We’ve reported that we’re being mindful of the regulations and the interest of the SEC on the NFT and gaming space. Together, our blockchain team and our legal partners have been discussing how we can successfully let Netvrk NFT holders receive distributions in exchange for supporting the Netvrk Metaverse, in compliance with SEC regulations.
✅ Claim requirements ✅
Netvrk will require NFT holders to stake and participate in our platform to meet certain requirements. These requirements will need to be met ahead of each payout, and requirements may change as the legal landscape changes.
To make the process easier for those with staked assets across multiple wallets we’re enabling you to link up to 3 wallets to the same game account.
The requirements to receive the first reserve distribution will be to play Mine Runner Beta and reach Airlock 2.
💵 Distribution dates & royalties collected in 2022 💵
The first date for reserve distributions will be on Feb 1st next year, which means you’ll have from the Mine Runner Beta launch until Jan 31st to meet the requirements. Although the game will be ready and playable this year, we don’t want to rush the pay out and force it to happen this year — that would mean giving the community very little time to claim their staking rewards (especially considering the holidays coming up).
The fees collected from when secondary market sales began until Oct 31st 2022 will, in order to protect the sustainability of the Netvrk Reserve, be spread across the first 5 distribution dates:
Feb 1st 2023 – 40% on top of the quarterly rewards
Jul 1st 2023 – 25% on top of the quarterly rewards
Oct 1st 2023 – 15% on top of the quarterly rewards
Jan 1st 2024 – 10% on top of the quarterly rewards
Apr 1st 2024 – 10% on top of the quarterly rewards
⛓ Polygon network ⛓
Additionally, we’ve made the decision to move the distribution rewards from Ethereum to Polygon, allowing us to airdrop to all eligible users. Any token that goes into the Netvrk Reserve will be distributed 1:1, meaning any fees collected in ETH will be distributed in ETH, and any fees collected in NTVRK will be distributed in NTVRK.
Our Gitbook has also been updated to reflect the above changes: https://docs.netvrk.co/netvrk-whitepaper-3.0/the-economy/netvrk-reserve
We understand that these changes are not ideal for everyone. These decisions, however, have been made with the compliance and sustainability of Netvrk in mind, and we believe that they will benefit everyone in the long-term.
About Netvrk
Netvrk is a multichain metaverse built on Unreal Engine, with powerful creation tools and infrastructure to easily create, share, experience, and monetize creations. With a focus on e-commerce, gaming, education and virtual workplaces, built around ownership of virtual land and assets.
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