Testnet FRAK Is Here!
Tags: Nft Marketplace, Ethereum, Nft, Dao, Cryptocurrency Investment

To begin testing the role of FRAK within the Fraktal ecosystem, we have minted 10 billion tokens on Rinkeby Tesnet and deposited them into the Fraktal DAO.

To claim the tokens, you must first join the DAO and Discord. Then, reach out to admins GittisLegit or Cryptonotiq and request a transfer of 100,000 FRAK to your local wallet connected to the DAO. This is just a Test Net work-around until we hit Main Net. How the tokens are distributed is completely up to the community through the Fraktal DAO. We suggest that DAO members are granted 100,000 tokens for joining, but they can be allocated towards anything. If you have contributed to the ecosystem by writing blogs, spreading awareness on social media, or anything else that deserves tokens, please join the DAO and initiate a proposal to request FRAK!

To add the visibility of FRAK in your metamask, go to Assets -> Add Token -> and input 0x9eef92d17fbe16705ceff0bc834f1bc461e6036f

The status of the transfer will be visible on etherscan.io.

Once you have the tokens, you can use them for voting shares in the DAO. 1 FRAK equals 1 voting share. In addition to granting the right to vote, these shares also include a share of the DAO Bank. If you own 10% of the total shares, you receive 10% of the bank balance if you decide to leave the DAO at any time. The DAO Bank holds deposited FRAK, tributed NFTs and Fraktions, and also accrues fees in ETH from the Fraktal Marketplace.

To exchange FRAK for voting shares, open a new funding proposal and input your ETH address to receive the voting shares in ‘applicant’ , set payment requested to 0, then select additional options and input 100,000 in shares requested and 100,000 FRAK in tribute offered. You can input different amounts but the amount of shares must equal the amount of FRAK or your proposal will be rejected.

It is important to note there are two different types of shares offered in the DAO. Voting Shares entitle users to 1 vote per share plus a percentage of the bank, and Loot Shares which entitle users to a share of the bank but include no voting rights. The only way to obtain voting shares is to deposit FRAK. Loot, on the other hand, can be awarded to users for a variety of things. An example of someone requesting Loot could be an artist or collector transferring an NFT to the DAO in exchange for receiving a share of the bank relative to the value of the NFT. Or it could also be an active participant in the ecosystem who would rather own a stake in the project and benefit from its continued success (via the bank) than be paid out instantly as a normal payment.

Depositing NFTs in exchange for Loot is a very powerful feature of the Fraktal DAO which enables it to continuously grow in strength and numbers as the NFT ecosystem expands. For example, if the value of the DAO bank is $1,000,000 and I deposit an NFT worth $100,000 in exchange for the equivalent of $100,000 in loot shares, existing members of the DAO are being diluted in their bank holdings, but the value of the bank is increasing by the proportionate amount. So the result is that each member's share of the bank remains the same, yet now they also are able to benefit from the appreciation of the NFT. The same concept applies to depositing Fraktions (pieces of NFTs) into the Fraktal DAO in exchange for loot.

Once NFTs are in the DAO, members can decide to do anything they choose with them. They can HODL them, transfer them, display in metaverse galleries, display in physical galleries, sell them on any marketplace, provide liquidity to Fraktion pairs and earn FRAK (coming in future versions once the AMM is released). The possibilities are endless, especially when DAO on DAO transactions begin! :)

If you need any help obtaining Test Net FRAK or have any questions about the project, head over to Discord.