The TasteNFT Project is developing a decentralized NFT (non-fungible token) marketplace for the best sensual content available on the blockchain. In pursuit of this objective, TasteNFT partners with artists and photographers from various industries to host exclusive sensual artwork on the platform. The platform enables creators and collectors to exhibit and monetize their high-quality figurative art while building a strong community and following in the NFT and digital art space. This adaptable business model carves out a niche for TasteNFT within the emerging NFT market and provides the project with a natural avenue for future growth and expansion. Furthermore, the $TASTE token is fully integrated within the TasteNFT Marketplace, which offers artists, customers, and/or community members with a sustainable built-in “use case” for the token. The TasteNFT Marketplace will be complete and ready for launch in late 2021.
The native digital cryptographically-secured fungible token of TasteNFT (ticker symbol $TASTE) is a transferable representation of attributed utility functions specified on the TasteNFT platform, and which is designed to be used solely as an interoperable utility token on the platform. $TASTE was initially be issued as a BEP-20 standard token on the Binance Smart Chain (BSC). The tokenomics of $TASTE were designed to engender trust within the community and discourage high-frequency trading.
$TASTE is a functional utility token which will be used as the medium of exchange between participants on TasteNFT in a decentralized manner. The goal of introducing $TASTE is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem of TasteNFT, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. $TASTE does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will $TASTE entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. $TASTE may only be utilized on the TasteNFT platform, and ownership of $TASTE carries no rights, expressed or implied, other than the right to use $TASTE as a means to enable usage of and interaction within the TasteNFT platform.
In particular, as the native platform currency, $TASTE will be used as the mode of settlement for peer-to-peer trades between users on the TasteNFT platform.
$TASTE also provides the economic incentives which will be distributed to encourage users to contribute to and participate in the TasteNFT ecosystem, thereby creating a mutually beneficial system where every participant is fairly compensated for its efforts. $TASTE is an integral and indispensable part of TasteNFT, because without $TASTE, there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire TasteNFT ecosystem. Given that additional $TASTE will be awarded to a user based only on its actual usage, activity and contribution to TasteNFT and/or proportionate to the frequency and volume of transactions, users of TasteNFT and/or holders of $TASTE which did not actively participate will not receive any $TASTE incentives.
The TasteNFT Team does not have any founding tokens and/or maintain any team wallets. There is a 10% tax associated with each transaction on the platform which will be collected in $TASTE and will be distributed to all active users which have actively used, participated or contributed to the platform. For example, users would get certain amounts of $TASTE incentives for buying or selling NFTs, or for introducing other users to the platform.
To provide easy access to $TASTE and promote ecosystem growth for the protocol to perform its core function, users would need to be incentivized to play the role of liquidity providers and stake their digital assets into various decentralized market making pools to provide the necessary liquidity for transactions. As compensation for opportunity costs, these liquidity providers which include assets to liquidity pools (e.g. on Pancake Swap) in exchange for LP tokens would be rewarded with $TASTE (i.e. “mining” on TasteNFT), according to each user’s relative contribution after various adjustment and correction parameters.
The total supply of $TASTE tokens is one quadrillion tokens. Additionally, TasteNFT allocated approximately 52 trillion tokens for marketing, which were locked prior to the pre-sale. After launch, TasteNFT will unlock approximately 10% of the marketing funds each week starting on Saturday, May 22, 2021 over the course of 10 weeks. This funding will be used to fund and scale TasteNFT operations.
In the near-term, TasteNFT has focused on completing audits, listings on cryptocurrency exchanges, and launching a data-driven marketing campaign. In pursuit of these objective(s), TasteNFT received a fully paid TechRate and Certik audit for the TASTE smart contract. Further, TasteNFT was listed on CoinGecko on May 16, 2021 and listed on the Centralized Cryptocurrency Exchange (CEX) Coinsbit on May 20, 2021. In addition, TasteNFT was listed on CoinMarketcap on June 8, 2021. TasteNFT has also been listed on LBank and Bitmart on August 21 and August 23, 2021, respectively. In conjunction with these efforts, TasteNFT will also run targeted digital ads on cryptocurrency-related websites in addition to those that serve the NFT and art industry. Looking ahead, TasteNFT will capitalize on these near-term objectives to establish a proper decentralized NFT marketplace for high quality “sensual” content on the Binance Smart Chain.
Michael and Nadina, who are the founding members of TasteNFT, are located in Chicago, IL and fully doxed to the TasteNFT community. Michael is a former IT consultant, business owner, and avid investor in various cryptocurrencies. Nadina is a biomedical engineer and data scientist with a newly discovered interest in cryptocurrencies and blockchain technologies. Other members of the TasteNFT team are currently working for Fortune 500 companies in the United States and Europe with extensive experience in business, finance, and content creation/user experience.
- Co-Founder & Chief Executive Officer (CEO): Michael Oates
- Co-Founder & Chief Technology Officer (CTO): Nadina Zweifel