$SKZ is the in-game token, and there is no minting date. It is minted only when a user starts a workout.
$FIT is a utility token used as a medium of exchange among SNKRZ participants in a decentralized manner. The purpose of introducing $FIT is to provide convenient and safe payments among participants in the SNKRZ ecosystem without the use of a centralized third party intermediary. This is not intended to be used for payment or settlement of debts for services or products. Also, $FIT is not designed or intended to be used as payment for goods or services not exclusively offered by the issuer.
$FIT does not represent any ownership, participation, rights, ownership, or benefits of any company, distributor, affiliated company, or other company, corporation, or business in any way. Also, $FIT does not make any promises to token holders for fees, dividends, profits, benefits, or investment returns, and does not constitute a securities in Singapore or related jurisdictions. $FIT can only be used in SNKRZ and this ownership does not have any explicit or implicit rights other than the right to use $FIT as a means of enabling use and interaction within SNKRZ. The secondary market price of $FIT does not depend on the efforts of the SNKRZ team, and there are no tokens or plans designed to control or manipulate such secondary market prices.
Furthermore, $FIT is distributed as an incentive to encourage contribution and participation in the SNKRZ ecosystem, creating a system where all participants are fairly rewarded for their efforts. $FIT is an essential part of SNKRZ. Without $FIT, there is no incentive for users to consume resources in order to participate in activities or provide services for the benefit of the entire SNKRZ ecosystem. When considering that additional $FIT is paid to users proportionally to their actual use, activity, effort and/or frequency of transactions with SNKRZ, inactive SNKRZ users who do not actively participate will not receive $FIT incentives.
As described in this whitepaper, $FIT has the following specific features:
- Users can earn $FIT tokens as rewards in the app based on the appropriate exercise level for a given goal.
- All $FIT spent in-game, such as repair costs, will be recycled within the ecosystem to create a healthy ecosystem and reward active participants.
- Advertisers can purchase $FIT to display ads to users. Users who view ads can earn certain $FIT incentives.
- Users can spend $FIT for various in-game functions, such as upgrading shoe NFTs, acquiring shoe skins, acquiring items, and expanding inventory space.
- To drive ecosystem participation and enable users to earn and interact with LAND, LAND owners will receive token rewards every time a user enters the LAND. High level LAND owners can earn $FIT rewards.
- $FIT allows owners to post governance proposals and vote on SNKRZ future feature updates. Voting rights are limited to voting on SNKRZ features. $FIT holders cannot vote on the operation and management of the company, its affiliates or assets, or the disposition of assets to token holders. A board of directors or similar body may not be formed to directly determine the contents of development.
In order to stabilize the prices of $SKZ and $FIT and prevent hyper inflation, all tokens used for fee purposes in the app will be burned. Below is a list of the burning mechanics. The list will continue to grow as the service grows.
∙ Purchase of shoes ∙ Sales of shoes ∙ Repair of shoes ∙ Leveling up shoes ∙ Breeding shoes ∙ Synthesis of shoes ∙ Participation in shoe's Lucky Draws ∙ Purchase of Dubrae ∙ Installation of Dubrae ∙ Synthesis of Dubrae ∙ Purchase of Items ∙ Sale of items ∙ Purchase of LAND ∙ Sale of LAND ∙ Leveling up LAND ∙ LAND repair ∙ Use of LAND items ∙ Sale of LAND items ∙ Burning of 10% of the total compensation at the time of rental ∙ Partial burn of advertising revenue from Open Mode users ∙ Burning of cashing out fees for Open Mode users