X Marketplace — a multi-chain decentralized NFT marketplace, owned and operated by the X community. Governance is provided by the X DAO with voting rights, granted to users who have staked their X tokens on the veX governance token. This is a community that welcomes radical self-expression and inclusion without preconditions for participation.
Description of the X Marketplace project
X Marketplace - a multi-chain decentralized NFT marketplace. Collect, create and sell across multiple blockchains in the industry's first decentralized NFT marketplace. Governance is provided by X DAO with voting rights, granted to token holders.
The goal of X Marketplace — to create an NFT marketplace that is fundamentally different from the competition in the following three key areas:
| Decentralization | X cannot be closed because all listings and transactions are decentralized. |
| Compatibility between chains | The marketplace should allow users the freedom to transact, based on their preferred chain, not restrict them. |
| Community ownership | X is a DAO and will be owned by the community through X tokens that are earned during the bootstrap period. Users can stake X for up to 4 years to receive VeX Governance Tokens, which allow holders to propose and vote on the direction of X. |
In the future, an exchange of X tokens for veX tokens, the X DAO governance token, will be available. veX token holders will not only be eligible to vote in the direction of X, but will additionally receive 100% of the market commissions, earned by X. The amount of veX tokens, received for each staked X token, depends on the duration of staking.
How does X Token staking work?
The team will allocate 1% of the total supply of X tokens to provide issuance for staking X tokens. Token holders can stake their X tokens for up to 52 weeks and receive weekly rewards.
Users will be able to claim their rewards on a weekly basis, however, claimed rewards will be distributed linearly over 52 weeks. The vesting period does not start until the user has claimed their rewards. Users will also receive a confirmation token for their position. A fixed amount of 100 million X tokens will be available for reward, so the exact amount each staker earns depends on the total number of X tokens that have been staked.