# Introducing the $LUXY token
The balloon dog has a token! LUXY Token is the backbone of our NFT Marketplace. Token holders gain access to features such as early access to NFT drops, reduced marketplace fees, and the option to participate in DeFi Staking incentives.
LUXY Token has a supply cap of 100 Million tokens. LUXY has a buyback and burn system which will result in 50% of the supply being burnt. This will eventually bring the total supply cap down to 50 Million tokens.
LUXY Token finalized all Seed and Private rounds raising $1,150,000. This brought strategic partnerships with [Polygon](https://polygon.technology/), [Polygon Studios](https://polygonstudios.com/), [Syscoin Platform](http://syscoin.org/), [IBC Group](https://ibcgroup.io/), [BlockDesk Ventures](https://blockdeskventures.io/), [Semetrix](https://www.semetrix.digital/), [CGM Ventures](https://cgm.ventures/), [Unity Capital](https://twitter.com/UNITY_capital), [Pinata](http://pinata.cloud/), [The Crypto Launchpad](https://thecryptolaunchpad.com/), plus a number of influential NFT Collectors who boast a collection of over 250k NFTs.
The IDO took place on the 30th of November 2021, across three launchpads: PolyLauncher, KSM Starter, and Axion. The IDO price was $0.08 with 5 Million LUXY available at the Token Generation Event (TGE), raising $400,000. We locked 2 million LUXY (200k USD worth) into our first pool, giving LUXY an initial listing price of $0.10
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