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The Superlocal platform takes full advantage of the technological advancements that have birthed the web3 era. The Superlocal economy is initially launching with two digital assets: a non-fungible token that represents real-world places called Superlocal Mayorships (MAYOR); and LOCAL, an ERC-20 token that can be redeemed to claim MAYOR, earned by submitting checkins that have good quality photos and captions, and used to make other types of purchases of goods and services.
Being a holder of LOCAL tokens doesn’t represent ownership of Superlocal. Ownership of $LOCAL represents both the ability to claim certain Superlocal benefits and to eventually participate in governance votes related to the explore-to-earn featureset. It should not be regarded as an investment.
Team Superlocal is constantly strategizing how to build a strong, forever lasting token economy. Many play-to-earn ecosystems forget about the holding tokens after earning tokens part, which leads to a collapse in token price—demotivating users from participating as frequently. Our team is taking a play-to-earn-to-hold approach, meaning that we are deeply aware of the importance of giving users ways to use $LOCAL tokens in our ecosystem rather than cash them out for local currency.
Additionally, we currently plan to have an initial token supply of 180,000,000 LOCAL, with nearly all of them initially out of circulation (since they are earned via play-to-earn). However, this is subject to change as we get closer to our token launch and finalize the mechanics of our token economy.