This is a chapter from the Token Economy book series. All subchapters are collapsed under their subchapter headings to make the page more readable. Find copyright information on this text and about the book an the end of the page.
<aside> 🦚 As opposed to native blockchain tokens that are minted upon successful validation and/or mining of a block of transactions in regular intervals (such as in Proof-of-Work or Proof-of-Stake), token sales introduced a fundraising mechanism for Web3 projects where tokens are issued against a direct financial investment, often before the project is even operational. Smart contracts are used to issue newly minted blockchain tokens in exchange for payment tokens, entirely on a P2P basis. While token sales disintermediated fundraising mechanisms for a few brief years, the shape of token sales has evolved over time and has become re-intermediated – mainly due to regulatory requirements.
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1.7 Token Exchanges & NFT Marketplaces
<aside> 📖 This is an excerpt from the book “Token Economy: Money, NFTs & DeFi”
RIGHTS Copyleft 2023, Shermin Voshmgir Creative Commons CC-BY-NC-SA
NON-COMMERCIAL USE This license only allows reusers to distribute, remix, adapt, and build upon the material in any medium or format for noncommercial purposes only, so long as attribution is given to the creator. If you remix, adapt, or build upon the material, you must license the modified material under identical terms.
COMMERCIAL USE For commercial use contact: [email protected]
BibTeX @book{title={Token Economy: Money, NFTs & DeFi}, author={Voshmgir, Shermin}, year={2023}, publisher={Token Kitchen} }
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