Sep 20, 2021•3 min read
As we introduced in previous articles, GameFi Legendary NFT is entitled to many perks in the ecosystem, starting with guaranteed IGO allocation and exclusive pool participation in Launchpad.
Find out more about Legend NFT perks and how to get GameFi Legendary NFT HERE.
We are excited that the Generation 1 of GameFi Legendary NFT is about to find its owners and would like to walk you through some essential use guides for Legendary NFT.
1. NFT Distribution and Ownership
When announcing the auction result, we will start distributing Legendary NFT to the Top 12 $GAFI stakers until 10:00 AM UTC, Sep 20, 2021. These are the first-generation (Gen 1) GameFi Legendary NFTs.
At the same time, the winners will achieve the Legend rank and all the associated privileges:
- Joining exclusive pools such as Private or Seed pool (subject to availability);
- Guaranteed IGO token allocation when registering to join the whitelist;
- The token allocation for Legends accounts for 20% of an IGO pool
- The Legend pool’s IGO tokens will be distributed to Legend members according to the amount of GAFI staked, from highest to lowest. Accordingly, the person in the higher position in the pool will receive an additional 5% of token allocation than the person in place right after;
… and other benefits will be updated with the development of the GameFi ecosystem.
2. How to use GameFi Legendary NFT?
- In this September auction, each $GAFI stakers in the Top 12 will receive one and only one Legendary NFT to their verified wallet on GameFi.
- By staking $GAFI to be eligible for the Top 12 stakers and owning a Legendary NFT, the GameFi member will gain the Legend rank.
- There are only up to 12 Legends with 12 valid Legendary NFTs acknowledged on the GameFi smart contract.
- If the number of Legends falls below 12, GameFi will continue to hold auctions for available slots.
- 12 Legends will be ranked according to the amount of $GAFI they stake on GameFi, and this order will be continuously updated on the website. Before each IDO, GameFi will take a snapshot to redefine the rank and individual allocation of each Legend in the pool.
- A Legend will receive 5% more token allocation than the Legend right behind them in the Legend ranking system.
- If multiple Legends stake the same amount of $GAFI, the Legend who fully staked this total amount of $GAFI first will have a higher position in the pool.
- The GameFi Legendary NFTs Gen 1 are not transferable and void in the circumstances outlined in section 3 of this article.
3. Legend rank demotion and invalid Legendary NFT
Invalid GameFi Legendary NFT is NFT that is not released by GameFi or used to be valid, but the owner commits a violation including but not limited to the following;
- Dismission: Dismission is triggered every month at Pre-auction Snapshot time. The two Legends ranked 11th and 12th at Pre-auction Snapshot time will have to re-enter the auction competing with users of other ranks. If they do not win the auction, they will be demoted to Pro rank, and their GameFi Legendary NFT will be invalid.
- Defection: Defection is triggered when a Legend unstake $GAFI no matter how much $GAFI they unstake. After that, this Legend will be demoted to Pro rank with a 30-day withdrawal period, and their GameFi Legendary NFT will be invalid.
- There are instances of cheating, exploiting vulnerabilities for personal gain, causing systemic imbalance, and jeopardizing the GameFi ecosystem’s sustainability.
If any of the above conditions are met, the Legendary NFT of the Legend who owns it becomes invalid. As a result of the $GAFI deposit, they will be demoted to a corresponding lower rank. Technically, these Legendary NFTs are non-transferrable and cannot be used to determine rank on GameFi in the future.
When a Legendary NFT is invalid, the owner can always participate in the monthly auction to obtain a replacement.
When a new Legend succeeds in the auction, the previous Legend’s Legendary NFT becomes null and void. The winner will receive a brand new GameFi Legendary NFT at their verified GameFi address. As a result, the Legend rank always has 12 members.
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