Spores Network announces Q1–2023 Token Burn Program
In October 2021, we announced the SPO Buyback Program as a grand effort to facilitate and foster growth within our community. 👉The total amount of SPO tokens bought back in Q3 and Q4–2021 is $59,112 (~11,832,553 SPO tokens)
After careful consideration, we made a decision to change the SPO Buyback program to the Token Burn Program, aimed at reducing the overall supply of SPO tokens. The program will run quarterly, with a portion of the token supply being bought back and permanently removed from circulation.
The Token Burn Program is expected to have a positive impact on the token’s price and further enhance its already strong position in the market. Investors and holders of SPO tokens can look forward to increased liquidity and stability in the long run.
In the upcoming Q1 2023 Token Burn Program, 25% of the revenue from the previous financial year, 2022, will be used to buy back SPO tokens and burn them over the next two weeks starting from 8th Feb 2023.
Since the beginning of 2022, we have conducted various successful projects — Animal Concert, OKG Private IGO, Koakuma, Ritestream, and Realms of Ethernity. Notably, our top-performing campaigns are:
- OKG Private IGO ($100,000)
- Animal Concert IDO ($95,000)
- Koakuma IGO ($75,000)
- Ritestream IDO ($50,000)
- Realms of Ethernity IDO ($50,000)
We are excited to announce that the estimated total amount of SPO tokens to be bought back and burnt in the Q1–2023 Token Burn Program is $48,220, equivalent to 2.54% of the current total SPO supply at market price. The tokens will be bought back and burned over a two-week period.
Furthermore, we will also burn the previously bought back tokens from Q3 and Q4–2021 worth $59,112, bringing the total burnt tokens to $107,332.
One of our business mantras is about transparency — so in that spirit — we will be sharing the wallet address and transaction ID so that the community can track our progress.
We will conduct our buyback and burn over the next few weeks and will keep the community informed of our progress.
Stay tuned for more news and updates from Spores Network!
About Spores
Spores’ mission is to create a GameFi/Metaverse Publisher — incubating, launching (IDO, IGO, INO), and operating NFT stack projects — that is creator-centric, community-driven, and borderless engaging entertainment IP and corporate brands.
Spores Metaverse ecosystem encompasses physical and digital experiences (phygital) that generate community engagement and revenue through our NFT aggregator marketplace, Republique gallery and retail experience, and cross-chain metaverses.
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