Trace Network Labs
Crypto Overview
Overview
Trace Network Labs is a project focused on developing Web3 infrastructure for luxury and lifestyle products in the metaverse. Their TRACE token is used for governance and utility within their ecosystem.
Purpose and Utility
The primary stated purpose of TRACE is to serve as a utility and governance token for the Trace Network ecosystem, which includes their Bling NFT marketplace and metaverse infrastructure. Token holders can participate in governance decisions and access various platform features.
Platform Analysis
The project focuses on creating virtual fashion and lifestyle experiences, including NFT-based digital wearables and metaverse integration tools. Their main product, Bling Marketplace, allows users to create, buy, and sell digital fashion items.
Development Activity
The project shows ongoing development activity with regular updates to their platform and marketplace. The team maintains active GitHub repositories and regularly releases platform updates.
Token Distribution
The token distribution includes allocations for the team, advisors, and development fund, with vesting periods in place to prevent immediate selling. The specific percentages and vesting schedules are publicly available in their documentation.
Business Model and Revenue
The business model revolves around facilitating digital fashion commerce and metaverse infrastructure, with revenue generated through platform fees and partnerships with fashion brands. These activities do not involve any inherently prohibited elements from an Islamic perspective.
Crypto Impact
To assign a comfort level investing in Trace Network Labs from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Trace Network Labs.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.