In this comprehensive article, we will delve into the current utility of OXP, discuss the ongoing developments the team is working on, and explore the long-term vision for this token. OXP is committed to building a sustainable business with a robust token economy that offers valuable utility to its holders. So, let’s take a closer look at the current utility and future prospects of OXP.
OXP Platinum Programme: One of the key features of OXP is the OXP Platinum membership. By holding 10,000 OXP tokens, users gain exclusive benefits, including whitelist spots for certain projects and a remarkable 50% reduction in trading fees. This utility encourages OXP holders to maintain a long-term commitment to the token.
Integration with the Maladroids Game: Although there haven’t been many public updates, the team, along with a group of testers, has been working diligently on the game. They have not abandoned the development of Maladroids. While the game is still in the proof-of-concept phase, significant progress has been made, and the second map is almost complete. The team has exciting plans for Maladroids and firmly believes it will be a highly successful game, providing substantial utility and value for OXP.
Monthly Buybacks and Token Burning: Starting in 2023 Q2, OXP has conducted monthly buybacks and subsequently burns a portion of the tokens based on the fees collected from their marketplace. At the time of writing (December, 2023), 497,047 OXP has been burnt. To improve communication and transparency, the team will begin providing updates on the amount of OXP burned each month, as well as the cumulative total. This buyback and burn mechanism creates a deflationary environment for OXP, enhancing its scarcity and potential value.
Payment Method on the NFT Marketplace: OXP serves as a convenient and widely accepted payment method on the team’s NFT marketplace. This integration allows users to seamlessly transact and acquire digital assets using OXP tokens, adding another layer of utility to the token.
Collection Boost on Marketplace: As of November 2023, projects (and their community) are able to boost the ranking of their collection on the NFT marketplace home banner. The more OXP a project and respective community members burn, the more favoured the spot in the OXP banner will be. Since its inception, over 115,668 OXP has been burned by various projects and community members.
Cross-Chain Functionality: The team is actively working on implementing cross-chain functionality for OXP. By enabling seamless operations across different blockchain networks, this feature will expand the accessibility and potential use cases for OXP, attracting a broader user base and fostering greater utility.
Undisclosed Deflationary Functionality: To maintain a competitive edge in the market, the team is developing an undisclosed deflationary feature for OXP. While they cannot disclose the specifics due to competition, they express enthusiasm and confidence in the potential of this feature. The undisclosed functionality aims to further enhance the scarcity and long-term utility of OXP, ensuring its sustainability in the evolving cryptocurrency landscape.
On-Ramps: Recognizing the importance of accessible on-ramps for users to acquire OXP, the team is actively working on developing efficient and user-friendly on-ramps. Although this feature may take some time to implement effectively, it demonstrates the team’s commitment to improving accessibility and expanding the OXP ecosystem.
The team envisions OXP as a prominent layer-2 token for games and NFTs. By focusing on building sustainable utility and expanding its reach, OXP aims to establish itself as a valuable asset within these ecosystems. The team’s vision is to create a robust token economy that benefits its holders, drives innovation in the gaming and NFT spaces, and contributes to the overall growth and adoption of associated platforms.
Regarding listings, the team has made a strategic decision not to pursue costly listings that do not drive adoption in the current market climate. However, they remain open to opportunities in the future, understanding that circumstances can change, and listing requirements may align with their goals and objectives.
While it is understandable to feel frustrated by OXP lagging behind other cryptocurrencies, it is important to remember that building a sustainable business and token economy takes time. The team continues to work diligently to provide more utility and enhance the overall OXP experience. The marketplace is thriving, the DEX is undergoing a redesign, and the Maladroids game is continuously improving. These efforts demonstrate the team’s dedication to their long-term vision and the journey of OXP towards success.
In conclusion, OXP is a cryptocurrency with significant potential and an evolving ecosystem. Through its current utility features, ongoing developments, and long-term vision, OXP aims to provide even more valuable utility to its holders and establish itself as a prominent player in the gaming and NFT domains. While the journey may be challenging and time-consuming, the team remains committed to building a sustainable business and token economy that will benefit both OXP and its dedicated community of supporters.
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