Popular NFT project OnChainMonkey (OCM) has unveiled KARMA tokens as part of its efforts to expand its burgeoning ecosystem, according to a Jan. 24 statement shared with CryptoSlate.
OCM explained that KARMA is strategically designed to elevate its brand presence and capture the market’s attention towards its platform. The digital asset is poised to play a pivotal role in advancing the overall growth strategy of the platform.
What is KARMA
KARMA is a cryptocurrency designed to reward OnChainMonkey NFT holders and engage the broader crypto community, boasting a total supply of 1 billion tokens. Notably, 70% (700 million tokens) are earmarked for strategic airdrops to the OCM, TRAC, and PIPE communities, ensuring a robust initial distribution.
Of the 700 million tokens designated for airdrops, 560 million will be allocated to OnChainMonkey NFT holders. Each Celestial NFT receives 1 million tokens, Dimensions 300 NFTs receive 135,000 tokens, Genesis NFT holders get 40,950 tokens, and Karma 1 and Karma 2 holders are entitled to 4,500 tokens each.
It’s important to note that only assets migrated to Bitcoin from Ethereum will qualify for the airdrop. Tokens will be reserved for Karma holders until their migration, with Genesis holders strongly encouraged to emigrate by Jan. 24.
Furthermore, 112 million KARMA tokens will be distributed to TRAC token holders, and PIPE token holders will receive 28 million KARMA.
A significant portion of the total supply, 20% (200 million tokens), will be available for a token swap exclusively for TRAC token holders. In addition, the community treasury will get 10% (100 million tokens) to fuel ecosystem growth.
The 200 million KARMA tokens allocated for the Token Swap will empower the community treasury to generate 500,000 TRAC. TRAC holders can swap their tokens for KARMA at a favorable ratio of 1 TRAC to 400 KARMA.
Consequently, the generated 500,000 units of TRAC would be staked on Trac Core to validate the network on Tap Protocol because “the team strongly believes in the vision of Tap Protocol and the importance of building a decentralized indexer.”
OCM is a collection of 10,000 Ethereum NFT profile pictures (PFPs) minted in 2021, according to OpenSea. Last year, the project joined the raving interest in Bitcoin Ordinals, spending over $1 million to inscribe all its existing artwork on the top blockchain network.
More information on the OCM migration and KARMA token can be found here.