It is not unusual for crypto or Blockchain -related companies to have token sales as a means of raising capital in their initial stages. This has been a go-to tactic for years and continues to be highly effective to this day.
However, a new project called Tomi has put a bit of a twist on that concept. Offering NFTs as a means of access to its main sale is an innovative approach.
While this might be an unusual effort, it has proven to be very effective. Ahead of the sale, the company has raised over 450 ETH through this method. A validation of the approach's appeal, but that is only part of the bigger story.
Tomi Makes a Splash
The funds that have been raised through this NFT sale will be used to buy TOMI tokens. Additionally, those tokens will subsequently be burned to ensure scarcity.
The NFTs have been dubbed 'Tomi Heroes' and feature unique artwork for each.
Given the public response to the NFTs from Tomi so far, it seems this move has been a resounding success. Tomi has also made an effort to make sure that the NFT holders can resell their tokens on a secondary market when the time comes.
For now, the NFTs are available on OpenSea and will continue to be so until the sale ends.
Tomi's Tokens and Mission
Tomi announced earlier the decision not to host its token sale through the Ethereum network due to its high gas fees. Instead, the sale occurs via the Polygon network and through SushiSwap.
That approach makes participating cheaper and more convenient for users and helps support new-generation DeFi projects that are leading in the industry.
The crowning jewel of the Tomi empire will undoubtedly be TOMIFundMe, which is a democratized venture capitalist platform.
Through TOMIFundMe, TOMI token holders will be able to help determine which products are worthy of funding. Business owners can create a profile and pitch their idea to the community, who then cast their votes.
Eligible projects will receive a grant. Every grant in this ecosystem comes from a portion of transaction fees raised through TOMISwap.
As the second crucial pillar of the Tomi ecosystem, TOMISwap serves as a decentralized exchange that focuses on cross-chain swapping.
It is built on Ethereum and conveniently converts supported tokens at a fixed 0.3% transaction fee. Ethereum usually has high gas fees, but TOMISwap will not suffer from those concerns.
TOMIFUNDME will automatically receive 8.3% of the total transaction fee to fund the development of next-generation projects.
As Tomi puts a substantial emphasis on decentralized finance and its accessibility, the project can make a real-world impact.
The vision for TOMISwap is akin to SushiSwap's, as both platforms focus on the long-term game to create sustainability and bring more people into the crypto fold.
This is the reason TOMI will be sold through SushiSwap - Uniformity across all elements.
Closing Thoughts
The Tomi team takes a well-educated approach to building an ecosystem that can serve multiple purposes. There is a decentralized swapping platform and one side and a wealth distribution solution on the other.
Helping businesses grow and evolve through grants and incubation is essential in this industry. Moreover, everyone can participate in this process if they hold TOMI tokens.
Every aspect of Tomi - the societal impact, wealth distribution, and technical improvements for decentralized swapping - brings value to TOMI. The team's commitment to using NFT sale proceeds to buy and burn TOMI tokens confirms their long-term commitment.
To find out more about TOMI and how it is shaping the future of blockchain, visit the website.
