In the ever-evolving world of digital art and collectibles, LUXY is emerging as the premier NFT marketplace designed to innovate and enhance the user experience. Established in March 2021, LUXY has quickly become a notable player in the NFT space, boasting a team of 15 dedicated professionals. Built on the Polygon blockchain and embracing a multichain future, LUXY offers a fast, scalable, eco-friendly, and cost-effective platform. Decentralization lies at the heart of LUXY, ensuring that every step is tailored to the core principles of the crypto ecosystem. Keep reading to discover how LUXY's unique features and user-centric approach are set to transform the NFT landscape.

What is LUXY?

LUXY is becoming the go-to NFT platform, established in March 2021, and has evolved into a team of 15. Starting with a next-gen Marketplace that is designed to offer a new and much-improved NFT experience. It is built to be multichain, starting with the Polygon blockchain allowing it to be fast, scalable, green, low cost, and user-friendly. Decentralization is the core of crypto, so at every step, our marketplace is built around that core concept.

LUXY will offer your standard marketplace features plus additional features curated over months of research. These will include support for GameFi, 3D models, Collection Launchpad, User-owned Collections, Multiple Royalty Addresses for group projects, direct royalties, all file types, White Label Solutions, and UI/UX for ease of use.

LUXY Token Market Data

Coin Statistics:

• Current Price: $0.0079
• Market Cap: $0.00
• 24h Price Change: 0.22%
• 7d Price Change: -1.56%
• 30d Price Change: -6.41%
• 24h High: $0.0080
• 24h Low: $0.0079
• All-Time High: $0.2656 (2021-12-03T09:19:04.000Z)
• All-Time Low: $0.0032 (2023-10-21T16:19:00.000Z)
• Circulating Supply: 0.00
• Total Supply: 100,000,000.00

Purpose and Utility of the LUXY Crypto Token

The LUXY crypto token is the native utility token of the Luxy NFT Marketplace, a premium NFT marketplace that operates on the Polygon Network and Syscoin, with plans to add more chains in the future. The token serves several purposes and utilities within the Luxy ecosystem, addressing specific use cases that enhance the user experience and provide additional value to token holders.

Key Utilities:

1. Low Fees: LUXY token holders can benefit from lower fees when using the Luxy Marketplace, making transactions more cost-effective.
2. Discounts: Holders of the LUXY utility token can enjoy discounts on various services and features within the Luxy Marketplace, such as transaction fees, listing fees, and other premium services.
3. $LUXY Pool and $LUXY Farm: The Luxy Marketplace has partnered with Syscoin's native DEX, Pegasys, to launch the LUXY/SYS Super Farm, where users can earn both $LUXY and $PSYS tokens at an initial APY of 300% by providing liquidity.
4. Bridging Tokens: LUXY token holders can bridge their tokens from the Polygon Network to Syscoin via Multichain.org, which supports bridging $LUXY between BNB Chain, Polygon, and Syscoin.
5. Partnerships: The LUXY token has facilitated partnerships with various projects and platforms within the Syscoin ecosystem, such as SysPunks and Pegasys, further expanding its utility and use cases.

In summary, the LUXY crypto token aims to solve the problem of high fees and limited utility in NFT marketplaces by providing a native utility token that offers lower fees, discounts, and additional earning opportunities through staking and farming.

Unique Features and Benefits of the LUXY Token

The LUXY crypto token is the backbone of an open and decentralized NFT marketplace soon to launch on Polygon. The LUXY token will bring advanced perks and benefits such as early access to NFT drops, reduced marketplace fees, DeFi Staking incentives, NFT voting, advertising space, platform governance, and access to unique features such as split royalties, whitelabel solutions, and an NFT launchpad meant for creators.

Deflationary Tokenomics:

One unique feature of LUXY is its deflationary tokenomics, where a full 50% of all UXY tokens will be burned until 50 million LUXY Tokens of the 100 total are removed from circulation. This burning process happens via two avenues:

1. Transaction Fees: 1% of all buying and selling fees are used to buy back and burn LUXY tokens.
2. Monthly Burn: A monthly burn of LUXY tokens based on the total trading volume of the platform.

These deflationary measures aim to create a scarcity effect, driving the price of LUXY tokens up as the supply decreases over time.

LUXY also focuses on accessibility, scalability, ease of use, and inexpensive NFTs, catering to the needs of the Polygon ecosystem and aiming to become the go-to marketplace for NFTs on the platform. The token's design encourages price stability and natural growth alongside the platform's adoption by reducing buying and selling fees from 2% to 0.25% for LUXY token holders.

Tokenomics and Distribution Model

The LUXY crypto token has a total supply of 100,000,000 tokens. The token distribution model is as follows:

Allocation:

• Seed (12.5%): Allocation: 12,500,000 LUXY. Price: $0.04. The Seed round will have a 2-month lock starting from TGE (Token Generation Event) along with a 10-month vesting period.
• Private (10%): Allocation: 10,000,000 LUXY. Price: $0.05. The Private round will have a 1-month lock starting from TGE along with a 6-month vesting period.
• Community Private (2.5%): Allocation: 2,500,000 LUXY. Price: $0.06. The Community Private round will have a 1-week lock starting from TGE along with a 5-month vesting period.
• IDO (5%): Allocation: 5,000,000 LUXY. Price: $0.08. The IDO (Initial DEX Offering) will have no lock starting from TGE and no vesting period.
• Team & Advisors (15%): The LUXY team and advisors will hold 15% of the total supply, but the specific allocation and vesting periods are not mentioned in the provided source.

Burn Mechanism:

In addition to the initial token distribution, there is