Foreon Network Introduces an Exciting Non-Fungible Bond Offering, Partnering with NMKR.IO
Hello Foreon Community,
After months of consistent effort and dedication, we’re delighted to unveil our Initial private Seed round, presented in the form of a Non-Fungible Bond offering, beginning Monday, 29th May at 5PM UTC, in collaboration with NMKR.IO.
The excitement for our upcoming private seed round is palpable, with nearly 300 prospective early adopters already having secured their spot on the whitelist.
Introducing Foreon Network
In case you’re unfamiliar, Foreon Network is an information markets platform being developed on Cardano.
Here, users can trade based on the predicted outcomes of future events, construct a share portfolio based on their forecasts, and potentially earn returns.
With Foreon Network, we’re providing an alternative to traditional betting platforms, which often suffer from high fees, restrictions, and inadequate accessibility.
Our Journey Thus Far
Up until this point, our progress at Foreon Network has been sustained through personal funding from our dedicated and rapidly expanding team.
However, we’ve reached a vital juncture in our development roadmap that calls for additional external funding.
These resources will be crucial for completing the rewriting of the smart contract in Aiken (We initially started with plutus), performing the necessary audits, introducing more essential features, and expanding our team.
As a Cardano community-driven project from the very beginning, Foreon Network prioritizes community involvement, with 50% of the total token supply allocated for community distribution.
We’ve intentionally decided against insider or venture capitalist allocations.
Details of Foreon’s Private Seed Round / Non-fungible Bond Offering
- Start Date: 29th May, 2023, 5PM UTC
- End Date: 13th June, 2023, 5PM UTC
- Total NFT Supply: 80 Foreon NFT Chips
- Maximum NFT Supply: 100 Foreon NFT Chips
- Mint Price: 10,000 ADA
- Max Allocation Per Wallet: 5 NFTs
- $FRN Token Allocation Reserved For Private Seed Round: 1,000,000 (10%)
The Non-fungible Bond Offering Mechanism
Non-fungible Bond Offerings are gradually becoming commonplace on Cardano. This model, previously adopted by Yamfore, represents a fairer, more equitable fundraising method for protocols aiming to secure capital. They are essentially NFTs symbolizing a share or claim of a project’s designated token allocation.
In the case of Foreon Network, 10% of the total circulating supply of $FRN tokens (1 million $FRN) is set aside for the Foreon Non-fungible Bond Offering.
This offering will consist of 80 NFTs, each with a mint price of 10,000 ADA. These NFTs can be employed to claim the corresponding Foreon Tokens when claiming opens.
Foreon’s Non-fungible Bond Offering will be accessible to whitelisted early adopters interested in participating in the Private Seed Round.
They can mint for 45 days until the Policy ID locks, marking the official end of the minting period. The earmarked 1 million $FRN tokens will then be claimable by the minted NFTs. Any unsold allocation will be burnt, thereby reducing our token supply further.
Each Foreon NFT will cost 10,000 ADA with a very limited total of 80 Foreon NFT chips available for minting. The Minting can be oversubscribed up to 25% which will Cap the Max Supply of the NFTs at 100.
The minting period begins on 29/05/2023 at 5:00PM UTC and concludes on 13/07/23 at 5:00 PM UTC or when the Tokens are fully minted.
The minting portal will be accessible to all whitelisted emails. We’re proud to announce our partnership with NMKR for minting services.
If you are yet to whitelist, check out the guide on how you can here.
NMKR.IO: The NFT Minting Leader On Cardano
NMKR is leading the way in enabling NFT minting on Cardano for a wider audience.
With its user-friendly interface and simple procedures, it provides a comprehensive platform for creating, showcasing, and trading digital art NFTs.
To date, NMKR is responsible for minting over a million NFTs.
Stay tuned for more updates as we embark on this exciting phase of our journey!