Buyback & Burn

Buyback

Chipit extracts a tax between 0.2~0.5% on each NFT transaction made, and 50% of the tax will be later used for buyback of the Chipit token. The Smart Contracts will automatically outline this process prior to all transactions to ensure economic transparency is always safeguarded.

Burn

Whenever a sale occurs, 50% of the buyback explained above is immediately burned post-transaction. Chipit will also perform manual buybacks when necessary and all the manual burn history & proof will be listed for reference. Manual burns will occur on certain occasions in accordance with the current volume and market cap of the token.