Selo+ (SELO, SPT)

What is Selo+?

Selo+ is a Web3 project billed as a “hyperlocal based life-logging app with inbuilt SocialFi and augmented NFT narrative,” according to its website.

Initially launched in Indonesia and Singapore, the project aims to build a local community ecosystem with a dual cryptocurrency token structure. Its services operate as decentralized applications (dApps), which are linked by its SELO utility token and SellOn Point (SPT) reward token.

Techopedia Explains

The project’s first apps are SellOn, which launched in October 2022, and BuzzBit, which launched in November 2023.

• SellOn

SellOn is a Web2 online marketplace for local trading of used goods. SellOn provides an online environment to connect residents, share local information, such as local businesses and medical facilities, or help users host meetings with common interests.

Its advertising banners allow users to promote shops and events in their local area. Selo aims to apply Web3-based remuneration to the app to allow it to reward users for their participation.

• BuzzBit

BuzzBit is an online cryptocurrency news community app designed to provide users with real-time news updates, analysis of projects, market insights, and curated notifications of crypto-related events to help crypto enthusiasts navigate the markets. BuzzBit incorporates a GameFi reward system and live SocialFi services.

SELO’s non-fungible token (NFT) collection aims to connect its collectibles with GameFi access and real-world experience.

For example, users who frequently sell shoes and related products on the marketplace will receive Shoe Seller NFTs, giving them the right to launch a shoe group buying market.

Users who often upload community posts about local restaurants will receive Local Foodie NFTs, giving them access to food tour challenges on the activity wall.

How Does SPT Work?

Users can earn the SPT reward token by engaging in community activities such as writing posts or comments in a community feed and buying or selling second-hand products through SellOn.

There are specified rewards for various activities, such as 3 SPT for uploading a product post or making an offer or 10 SPT for uploading a community post.

There are daily earning limits for certain activities but not others.

SPT holders can then redeem SPT for prizes through the Prize section in the Selo+ Wallet. The Selo+ Wallet is a cryptocurrency wallet that allows holders to use digital assets within the Selo+ platforms, including SellOn.

How Does SELO Work?

SELO is the project’s main currency governance token, used to perform interactions and transactions.

There are two main ways to acquire SELO – exchange or earn.

Users can swap fiat currency or non-fungible tokens (NFTs) to SELO. The SELO+ ecosystem includes NFT cards that can be traded in SELO on its peer-to-peer (P2P) marketplace.

Users can also earn SELO within the SELO+ ecosystem. Some activities in its Activity Wall reward users with SELO instead of SPT.

Token events such as airdrops and gaming events can appear for a limited time, providing opportunities to earn the token. For instance, the ORC Invasion NFT gaming event allowed players to collect a special medal NFT, which can be traded in SELO.

SELO has been listed on the MEXC cryptocurrency exchange since July 2023 for trading with fiat and other cryptocurrencies.

As more dApps are added to the ecosystem, there are expected to be more opportunities to use SELO with the aim of increasing the token’s value.

SELO Tokenomics

SELO has a total supply of 1 billion, of which 8% has been allocated for strategic sales scheduled with a six-month cliff, and 1/30 unlocks every month after, according to the project’s whitepaper.

The founder and development team are scheduled to receive 10%, with a portion unlocked every six months after a 24-month holding period.

Another 10% is held for research and development, 8% held for marketing and 4% held for the development foundation.