Breakdown of FMT Whitepaper - FreeMarketToken pt 3/5
FMT TOKEN – UTILITY OR SECURITY?
This subject matter made the management FMT Token Management to seek good legal advice from top legal practitioners from all over the globe before a general consensus was reached that the FMT token is not a security but a utility token.
FMT Tokens have three major uses:
- Tokens give the holder reduced transaction fee and free Merchant subscription, coupled with different types of bonuses.
- Tokens can be sold or transferred to other participants on the platform.
- The token can be used as payment for products purchased on the platform.
Users on the Ecryptostore platform can trade with each other at any time using both fiat and crypto-currencies, but sellers will be able to enjoy the bonuses of free monthly subscription fees if they are able to keep a certain amount of FMT Tokens in their wallet.
For a merchant to enjoy the bonuses stated above and qualify for the Gold Level Merchant status, the merchant should not have less than 250 FMT tokens in their wallet, irrespective of whether the wallet is on the Ecryptostore platform or any wallet providing platform. Also, merchants that meet these requirements might qualify for other bonuses like discounts, promotion of future products or unlimited listings. But anything less than 250 FMT token will make a merchant illegible for bonuses such as free monthly subscription fees and other benefits.
FMT TOKEN ON PLATFORM
The Ecryptostore FMT token is available to the public for both present and future use on the platform. The FMT token is utility based and it will be duly used on the Ecryptostore platform. With the milestones and roadmaps set by the platform administrators, the token utility will grow by leaps and bounds till it reaches its maximum potential and full functionality.
• Merchants on the platform will be able to enjoy subsidized transaction fees, although the discounts on the fees will be dependent on the quantity of FMT token staked or the Merchant’s choice of seller status.
• FMT Tokens can be used by merchants to reward customers in a process known as ‘gift advertising’ here potential customers are given free token just for opening targeted advertising messages.
• Participants on the platform will receive FMT token as rewards for meaningful contributions, referral bonuses, and other benefits in order to encourage more people to join the platform and increase the user base.
• FMT token will be used as a means of payment for goods and services bought through the Ecryptostore platform; this is subject to approval by the regulatory and licensing bodies (as may be required).
• FMT token is a store of value.
FMT TOKEN FUNCTION
• Slashing of transaction fees into half
• Keep tokens in wallets to promote status and have unlimited access to different bonuses and benefits.
• It can be gifted to potential clients in order to capture their attention
• Can be used for buying and selling of goods/services
• As a means of payment on both the Ecryptostore and other similar platforms
• Can be exchanged into fiat currencies and other crypto currencies
MERITS TO CONSUMER
• Participants will get free FMT tokens, simply for opening an account, giving instant rewards to customers for their engagement.
• Products and services listing will be done to favor the target market/audience.
• Participants can decide to unsubscribe from all Gift Marketing campaigns.
MERIT TO MERCHANT
• Merchant has an easy time selling products as extremely targeted marketing is done to catch the interest of prospective clients.
• Merchants have the option of paying the monthly subscription fee after the client has accepted the gift of FMT tokens and has actively opened the marketing piece.
• Cost effective – the platform flexibility offers Merchants the chance to set the rules and regulation guiding their campaign and they can also choose the amount they would like to give out.
Disclaimer: I earn FMT tokens to discuss with and educate others about FMT and Ecryptostore, and you can too! Anyone can join from now until August 15th. Let’s get the conversation started about buying and selling goods with crypto! Click here to join. Any quotations above cite the whitepaper directly. This is not financial advice, and you should do your own research before participating in any sort of investment.