The main token of any Decentralized Autonomous Organisation (DAO) lies central to its wider operations, and Faith Tribe Coin ($FTRB) lies at the heart of the Faith Tribe ecosystem, acting as the glue of our community.
Four Key Capabilities of the DAO
Although the platform is predominantly a decentralized ecosystem for the collaborative creation of fashion goods, Faith’s stakeholders will have a variety of roles and goals. All transactions on the NFT Marketplace will be made via $FTRB, and the way in which stakeholders interact with this native token depends on their intent behind participating in Faith Tribe. As a DAO, Faith Tribe’s ecosystem will provide them with four key capabilities — to be part of the Creative Tribe, Buyers, Patrons, or part of the Developer Tribe.
The Creative Tribe is the community of physical and digital fashion designers, visual artists, studios, verified creators, collectives or entities contributing to the creation and minting of a fashion product and its constituent designs. Buyers are any individuals who purchase digital or physical products from any of Faith’s distribution channels. It is possible for creators to launch crowdfunders to sell co-ownership of individual pieces or whole collections, and Patrons are those who participate in this crowdfunding. Core developers of the Faith Tribe network are part of their Developer Tribe, who are responsible for the ongoing development of Faith’s product as well as technical and partner integrations. They also facilitate network governance and community development. $FTRB empowers and facilitates these four kinds of participants in their operations throughout Faith Tribe’s Design Studio, NFT Marketplace and Design Protocol.
Get $FTRB, Acquire Rights and Participate In Governance
$FTRB token holders become part of the DAO, and therefore take on part of the responsibility for its governance. Owning $FTRB also grants the holder the right to participate in product strategy, be an active member of the community, and finally earn royalties for their contributions. The Faith Tribe Coin will also give its holders a say in leadership decisions and treasury fund allocation. Those who are most active and dedicated to the success and development of the network will have the coin continuously funnelled to them, ensuring that the future of the platform lies in the hands of those who care about it the most. Early adopters of Faith Tribe will also be airdropped Faith Tribe Coins, as well as the core community of designers, artists, influencers, and other active members of the ecosystem. Discounts are always guaranteed for $FTRB holders, and are also given the right to purchase digital and physical fashion assets from both NFT marketplace and the Faith Connexion brand store.
Which Blockchain Is $FTRB On?
The dual chain token $FTRB will be launched on both the Ethereum (ERC20) and Polygon blockchain for the lower gas fee. Ethereum currently delivers the best option for maximizing access to liquidity, connecting with the largest user base of cryptocurrency wallet owners, and will provide us with access to mature and improving developer tooling. It is essential that the Faith Tribe NFTs will be based on community accepted standards to ensure maximum interoperability between products and systems, such as supporting NFT Royalty Standards like Ethereum EIP-2981. Furthermore, it is likely that all the components of Faith’s protocol will be further bridged onto other emerging layer 1 blockchains, in order to provide maximum utility and pairing with liquidity. This gradual expansion will help to support integration with other protocols as needed for maximum benefit to the community.
Token Issuance
The first token issuance will focus on distributing ownership of the network and participation within it to the right people. The Faith Tribe team will specifically select businesses, startups, creators, artists, and influencers in the fashion and lifestyle industries to populate the platform, in order to drive and capture the utility value of the token. The capital raised will be used to fund the development of Faith Tribe. There will only be a final total of five billion Faith Tribe Coins minted for distribution throughout multiple phases over the next 10 years, starting with 750 million tokens in the first year. For a detailed breakdown of how tokens will be divided and distributed over the next decade and beyond, please refer to Faith Tribe’s website.
