership initiatives.
Public Sale 2%
The whole platform will be an ecosystem that will use the FOCUS token as a device for ‘participating and sharing revenue’ Moreover, the FOCUS token will also be used for accessing membership tiers, perks and other utility features..
One of the main distinguishing feartures of Focus Market is the importance it places on its stakeholders (community). When formulating the project, we spoke with a lot of key players in the photography industry to understand the needs and pain points that the industry as a whole suffers. We created Focus Market as a way to democratise photography and allow all stakeholders to benefit from its success.
All holders of FOCUS tokens will be able to stake their tokens on the platform to earn a share of platform revenue. The platform revenue will be generated from the transaction fees of the three marketplace components (namely, Open Marketplace, Curated Marketplace and the Stock Image Library).
Using custom staking smart contracts, 50% of these revenues will automatically be distributed from the platform wallet into the stakers wallets.
As long as the FOCUS tokens are staked on the platform, there is claim procedure as the process is fully automated.