Gemstone | Building a Marketplace and Digitizing the Physical World’s Gemstone into Collectible NFTs
DUBAI, UAE, April 08, 2021 — The Gemstone NFT project is built to facilitate a robust infrastructure for the NFTs. These Gemstone based NFTs will be able to transact via a secure, transparent, customizable, and no-censorship exchange platform under safe contracts. The contracts are decentralized and ensure a smooth and streamlined exchange of NFTs. The Gemstone token (GST) will ensure decentralized governance and also undergo burn sequences to check the supply.
Building an Open Ecosystem for NFTs
As an evolving system, Gemstone works as a marketplace that collects rare Gemstone NFTs via its trustless blockchain technology. With this, Gemstone wants to make the rare collectibles non-perishable that will remain with the user forever.
Moreover, to reflect the truest expression of the NFTs, the Gemstone project aims to designate the gemstones with a hierarchy. This hierarchy is based on their scarcity to represent true value akin to what they might have in the physical world.
The users can also personalize the gemstone NFTs making them reflect the essence of true ownership. With this policy, the Gemstone project developers enable the users and owners to become a part of the gemstone NFT.
Similarly, the users can also give back to the community by supporting social causes and participating in charities. The users can contribute to build shelters and send help in other ways possible. The Gemstone project has predetermined Gemstone shelters. A prefixed portion of the sales proceeds from every purchase from the Gemstone marketplace will go towards the Gemstone shelters.
Also, the Gemstone project has a partnership with other projects, and the community is free to buy NFTs from the partner platforms. Purchasing through the partner platforms is beneficial as the users won’t have to pay any transaction and gas fees.
GST Token Is the Primary Asset for the Community
The Gemstone Token or GST is a BEP-20 token with an initial supply of 15,000,000. These tokens are already minted. Once the project is deployed, there will be no minting, limiting the token supply giving the community an opportunity to gain from its limited supply. Out of the several purposes of the GST, the most important is using the token to put forth and participate in proposals about the future of the platform.
The GST gives users the power to vote and share their proposals with the rest of the community. In another development, the users can also share their tokens with others to give them the power to vote, especially those with less than 1% of the total GST supply, which is a benchmark to draft and submit proposals. The users also need at least 4% of the total GST supply to vote in favor of the proposal and build a quorum.
Three-Tier Staking System
The users can stake the GST in one of three ways to earn more tokens. The first method is simple staking, wherein users can stake the existing GST balance to earn more. The second form is liquidity providers (LP) staking. The users will get rewarded for stalking the GST-BNB liquidity provider tokens to the contract.
This will help the users sustain and grow their share on the Gemstone platform while decreasing the supply. The third type of staking function is operational in the form of farming on the platform in collaboration with other projects.
About Gemstone NFT
Gemstone is an NFT marketplace giving the users a secure, trustless, and decentralized way to trade in rare collectible gemstones. The Gemstone oriented NFTs have the same value as the gemstone shall have in the physical world. It is a community-based platform that works and grows with the community. The community has decision-making power and can decide the future course of action.
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