A fund meant to stablise the price of $MANGA and $PILL
Strengthening the Manga Token project will benefit all our sub-projects in the long haul.
To kickstart the $MANGA Floor Price Fund, we will be committing a portion of our proceeds of Fade Away Bunny to build up this fund.
The breakdown is as follow:
10% of our initial sale will go into the Floor Price Fund
50% of re-sale commission from any NFT marketplace like Opensea, Rarible & of course Trophee.xyz will go into the Floor Price Fund
What is this floor price fund?
The floor price is the price at which the fund will buy back $MANGA from the open market to burn. This is activated when the open market price falls below or reaches the floor price. The price at which $MANGA will be burned:
Floor price = 0.9 * Capital / ($MANGA Circulating Supply)
The 0.9 factor leads to the floor price increasing as $MANGA is burnt.
An example to illustrate this:
If there is 1000 USD of capital in the floor price fund and the total supply of $MANGA is 100, then 1 $MANGA can be burnt for 9 USD (0.9 * 1000 / 100)
The capital remaining in the floor price fund would be 991 USD, while the $MANGA circulating supply remaining would be 99
After this burn, the floor price would now be 9.009 USD (0.9 * 991 / 99)
Floor Price Fund
This fund will be made up primarily from 50% of the royalties earned from marketplaces. Our royalties will be set at 10% on Opensea and all other marketplaces. This means that 5% of any sale of the bunny on any marketplace will go into the floor price fund and the other 5% will go into continuous marketing and improvement of the Fade Away Bunny collections project.
To kick start the fund, we will allocated 10% of the proceeds of the initial Fade Away Bunny sale to the fund.
Increasing the Floor Price
Our goal is to increase the floor price which will directly help increase the price of $MANGA and $PILL.