Date: September 15, 2022, 4:45 PM PDT
Updated: November 25, 2022. 3:52 PM PDT
ORNG Launches its KING Token schema.
Pre-sale & Go-early editions have taken the place of release dates. ORNG has established its 'Official' drop date for NFT projects, called KING Coin.
Initial holder transfers will be made to a ETH, Matic or SOL wallet address. Holders of the KING Coin, can redeem the merch offer from their wallet address.
Background
"ORNG's KING coin NFT schema is based on one minted coin. This 'KING' coin can take the entire offer in one move. The 'KING ME' concept takes into consideration underlining edition based offers attached to the product. KING Coin can buy out the remaining or whole inventory in one transaction.
For example, if a product has a total of 20 units (vinyl, t-shirt etc.) attached to it, the remaining units will go to the KING coin," said William Robinson from ORNG. "If the NFT contract has additional shareholders, the KING Coin (token) price will be discounted by the amount of shareholders," added William.
This Roll-up or cut-out method eliminates risk and loss of assets for shareholding customers. Edition contracts are attached to products on the blockchain, while the KING token sits in reserve with ORNG or the brand.
Auctions
The KING coin NFT can be purchased during the auction. Bidding may start whenever indicated on the Auction site. All edition contracts will end no-more than 1/2 hour (PST) before the auction starts.
Currently, all Get-Early contracts will be on the Ethereum or Polygon blockchain. While KING coin (tokens) may appear at ORNG, with the brand or on a broker-based exchange in escrow. All transfers will take place no-more than 24 hours from the time of purchase.
Please read the Auction and Get-Early section (if available) on each product page for inventory, price, locations, times, and dates for any auctions. Also be aware of the total supply for each offer. This indicates the total supply buyout value of the KING Coin (token) to be auctioned (supply (x) value).
As a rule of thumb ORNG will set the Get-Early price lower with lead-time before the auction. 9 days to 3 months, depending on the market, our vendors request and/or demand.
Disclaimer: KING Coin NFT Tokens is an ORNG schema and does NOT indicate general practice for NFT trading online. ORNG reserves the right to change its approach for better solutions. This will not alter your ownership, investments, or shareholding in projects we carry or represent.