Vulcan Forged’s $55m Buyback
Taking back what’s ours.
Vulcan Forged prides itself on work ethic and ability to bounce back from adversity — and we have had to deal with a little of that in the latter quarter of 2021. Following our recent hack we have had teams working on token swap claims, exchange swaps, wallet migration, My Forge, the Marketplace rebuild, and more. The time has come to start focusing on the future again. This is why we are initiating a buyback program to bring the circulating supply back to normal levels. To do this we will buy back or compensate roughly 13% of the circulating supply.
The Buyback Program
Vulcan Forged will use a combination of tools to lower the supply:
- We’ll buy $PYR tokens from the open market
- 100% of the Troy land sale will be locked and taken from the supply
- Special in-game assets will be sold. The $PYR will be taken from the supply
The above methods will compensate for the increased circulating supply and will possibly strengthen our treasury in order to be able to invest in the future of the company.
$PYR buyback from the open market
Our market maker will buy-back a considerable bag of $PYR throughout the next 3 months. Team and company funds will be used to buy back $PYR to lower the supply. $400,000 of recovered Ethereum seized from the hacker will be part of these buyback funds. In the happy event we are able to seize more funds these will be added to the buyback funds.
Troy land sale
Troy is an island accessed from VulcanVerse by boat. A splendid walled city, split into 20,000 pieces of land, a few thousand of these plots will be airdropped to current VulcanVerse land plot owners and $PYR owners. The remaining plots will be sold. These plots can be purchased with $PYR token and these tokens will be taken out of circulation.
Troy includes several landmarks including a Colosseum, Citadel, an Agora market and a rather intriguing Trojan Horse and will be a must visit destination in VulcanVerse. The function of Troy land will be a little different to that of VulcanVerse land; more details to be announced soon!
Special in-game assets
We are soon to launch a series of special in-game assets. These can be bought using $PYR. Besides the fact these assets will be unique and sought after, the PYR used will again be removed from the supply. These assets will truly be generating value in many ways.
About Vulcan Forged
Vulcan Forged is a blockchain game studio, NFT marketplace, and NFT minting engine. Vulcan Forged is the creator of VulcanVerse and Berserk, and many other games. The ecosystem is expanding rapidly, and many games are being enabled within the play to earn economy.
The native token used within the ecosystem is $PYR. The secondary token $LAVA acts as a play to earn tokens. This dual token economy structure is ideal for play to earn. Scholars will earn $LAVA while playing the Vulcan Forged games and will be able to forage special NFTs while in-game. These can be sold on the Vulcan Marketplace for $PYR.
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