CollectCoin (CLCT) is the token offering of the platform, Skylight Solutions. The CollectCoin platform works on Binance Smart Chain (BSC) and has the first utility token that provides redemption of physical NFT. Skylight Solutions is an NFT marketplace with an aspiration to remove barriers in the e-commerce market.
According to the whitepaper, Skylight Solutions aims to employ CollectCoin (CLCT) to bridge the gap between digital and real-world investment-grade goods. The platform plans to utilize CollectCoin (CLCT), a utility token in the network, to trade real-world goods through the marketplace.
As per the website, the platform aspires to create an NFT where users can take ownership of real-world assets without physically possessing them. Using the CLCT token (the native utility token of the platform), the users can purchase, hold, or trade NFTs and physical items through the platform. For instance, a user can create an NFT to advertise a product. In contrast, another user can use the CLCT token to trade in the advertised product. While physical possession is not essential, the platform allows users to redeem the NFT to get the corresponding physical items at any point. The platform aspires to use CLCT as the primary token for all the transactions on the forum.
The platform plans to distribute 33% of transaction fees to CLCT token holders as a part of the rewarding system. The burning of 33% of CLCT from the sales collection further keeps the inflation in check. Token burning is the removal of cryptocurrencies from circulation to control their value in the market.
