iLand NFT fees and obligations
To achieve a minimal degree of self-regulation in the economic activity, there are two different situations for iLand NFT holders that have fees attached to them, namely Royalty Fee and the Land Tax. Each comes with its own set of rules.
As mentioned before, a 5% royalty fee is paid to the network every time an iLand NFT is sold on the secondary market. This royalty fee is used to incentivize early adopters and is stored in the Incentivisation Pool.
The Incentivization Pool is separate from the Reward Pool and is managed by NATIX Network and the community. The collected fees will incentivize early Detectors, xNode, and Developers and aim to put the network in action to provide data for interested parties.
The Land Tax applies only whenever iLands owners receive newly approved mApplets, meaning new opportunities for data collection. In these cases, a temporary land tax is levied that is used to fill the gap in the market between data generation and data purchasing. In other words, iLand NFT owners subsidize the adoption of mApplets in a specific area by funding trial periods for real-time data customers. This means that the owner of the iLand needs to pay a minimal amount of NTXT to cover the initial costs of early actor incentivization.
The Land Tax ensures that tiles experience an increase in value via new mApplets and generate new data types for Data Consumers.