🌵Land loan Pre-sale Plan R1(finished)

This plan is co-designed with our beloved DAO member Master_BK_^-^)/

Summary: Adding a loan feature could make the land dream come true for many players and scholars who want to own land.

Goal: To make the land gameplay approachable for every player, whoever owns a minimum of three Kara pet NFT could avail the land mystery box on affordable terms.

1 The number of land mystery boxes on loan

There will be 500 land mystery boxes on loan in Round 1. First come first served.

2 Pre-sale time

The pre-sell round 1 will start at 2 PM, on Jan.28, 2022.

3 Repayment plan

Terms and conditions:

1. 80% of the recovered loan will go burning on the 1st day of every month.

2. The cool-down time will be counted from the day a borrower signs the contract with the game.

3. Borrowers will sign the land loan contract with the game on website on Feb.15th.

4. One borrower can loan only one land.

5. The first repayment cycle starts on Feb.15th.

6. The repayment cycle is 3 days.

7. The borrower’s $UMY repayment will be deducted automatically on the due date from his in-game earnings, so the borrower has to make sure he has enough $UMY to pay the installment on time.

8. On not paying the loan on time, there will be a 5 $UMY penalty per day after the due date. The maximum pending time will be 4 days.

9. In failure to give back even one installment for more than 4 days after that particular installment’s due date, the land will be reclaimed by the system from the borrower.

10. The land can NOT be traded on the market or gifted until the loan is paid off.

4 Evaluation of success:

Adding a loan feature will make land gameplay more approachable to a typical user. The $UMY consumption and burning could take a broader perspective. We cannot neglect the possibilities it can give to the whole economy. The dumping problem also will get some relief when minting is on hold indirectly for some time. A massive amount of that $UMY paid back by borrowers will be burned, so we are taking $UMY back and burning it and removing it from its the system so this loan system will work as a sink.