Place/Date: - May 12th, 2021 at 7:29 pm UTC · 3 min read
Torum, the first DeFi and NFT-infused social media platform, is proud to announce that it has completed its first public sale event – Initial Staking NFT Offering (ISNO).
Launched at 9 p.m. of May 11th 2021, the crowdsale event is the first ISNO that is held in the crypto space, featuring a total of 363 limited edition NFTs of 5 different tiers.
As soon as the NFTs were available for grab, all 363 units of them were completely sold off by cryptocurrency enthusiasts from every corner of the world in under 20 minutes, highlighting a strong token demand and project support from the community.
The rarest Tier 5 NFTs were sold off in the first 30 seconds, followed by Tier 4 NFTs (2 minutes), Tier 3 (7 minutes), Tier 1 (14 minutes) and Tier 2 (18 minutes).
A total of 1,750,000 XTM, the native token of Torum ecosystem, is issued and locked inside the 363 ISNO NFTs, meaning the value of the NFTs will be constantly backed by XTM, ensuring that that 363 NFTs have a solid price foundation.
Unique from the conventional Initial NFT Offering, every NFT issued under the ISNO event comes with a permanent staking multiplier and a fixed amount of native token locked inside it. The staking benefit ranges from 1.05x to 1.25x that multiplies the holders’ liquidity provider stakes on a dedicated DeFi platform.
As the first project to introduce the new NFT funding event, the ISNO NFTs of Torum can be staked on its DeFi platform, Torum Finance to unleash their staking multiplier effects. Alternatively, the ISNO NFTs can be burned to release the native token locked inside it. In other words, most NFT holders will hold onto the virtual artworks to enjoy the staking multiplier benefit, reducing the selling pressure of ISNO participants during the token generation event.
Torum believes that the successful launch of the first ISNO event will lead others to follow its step, launching more ISNO events in the future. Torum also hopes that projects can continue to think out of the box and introduce more crypto innovations to the crypto space, just like how Torum combines the elements of DeFi, NFT and public sale into ISNO.
Torum is the first DeFi and NFT-infused social media platform that is specially designed for cryptocurrency users. Backed by over 18 prominent strategic investors like AU21, Consensus Lab, DFG, Waterdrip Capital and Redline Capital, Torum is now one of the fastest-growing social media platforms joined by over 40,000 crypto enthusiasts from every corner of the world.
In the future, Torum strives to become the largest crypto ecosystem that connects the general public to the crypto space.