What Is Favor (FAVOR)? Complete Guide & Review About Favor

What Is Favor (FAVOR)?

Favor was first issued on Apr 26, 2022 and is an NFT alliance token designed to cycle and connect the on-offline ecosystem of NFT projects. They continue to expand the use of by forming an alliance with conventional offline companies that want to participate in the metaverse ecosystem, and form Alliance with other NFT projects that have clear offline and online tokens to grow and contribute to develop within the same token omics system.

FAVOR is a key currency for multiple NFT projects that connect on-off industries, creating an ecosystem that crosses the real industry and the metaverse, discovering various business models. It is designed to be converted into ‘NFT Brand Points’, which are offline points that can be exchanged for 1:1 value, in order to accelerate the entry of offline companies, considering and devoting their vision to a natural connection between the existing economic system and the metaverse economic system.

Vision

They plan to make it easier for offline companies to enter the blockchain industry, so that they can understand the market and participate in the footsteps of experience, leading to accelerated industry participation. To achieve this purpose, token omics system has designed a double tokenomics system that each company can reduce its risk.

In addition, the NFT Alliance is formed so that they can experience sufficient market experience and effects, so that individual NFT communities are not enough to compensate for the quantitative limitations of the target audience. They plan to issue , a common token to this NFT coalition, and as the chairperson of the coalition, exchange development directions with each project and maximize synergy. Inflation of tokens is sufficiently ensured by balancing the actual demand of various projects as much as the supply and the offline system and connection.

Favor Ecosystem

Alliance

Favor Alliance is an association of NFT projects that use tokens as a basis, and is a word derived from a strategic alliance between hotels and airlines to provide services as if they were one company. NFT’s membership projects have a limit in forming a mass community due to the limited number of NFT issuance, so it is difficult to have sufficient demand and liquidity for token utilization.

Favor Coin Alliance aims to make each ecosystem work in one ecosystem by using as a key currency by combining multiple projects with a clear vision of the metaverse and offline using a single token system. The Alliance is chaired by Sunmiya Club, a NFT project, and the members of Alliance are carefully selected and composed of teams with Fundamental that can provide sufficient benefits to the ecosystem.

The Alliance is based on a team with a clear usage offline and a strong vision both online and in the metaverse. The Alliance is based on the active participation of each allied project and the contribution of the ecosystem, and if they do not have a positive impact on the ecosystem, they may be excluded from Alliance after evaluation through an adjustment period.

Favor usage

The on-chain token Favor can be interchanged with offline points. Exchange fees occur when switching on-chain tokens to offline points, and vice versa according to trade value and the value of two goods will be pegged exchange of NFT brand point into offline alliance point has a daily and monthly limit, and the limit differentiates on each offline partner. Furthermore, the limit can be adjusted continuously according to ecosystem conditions.

On Blockchain

Favor Coin will secure various demands when expanding NFT and on the course of its journey to Metaverse. The alliance with plural projects will have similar types of several demands.

1 Usage in Metaverse (Concert tickets sales and admission tickets, purchasing voxel items, and etc)
2 Usage on publishing new NFT for story engagement/evolution/synthesis as the universe expands
3 Use through personal space expansion and decoration
4 Favor usage on minting NFT limited edition
5 Usage on governance and voting engagement
6 Usage on purchasing goods related to NFT projects
7 Usage on publisher service fees such as marketplace and wallets

Non-Blockchain

Favor can be exchanged into a membership point called ‘NFT brand point’. The aims from direct conversion to membership points operated by offline companies, becoming a means of payment in the actual offline POS system. NFT brand point is a means for a direct connection of the blockchain environment and various offline companies that struggle from intercourse with the environment.

Offline companies can relatively jump into the ecosystem with comfort and without resistance through NFT brand point, an offline point, and users can choose on-offline usage with one token as they can easily exchange Favor to NFT brand point. Through this, they can minimize the price pressure from oversupply as Favor will be used at offline markets continuously. The usage will expand gradually starting from Smilepay,

FAVORLET (Wallet Service)

Favor has a strong will to be connected with offlines. They aim for a mid to long-term milestone that on-chain token Favor be easily converted into our offline point ‘NFT brand point’ through a mobile application, and our application is used as a payable tool in offline POS system.

To have various benefits from different industries’ offline hubs that are aligned with Favor, the holders who possess NFT of Favor Alliance should acquire a proof of possession. They are building a NFT optimized wallet based on strong security and convenient usage. Within 2Q of 2022, a wallet service named ‘FAVORLET’ will first be published on Android, and our goal is to activate NFT ecosystem as NFT projects.