Elova Litepaper
  • 😍Introduction
    • Meet the Team
    • Problem Statement
    • Solution
    • Summary
  • 🥇Elova's Genesis Collection
    • The Thought
    • The Artwork
    • Advantages
  • 🤑Tokenomics
    • Utility of $ELO
    • $ELO Supply & Distribution
    • Earning $ELO
  • 🏃‍♀️Roadmap
  • ❓FAQ
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  1. Tokenomics

Utility of $ELO

PreviousAdvantagesNext$ELO Supply & Distribution

Last updated 3 years ago

$ELO is the main currency which power all the transactions on the Elova app. Before we get to exact utility of $ELO, let's define actors in the ecosystem and their respective actions.

Actors: Fans - Partners - Platform

Actions:

Fans

  • Can buy $ELO from platform directly

  • Can buy $ELO on the exchange via a trading pair (once the liquidity pool is setup)

  • Can buy $ELO from partners

  • Can avail products with $ELO

  • Can earn $ELO as cash back

Partners (Production Houses & Artists)

  • Can earn $ELO in exchange for products and services

  • Can sell $ELO to fans

  • Can gift $ELO to potential fans or as rewards

  • Can use $ELO to list products and offerings on the platform

  • Can use $ELO to promote products on the platform at a discount

Platform

  • Can earn $ELO for onboarding partners and listing their products

  • Can sell $ELO to fans & partners

  • Manages cash back rules

  • Can earn commissions by promoting products

  • Can declare cash back to potential customers

While the above ones are the broad actions which could undertaken by each of the actors in the ecosystem, let's now discuss the specific applications of $ELO. This list is by no means an exhaustive one, but merely an indicative list.

  • Passport NFTs: Fans will purchase these passport NFTs through the $ELO tokens. Users will have to own $ELO tokens along with the partner specific NFTs to avail following offerings

    • Voting rights - both binding & non-binding polls

    • Offline events: Owners of the passport NFTs could purchase VIP passes using the $ELO tokens

      • Different types of promotional events across geographies

      • Premier shows

    • Online events: Owners of the passport NFTs could book spots for the AMA like sessions using the $ELO tokens

  • Collectible NFTs: Purchase of the collectible NFTs happens via $ELO tokens. Here are the different types of collectible NFTs

    • Behind the scenes collection

    • Art work - Posters, memorabilia

    • Digital Avatars

    • Audio scores

  • Games on the app: Entry fee and the rewards from these games in the form of $ELO

  • Ad revenue - where partners pay in Token

  • Physical Merchandise on the platform

  • Digital merchandise on the platform

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