Powering web3 phygital fashion
The $AN1 Token serves as the native cryptocurrency within the Another-1 ecosystem, operating on the Polygon blockchain. It plays a vital role in facilitating various transactions and interactions within the ecosystem, including NFT purchases, trading fees, rewards, and loyalty programs.
The AN1 token provides the following utilities to its holder:
- Method of payment
- Receiving rewards
- Voting & deposit for vouching for a designer collection
- Access raffles
Users can get rewards with AN1 tokens by “flexing” their IRL AN1 fashion collections (See Flex-2-Earn section).
Our business partners will acquire from the Reward bucket, or on the open market, a certain amount of AN1 tokens to build a “Reward Pool”. Whenever an owner “flex” his/her IRL Another-1 collection by meeting the requirements set by the business partner. For example, visiting an IRL shop of the business partner and getting their AN1 IRL collection scanned by a clerk, or going to a certain geo-location assigned by the partner and scanning the IRL collection with their AN1 user App, an automatic on-chain transaction will be triggered, and a certain amount of AN1 token will be transferred automatically to the wallet which holds the corresponding NFT.
To provide immediate utility upon the TGE launch, Another-1 will provide a tiered single-sided staking system that will allow holders to earn yield based on different time-based lock-ups. In addition, NFT holders will be able to access a booster multiplier for staking rewards based on their NFT holdings:
Moreover, by staking, users will access their Membership Management Panel to upgrade their staking level and unlock exclusive rights and utilities within the Another-1 ecosystem.
Staking Levels & Perks
By staking a certain amount of AN1 tokens, you can earn your status and be granted the corresponding rights and utilities according to the table below.
Apart from the perks, you will be also rewarded with an interest on your staked token amount. The “interest rate” will be adjusted from time to time to reflect the demand and supply of the token.
If you achieve the required staking level, you will be able to vote in the Become a Creator module and voucher for your favorite designer and artwork. The voting process will be split into 2 main stages:
Once a designer submitted a design work through the Become a Creator module, the community can vote if the work shall enter the next stage of collection development. Token owners will be able to vote on the platform according to the amount staked (each level of staker will be entitled to a different voting weight). If the design receives the required votes, it will enter the Second Stage.
In the Second Stage, voters will need to vouch for their selection with Deposits. In particular, voters will need to deposit a certain amount of AN1 tokens into escrow. If the project receives enough deposit, then the deposit will be converted into the “war chest” for the project and will be used to cover all the physical and digital product development costs, as well as any related marketing and operation costs.
If the project doesn’t receive enough deposits at the end of the crowdsourcing period, then 80% of the deposited amount will be transferred back to the token owners, and Another-1 will retain 20% of the deposit, to cover the basic costs to cover the relevant preliminary costs associated with the project.