Use $CRE8 to pay for contest rewards on the Creaticles App. While $CRE8 allows users to pay in various ERC20 tokens including Ethereum, using $CRE8 as the form of payment offers users a reduction in the fees collected by the network.
Mining $CRE8 requires users to actively engage in the Creaticles community. Activities including creating contests, submitting NFTs to contests, and winning contests all mine tokens on Creaticles. In other words, the amount of $CRE8 a user mines represents their reputation on within the Creaticles ecosystem.
Creaticles intends to be a community-driven project that adopts an identity as a DAO. $CRE8 will be used in this DAO for governance voting, which will shape the future of Creaticles.
Using $CRE8, contest creators and NFT artists can cut through the line and place their contests or art directly in the front and on our premium placement areas, which provide much more exposure for users on the Creaticles platform.
$CRE8 will be repurchased from the market at the end of each time period, using the fees collected from the Creaticles App. A portion of those repurchased tokens will be returned to the Creaticles War Chest; a separate portion of those tokens will be used as staking rewards for $CRE8 holders.
Additional utility use cases for the token will be announced and unlocked at a later point in time. Stay tuned on Twitter and Telegram to hear all of our latest updates.