At the beginning of every month, the total yield collected by play-to-earn models and their assets will be used to buy the MAGE token at market price. After the market purchase, MAGE tokens will be burned, added to the treasury, and the majority will be airdropped to the MAGE Relic NFT owners.
Owners who possess any of the MAGE Relic NFTs will be eligible for that month's Airdrops, along with additional use cases. NFTs are stackable and individuals may posses more than one NFT. The MAGE Relics will be ERC-721 tokens and tradeable. Owners of Master and Oracle NFTs will be able to upgrade to the higher tier NFTs by burning the NFT, as well as the remaining MAGE tokens required. For example, if someone owns the Master NFT (10,000 MAGE), they are able to upgrade to the Oracle NFT (25,000 MAGE) by burning their Master NFT and an additional 15,000 MAGE tokens.
MAGE Ranks & Relics (NFTs)
*The amount of MAGE tokens required to burn, in exchange for the NFT will always remain the same. Percentage shared among ranks are subject to adjustment by the DAO to ensure a fair distribution as the project evolves and holders change ranks.
In the event of selling an NFT for a markup, the base cost of any purchase will go back to the treasury to maintain an ever-expanding reserve. Any additional yield above the base cost will be redistributed as follows:
- 75% Yield collected to be airdropped at the beginning of every month
- 20% Yield is used to grow the treasury
- 5% Yield is used to buy MAGE tokens that will be burned