Spores Network Introduces SPO Buyback Program

Community Update

Spores Network
3 min readOct 7, 2021

At Spores Network, we are constantly striving to drive positive change to celebrate and foster growth for our community.

Today, we are announcing that during every business quarter, 25% of the profit from NFT sales will be utilized to buy back SPO tokens from exchanges. Those bought back tokens will then be locked for two years.

Why are we doing this?

Our goal is to reduce the circulating supply of SPO tokens which adds value to SPO token holders. We want to add value and utility to SPO tokens among those who are believers in what we are doing!

Buybacks commence in October 2021 and will continue quarterly from there on in.

👉 In Q3 we will buy back 24,890USD worth of SPO tokens 👈

Our buying will take place over the course of the next two weeks.

One of our business mantras is about transparency — so in that spirit — we will be sharing the wallet address so that the community can track our progress.

SPO Token Utility

The SPO token is a utility token in and of itself, and one of the core utilities will be the ability to purchase NFTs on Spores Marketplace.

On that note, our marketplace is gaining traction with both crypto and mainstream audiences as we are starting to onboard much content and intellectual property that is newly entering the crypto space. As such, we’ve determined that a marketplace using only SPO as a payment currency is not commercially suitable for all partners.

Moving forward, the Spores Marketplace payment system will always have a percentage of the collections or drops available for purchase via SPO and the balance via other crypto assets.

We will also look to do more special releases exclusively for SPO holders and stakers, similar to our previous launchpad Netvrk Land Sale as part of our comprehensive Loyalty Program (coming to you very soon!)

Overall, we believe the current operating model will allow us to accommodate all audiences, adding more utility to our tokens, and enhance our ability to introduce new customers and content creators to the Spores Network.

Where can I buy the SPO token?

About Spores

Spores Network founders believe that crypto will lead to decentralization of ownership and frictionless redistribution of capital. Their mission is to create an NFT ecosystem that is creator-centric, community-driven, frictionless, and borderless. To that end, Spores has built a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture, sharing NFT content across gaming, esports, animation/anime, digital fine arts, music, and film/TV. Spores co-founders include Duc Luu (Nasdaq IPOed serial entrepreneur ), Eric Hung Nguyen (former senior investment analyst at a top-10-worldwide hedge fund), and a diverse team of advisors across blockchain and entertainment.

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