Current State of E-commerce
It’s getting harder to ignore the impact cryptocurrencies have on different industries, whether it be banking, marketing, music, data, gaming -
you name it. Combine this with the growing frustration of people with centralized systems and all its inherent problems attached, and you get an unprecedented opportunity to redefine the way people live day-to-day. The e-commerce industry is no exception.
Over the past few years, the e-commerce world has seen a dramatic rise in the role of cryptocurrencies. Prominent brands like Visa, Mastercard, PayPal, Square, Xbox, Twitch, booking.com, Hostinger, and Venmo all leaping into the growing industry of cryptocurrencies. E-commerce giant eBay has also expressed interest in accepting cryptocurrencies and working with NFTs in the near future said in a recent press release. These paradigm shifts are only the beginning, with no signs of slowing down.
Cryptocurrencies offer a wide selection of benefits — lower costs, less risk for fraud, transparency, market expansion, and internal/external efficiency. It’s no wonder that with this macro trend happening before our eyes, e-commerce related tokens have also followed suit, growing to a valuation of 2.7 billion US dollars as of August 2021.
As of 2021, it is estimated 3.9% of the global population owns some sort
of crypto, with Ukraine, Russia, Venezuela, Kenya and the USA leading the charge. Moreover, digital transactions paid with crypto are estimated to be growing by 12.5% on a yearly basis, while merchants who accept crypto payments realized an ROI of 327% (tripeA, 2021). It is mind-boggling to think that this emerging asset class has only tapped 3.9% of the global population so far, despite its recent rise and popularity among people from all economic classes from all over the world. Thus, this represents an excellent opportunity for all investors looking to get in.
This is the World Marketplace steps in.
Ever since the World Marketplace’s launch, the platform has been housing an array of digital goods coming from all over the globe — ranging from soundtracks, artworks, services, gift cards, and games. With the recent rise of the NFT industry, it was a no-brainer for the team to support the sale of NFTs on the platform, which was added to the project early on at the strong request and subsequent support of the community.
Over the past few months, other community members have also been sending in insightful project requests and suggestions via direct message to the World team members — but of course, there are several issues with this method. First, it is extremely hard to gauge how many of the community members share the same consensus with each proposal. Second, not all community members are active in the related World group chats, with the example of investors referred to as “lurkers,” who are the ones that stay on the sideline during discussions without voicing out their opinions. And third, other community members may be swayed when a certain individual is for/against a certain proposal, adding bias into the decision-making.
As such, a World Governance token solves these problems. With a governance voting system in place — anonymity, measurability, and the ability to voice one’s opinion are all present throughout, allowing the World ecosystem to progress more efficiently.
World will have its own governance portal where users may create a proposal for the World, or vote in agreement or against proposals of other community members. In order to create a new proposal, a user/wallet must hold 2.5% of the total supply and 10% of the total supply is the minimum quorum in order to pass a proposal. Staked governance tokens ($WGOV) will also be able to earn $WORLD for the user/wallet.
Functions and Benefits
At launch, $WGOV holders would have the choice to stake their tokens to earn both $WORLD and $USDT coming from the transaction taxes* happening in the World ecosystem and the listing fees for spotlight & featured items*. $WGOV staking will be single-asset staking, alleviating the risk of impermanent loss for market participants.
All $WORLD transactions are taxed 3%, which go to the team’s operating funds, LP stakers, merchants, and holders. With the introduction of $WGOV staking, part of these existing taxes will be sent to a pool to be awarded to $WGOV stakers as part of their rewards. Existing rewards allocated to go to LP stakers will be reduced and be diverted instead to this $WGOV rewards pool.
In a future update to the World Token Marketplace, users will be able to pay extra in order to put one of their items on the front page of the Marketplace for better exposure to potential buyers. Half of this fee will be sent to the $WGOV rewards pool to be distributed to stakers.
On the other hand, unstaked $WGOV tokens would be able to create project proposals and vote on other proposals by other community
members; this gives users a choice to either stake for rewards or vote & create proposals for the future of the platform. Furthermore, a 5% penalty will be applied to unstaking of coins to promote longer term lockups of circulating $WGOV and evading gamification of the $WGOV system.
400,000 tokens will be locked for 6 months
100,000 token quarterly unlocks
Advisory tokens: 1% monthly
Cex listing and fees: 2.5% every fortnight
Cex liquidity: 2.5% every fortnight
The $WGOV IDO will happen in collaboration with LGCY Network’s launchpad. Details are as follows:
The IDO will be in a first come, first served (FCFS) basis. Reservations for $WGOV allocations will be collected through online forms. In order to be eligible to participate, a wallet must have at least $500 worth of $LGCY. Eligible wallets will be allowed to purchase a minimum of $500 worth and a maximum of $5,000 worth of $WGOV each.
The IDO process will span for two weeks. Investors that reserve tokens on the first week will get an early bird rate of $48. Investors that reserve on the second week will get $WGOV tokens at $50.5 each. $WGOV listing price will be at $57.6.
The first week form will be capped at the first $100,000 worth of LGCY contributed. The rest may sign up on the second week form. At the end of each week, $LGCY contributions will be sent to an address TBA.
First week form is now LIVE here: tinyurl.com/WGOVIDO
Note: Due to legal reasons, the IDO is not available to participants located in the United States.
Participants who will contribute to the $WGOV IDO will undergo a vesting process over the course of a few months. Details are as follows:
After $WGOV’s IDO, $WGOV will be listed on an exchange as an LRC-20 token for added liquidity for investors. The World Team will also continue to push forward with the World Marketplace’s developments.
Make sure to keep your eyes peeled for more updates! #ProudWorldCitizens