Boxmining v2

Category: Non-fungible Token (NFT)

Yield farming is also referred to as “liquidity mining” and is one of the most popular methods to earn passive income. By using various decentralized finance (DeFi) protocols, users can lock-up i.e. stake their cryptocurrencies on the platform to earn the protocol’s native coins and tokens. These coins and tokens have various uses on the protocol, but their most lucrative feature is that it can be traded on cryptocurrency exchanges. This makes yield farming a great way for cryptocurrency traders to earn passive income.

  • IX Swap: The Uniswap For Security Tokens & Fractionalized NFTs

    IX Swap: The Uniswap For Security Tokens & Fractionalized NFTs

    Despite the tremendous growth of the decentralized finance (DeFi) industry, it still faces a key problem – the liquidity of operations due to the lack of licensing and market makers in the industry. IX Swap ($IXS) provides a solution through regulatory compliant liquidity pools, automated market making functions for security tokens (STO), tokenized stocks (TSO), and fractionalized NFTs (fNFTs).

    By using blockchain technology to build liquidity and infrastructure solutions for their security token ecosystem, IX Swap is able to provide global trading and access to this untapped asset class. The platform will be the first bridge between decentralized finance (DeFi) and centralized finance (CeFi) to facilitate trading of security tokens through licensed custodians and security brokers which will provide actual ownership and claim over these real world assets.

    The Security Token: A DeFi Solution For Crowdfunding

    Capital raising has evolved rapidly over the years, originating from traditional stock markets in Wall Street. It then moved onto less conventional methods, such as crowdfunding platforms like Kickstarter, which is a different evolution of the same concept.

    One of the newer and more creative innovations in the ever-evolving landscape of capital markets and crowdfunding was derived from the birth of Bitcoin and Ethereum. These innovations allowed blockchain enabled technology platforms to develop ecosystems where tokens were minted – to provide some sort of utility, or just a pure token for their native platform. Such initial coin offerings (ICOs) enabled entrepreneurs to raise money globally from potential users of their products while simultaneously achieving market fit.

    This phenomenon created a new wave of funding into the markets as companies were able to raise millions overnight with a theoretical “whitepaper” with little to no development done on the project. In this overnight, unregulated industry, funding became cheaper and easier compared to raising money through the traditional debt/equity markets. 

    It also attracted sharks that sensed an opportunity to abuse the easy money and lack of regulations. By the end of 2017, the number of ICO scams had increased exponentially, with 80% of ICOs being scams. This led to the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to step in and take a more active stance towards the industry, targeting companies that the SEC deemed as securities rather than utility tokens.

    As regulatory scrutiny began to rise, security token offerings (STO) became the natural evolution of ICOs. Security tokens provide access to digital asset markets while still adhering to regulatory standards, making it the perfect fit for the digitization and tokenization of certain assets that may be deemed securities.

    What is IX Swap?

    By trading securities, you are trading a right of ownership or claim to an asset in the real world. Therefore, it is no surprise that security tokens and tokenized stocks are regulated assets. To deal with securities, a market maker requires licensing, strict regulation, and the right infrastructure to accommodate trading and the custody of these securities. 

    IX Swap meets all of these requirements, effectively solving the key liquidity problem. IX Swap achieves this by building a blockchain system with infrastructure designed for the STO and TSO (Tokenized Security Offering) ecosystems. The platform could be considered as the “Uniswap” that provides liquidity pools and automated market-making functions for securities.

    Investors of securities will be able to contribute to the ecosystem and issuers of securities will be able to create their own liquidity pools. 

    IX Swap Features

    Some of IX Swap’s main advantages and solutions include:

    • Security — By leveraging blockchain technology, IX Swap is able to provide security and transparency
    • Liquidity pools for tokens/TSO — Holders of STO/TSO tokens will be able to extract liquidity legally for the first time
    • Unique platform — IX Swap is DeFi’s first market-making solution built specifically for STO and tokenized stocks
    • Lending — Users will be able to lend their idle assets to earn passive income
    • Licensed partners — IX Swap has partnered with licensed intermediaries to address the nuances of the securities
    • Reduced fees — Reduced fees compared to 1–2% charged by banks for private asset investments
    • Mining and staking — Holders have the option to earn and grow the value of their assets through liquidity mining and staking
    • IL Insurance — IX Swap has been structured to include an impermanent loss (IL) insurance mechanism to reduce the effect of IL on liquidity providers

    Fractionalized NFTs on IX Swap

    A non-fungible token (NFT) is a unit of data stored on the blockchain that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. The substantial rise in value of many NFTs have given way to the concept of fractionalization. Fractionalized NFTs (fNFT) allow smaller investors to pool resources to purchase fractional interests of an NFT.

    IX Swap will soon allow users to bid and purchase fractionalized NFTs on its platform. According to their roadmap, they plan to roll out this feature in Q2 of 2022.

    Fractionalization provides many advantages for owners, including:

    • Retained ownership while freeing up liquidity
    • Curated fees from fractionalization
    • Access to a larger audience as more investors would have access to a singular NFT
    • Increased utility for NFT through DeFi applications
    • Positive price correlation through fractionalization
    • Lower floor prices for new NFT investors

    Fractionalization also brings benefits for investors, such as:

    • The ability to purchase a fraction of an NFT that would otherwise be too costly for 100% ownership
    • DeFi applications to generate additional yield from holding NFTs
    • Greater liquidity and trading platforms to realize gains from the fractionalized NFTs
    • Portfolio diversification through multiple fractional investments

    There has been significant debate in recent times surrounding the classification of NFTs and if they are securities. OpenSea, one of the worlds largest NFT marketplaces, put a freeze on trading for a project called DAO Turtles given the uncertainty whether these assets were securities.

    According to Chris Donovan, the Head of Legal at UK VC Outlier Ventures,  NFTs can be considered securities under certain circumstances — with one of those circumstances being fractionalized NFTs “embodying rights to royalties,” or sold with the promise of future liquidity and continued services from the issuer.

    By purchasing fractionalized NFTs through IX Swap, owners and investors can rest easy in the event that these assets are deemed securities thanks to the regulations within the platform.

    STO vs NFT: What are the differences?

    Due to the similarities in their characteristics, STOs are constantly being compared to NFTs, and the comparison is justified. STOs and NFTs are both vehicles that provide proof of ownership of an asset, only presented in different ways. 

    The concept behind STOs is relatively simple. Unlike ICOs, where the token is considered a currency or a means of utility, STOs are securities and are regulated assets by government authorities. Herein also lies the key difference between STOs and NFTs: STOs are regulated assets, whereas, for NFTs, they are still unregulated despite having similar ownership rights over an asset.

    The determination of whether an NFT is a security is generally based on the characteristics of the NFT and may differ. For example, you might have a piece of art that you have collected to appreciate the artwork; this NFT would not be classified as a security. However, an NFT that provides ownership over a financial asset or even a house — would definitely classify as a security and would technically be classified as a security token.

    There is no right and wrong to which structure is better, as both STO and NFT structures are excellent in their own rights and are highly innovative solutions to represent ownership over an asset.

    $IXS Token

    The IX Swap ($IXS) token is the native cryptocurrency and utility token for the IX Swap platform and will be freely traded on cryptocurrency platforms. Utilities for the token include:

    • Staking $IXS tokens for a fixed income percentage on the IX Swap platform;
    • Staking $IXS in liquidity pools to receive a portion of the pool profits;
    • Staking $IXS on the platform will provide voting and governance functionalities for the IX Swap platform;
    • $IXS is the native payment token on IX Swap’s first broker/dealer partner platform, InvestaX; and
    • $IXS token holders get priority access to new primary STO listings.

    IXS will be distributed as incentive rewards to ecosystem contributors. IXS paired pools will have boosted returns over non-IXS paired pools. The IXS tokens also have a distinct deflationary economics function to ensure value is created for token holders the more the platform is used.

    IXS token’s deflationary tokenomics:

    • 5% of fees will be sent to a permanently locked vault reducing the overall token supply
    • 5% of fees will also be sent to a vault to purchase IXS tokens; and
    • Rewards earned on the platform will be distributed over time to ensure token inflation is reduced.

    Conclusion

    STOs are bridging the gap between traditional money markets and the new era of digital currencies by tokenizing traditional investment types, such as stocks, bonds and commodities. Tokenization of an asset is among one of the most powerful ways to express and manage an asset, where it is represented directly on the blockchain in the form of a token.

    IX Swap solves the liquidity problem for secondary trading of STOs that is both algorithmic driven and allows for anyone to participate in the allocation of market making capital, and therefore benefit from the subsequent fees of being a liquidity provider. This DeFi solution will bring in a new wave of liquidity to STO trading and solve a key industry problem. (Zolpidem)

    FAQs

    What is IX Swap?

    IX Swap is the world’s first liquidity pool and automated market maker (AMM) provider for security tokens, tokenized stocks, and fractionalized non-fungible tokens.

    What is a liquidity pool?

    A liquidity pool in cryptocurrency markets is a smart contract where tokens are locked for the purpose of providing liquidity for trades.

    What is an automated market maker (AMM)?

    An AMM is a type of decentralized exchange (DEX) protocol that relies on a mathematical formula to price assets using blockchains and smart contracts. Instead of using an order book like a traditional exchange, assets are priced according to a pricing algorithm. Any investor can participate in the DeFi liquidity pools and earn fees as a benefit.

    What is a security token?

    Security tokens are tokenized securities. They are digital forms of traditional securities that live on a blockchain. These tokens could represent ownership of a fraction of any valuable asset, like a car, real estate, or corporate stock.

    What are tokenized stocks?

    Tokenized stocks are tokenized derivatives that represent traditional securities, particularly shares in publicly traded firms on regulated exchanges.

    What are fractionalized NFTs?

    Fractionalized NFTs are NFTs split into smaller pieces by their original owner. Fractionalized NFTs enable investors to own part of an NFT that would otherwise be unaffordable. It also enables the owner to release some of the value in their NFT without selling it fully.

    Official Channels

    Website — https://ixswap.io/

    Twitter — https://twitter.com/IxSwap

    Telegram — https://t.me/ixswapofficial

    Medium — https://ixswap.medium.com/

    LinkedIn — https://www.linkedin.com/company/ixswap

  • Starly.io ($STARLY) global listing and staking program

    Starly.io ($STARLY) global listing and staking program

    STARLY listing on KuCoin

    Starly ($STARLY) will be launching on KuCoin with STARLY/USDT trading pair. Details are as follows:

    • Deposits open from 16 February 2022 (Supported Network: BEP20)
    • Trading: 10:00 on 17 February 2022 (UTC)
    • Withdrawals: 10:00 on 20 February 2022 (UTC)

    The total supply of STARLY will be 100,000,000 with a market cap of US$4,756,784.

    The circulating supply will be 5,945,980 STARLY at US$0.8.

    Starly token staking: How to guide

    Staking your STARLY tokens helps support the development of Starly, in return, token stakers can receive rewards. Staking Starly requires 2 simple steps:

    1. Add STARLY tokens to your wallet; and
    2. Stake STARLY

    How to add STARLY tokens to your wallet

    To add STARLY onto your wallet, you must be on the Flow blockchain. For those who participated in Starly’s Blocto IDO, your tokens are already on Flow.

    On the other hand, if your STARLY is on Binance Smart Chain (BSC), you will need to use the Blocto teleport to bridge your STARLY from BSC to Flow by connecting your wallets. On the Blocto teleport:

    1. Select the STARLY token;
    2. select BSC blockchain in the “from” field;
    3. select Flow blockchain in the “to” field; and
    4. select “connect BSC”.

    How to stake STARLY tokens

    On the Starly website, go to the “Staking” tab and enter the amount of STARLY you would like to stake (Tip: you can stake your STARLY in several batches so that you can unstake them separately later on).

    After you have staked your tokens you would be able to see the amount staked, unlock date, and annual interest. Staked tokens are locked for 30 days- afterward you can claim your tokens and STARLY rewards at any time. Of course, the longer you stake your STARLY tokens, the more additional tokens you can earn. To unstake your Starly, simply click “unstake”. (https://www.disabilityhelpcenter.org/)

    Staking STARLY will yield a guaranteed 15% annual percentage rate. However, for a limited time only, Starly is offering a special 20% APY on all tokens staked before 15 March 2022.

    Learn more about staking STARLY here.

    About Starly

    Starly ($STARLY) is a launchpad and marketplace for creators and collectors to expand their economies around gamified NFT collections. Collecting NFTs on Starly will be an immersive experience with different NFT rarity classes, distribution of NFTs in sealed packs along with features such as limited editions, rewards, collector scores, and game-like mechanisms.

    NFT collectors on Starly can experience the excitement of pack opening, marketplace trading, all whilst being rewarded for achieving key milestones. Starly aims to transform NFTs into a social experience and create a one-of-a-kind relationship between the creators and their community.

    Find out more

    Website: https://starly.io

    Twitter: https://twitter.com/StarlyNFT

    Discord: https://discord.com/invite/starly

    Telegram: https://t.me/starly_chat

  • Only1 ($LIKE): Solana’s NFT-Powered Social Platform

    Only1 ($LIKE): Solana’s NFT-Powered Social Platform

    Only1 ($LIKE) is the first NFT-powered social platform built on the Solana blockchain. Mixing social media, a non-fungible token (NFT) marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition contents created by the world’s largest influencers/celebrities, all powered by NFTs.

    The ultimate goal of Only1 of revamping and innovating social media could have far reaching effects. At a time when major platforms like Facebook have rebranded with an aim at crypto, the power of content creators and users is ever more apparent. Where creators choose to upload content and where users flock to consume plays a major role.

    Issues with Traditional Social Media

    • Unfair Creator Economy

    On centralized social platforms, advertisers pay the platform for user’s attention. On decentralized social platforms, platforms pay users for their attention. Creator economy is the incentivisation structure for user-generated content. Content creators on Youtube are under constant pressure of censorship and demonetisation, while creators on platforms like Instagram and TikTok often have to rely on third parties (affiliate links, merchandise sale, paid shoutouts etc) to generate income. For a lot of the creators, social media is their full time job and their reward should be determined by their content and engagement with their fans.

    • Data Exploitation

    Traditional social media platforms provide end users with free services in exchange for their personal data. As the saying goes, “If you are not paying for the product, you are the product”. According to Clario, major social media apps collect up to 79.5% of personal data from users, including but not limited to name, addresses down to hobbies and interests. Let’s take the example of Facebook (recently renamed as Meta). Facebook with over 2.89 billion monthly active users is the most popular social media worldwide. With an audience base this big, there is no surprise that 98% of Facebook’s revenue is generated through advertising. Since these platforms own and store data in one single place, they can effectively manage and monetize through selling user data to third parties for marketing purposes. End users have no control over who Facebook sells their data to and how these purchasers use their data.

    • Algorithms & Authoritarian Control

    Discovery algorithms are built with parameters to prioritize commercialisation of the corporation and sometimes to serve some political agendas. For example, certain cartoons are banned in some countries for political reasons. China because they resemble a political figure. Also why show you a picture of your friend’s new Samoyed if they can show you a picture of an attractive person that will eventually convert you to buy the advertised into that fitness program advertisement? It is difficult to balance freedom of expression and safety of the community, it is for sure too big a power and responsibility for one corporation. The future of social platforms are looking at becoming decentralized and is community-governed.

    Key Components of a Decentralized Social Platform

    • Fair Creator Economy

    A decentralized finance (DeFi) or SocialFi structure that pays content creators for being active on social media and providing value to the audience, instead of ad companies that pay the platform.

    • Social DAO Governance

    A decentralized autonomous organization (DAO) that regulates community guidelines and platform development balancing safety of the community on the platform, and freedom of expression. Users curate and execute community guidelines and development. Not one single entity can deem specific content inappropriate, and actions are carried out if consensus is reached between the network.

    • Ads & Discovery

    Optimized for users instead of platform, without leaking user data to third parties.

    What is an NFT-Powered Social Platform?

    Instead of solely focusing on NFTs, social NFT platforms allow influencers to create content, share it with their audience, and get rewarded based on engagement. Users can create NFTs and allow their fans to engage, access, and earn through collecting these NFTs. Only1 provides a decentralized NFT-powered social platform for creators and fans to interact.

    What is NFT staking?

    Blockchains depend heavily on their global network of transaction validators who authenticate transactions before the data gets added to a block on a blockchain. These validators (or miners) are decided based on the amount of cryptocurrency they pledge towards the operation of the blockchain network. In return, miners earn rewards in the form of the native cryptocurrency for devoting resources. This model of pledging crypto assets is called the ‘Proof-of-Stake’ model, and the process is called ‘staking’.

    Similarly, you can pledge NFTs to support a project while you earn passive income in terms of rewards or fees for dedicating the asset to a blockchain. Currently, most of the NFT staking opportunities are in play-to-earn (P2E) gaming platforms such as Decentraland, Sandbox, Axie Infinity, among others. All you need to stake is a cryptocurrency wallet with NFTs.

    Over 50 percent of the NFT market is attributable to in-game NFTs, which players can buy using cryptocurrencies. Axie Infinity, for example, has garnered a sales volume of over $2 billion since its launch in 2018.

    However, it is important to note that all NFTs cannot be staked. So you need to check the details before buying the NFT.

    Features: What Makes Only1 Special?

    The Only1 marketplace will consist of several different features that sets it apart from other NFT marketplaces. Some of these features include:

    Creator Genesis NFT

    Genesis NFT Minting

    • A genesis NFT is minted once a creator passes KYC
    • Creators will then be able to mint their own Content NFTs for their fans and receive $LIKE, or native token, as a reward for engagement

    Fans Bid with $LIKE

    • Fans can utilize $LIKE, or native platform token, to bid for a Star NFTs on the Only1 Marketplace

    Genesis NFT Perks

    • Fans will have the ability to stake $LIKE on their favorite influencers profile
    • The Genesis NFT Owner as well as the creator will both earn a split of the staking rewards

    Content NFT Farming

    Creator Post Content

    • Creators have the ability to post exclusive content in form of an NFT
    • Fans bid on Only1 marketplace for NFT using the $LIKE Token
    • When an NFT is purchased a portion of the $LIKE tokens are burned

    Community Unlock

    • Other fans unlock content with $LIKE, receive lottery tickets (weekly lucky draw)

    Creator and Community Earns

    • Tx split between NFT owner and creator

    Why Solana?

    Only1 is built on the Solana blockchain for multiple reasons, including:

    • Solana has a flexible virtual machine which allows programs (known as smart contracts elsewhere) to be written in native languages such as Rust, C, and C++.
    • Solana’s infrastructure provides blazing fast speeds and no memory pool – providing the basis for global adoption of blockchain and/or distributed ledger technologies.
    • A transaction on-chain costs only a fraction of a cent (average of $0.00025 per transaction).

    Solana truly achieves the three desirable qualities of any blockchain: scalability, security, and decentralization. With Solana, users on an NFT-powered social platform such as Only1, can enjoy all the benefits of Web3 at the speed of Web2.

    $LIKE Token Economy

    $LIKE is the native token of Only1 that powers the creator economy within the network. Some of the initial utility for the token include:

    • Bidding – Fans bid for NFTs on Only1 with $LIKE
    • Staking & Governance – Fans stake their $LIKE to earn more over time
    • Reward Pool – $LIKE rewarded to stars as new NFT is minted & resold
    • Donating – Fans can tip $LIKE to their favorite creators

    Conclusion

    Since the invention of the World Wide Web (WWW) by Tim Berners-Lee in 1989, the world has been revolutionized by this technology combining computers, data networks and hypertext.

    The first iteration of the WWW evolution — Web 1.0 is a “read-only” web that enables users to search and consume information. The second iteration, although deemed as a “passing fad” by many, has flourished and brought the adoption of the internet to a whole new level. Web 2.0 as a “read-write” web, has extended its functionality to highlight user-generated content, usability and interoperability for end users.

    As time goes by, many people have grown tired of the data exploitation that major corporations have taken advantage of and wanted to regain control over their data and content. This is where Web3 comes in; the Semantic “read-write-own” Web that revolves around decentralization and token-based economics. Rather than compromising personal data in exchange for free services, users can become participants and shareholders by earning on the blockchain network, which in return allows you to impact decision-making over a network.

    Only1 fully embraces this revolution by proportionally rewarding creators and fans for simply using the platform. The goal is to support and foster the creator economy, not profit off of it. By combining social media, NFTs, DeFi and the native token $LIKE, Only1 offers a Web 3.0 solution to creator economy and fan engagement.

    Follow their media channels for more info:

    Website — https://only1.io/

    Twitter — https://twitter.com/only1nft

    Telegram — https://t.me/only1nft

    Medium — https://only1nft.medium.com/

    Sources:

    https://only1.io/pitch-deck.pdf

    https://only1.gitbook.io/only1/

    https://only1nft.medium.com/welcome-to-only1-the-first-social-nft-platform-built-on-solana-a073827e942a

    https://www.cnbctv18.com/cryptocurrency/explained-how-to-earn-passive-income-via-nft-staking-11960392.htm

    https://morioh.com/p/27ea8c22ad0d

    https://only1nft.medium.com/barriers-for-web-3-0-social-for-the-mainstream-market-fbc12c1cddf3

  • Top 5 Play-to-Earn NFT Games for Cryptocurrency Rewards

    Top 5 Play-to-Earn NFT Games for Cryptocurrency Rewards

    The gaming industry has always been successful as participants yearn for escape into virtual reality. Add blockchain technology, non-fungible tokens (NFTs), and decentralised finance (DeFi), and voila! An explosive market model dubbed as play-to-earn (P2E) games.

    Blockchain for gaming has long been thought of as the perfect combination. After all, blockchain solves many traditional problems of the gaming industry, in particular, transparency between developers and gamers, as well as ownership within the game’s economy. 

    Millions of gamers are adopting DeFi-based NFT games and spending several hours every day playing them, causing their popularity to shoot through the roof. Game developers are catching on and there is no shortage of new P2E games to play.

    What is the Play-to-Earn (P2E) Model?

    The play-to-earn trend is an emerging phenomenon in the gaming industry where players of NFT games get to collect lucrative rewards for playing. That’s right, you can make money while playing your favorite NFT game. How cool is that? 

    By becoming active participants in these games, players get to monetize their time and skill to receive rewards like in-game NFT assets and tokens which can be traded or sold if the gamer so chooses. The most interesting part of this model is that these in-game assets and tokens are not just limited to the game, they can be exchanged for real money and spent in the real world.

    In normal video games, players are not given complete ownership of assets bought in-app, so they can not be traded for a higher value. The price of the NFT assets that blockchain gamers are rewarded can increase with market demand, giving players the option to sell their tokens at a much higher value. 

    Some examples of how gamers can make money in P2E games:

    • Sell in-game NFT assets such as weapons, potions, avatars, cards, etc on the appropriate platform or open marketplace for real cash.
    • Earn prizes by completing quests and daily or weekly challenges.
    • Earn rewards by defeating their opponents in player-versus-player (PvP) matchups.
    • Upgrade in-game characters to possess more unique features and subsequently sell them at a higher price in the marketplace.
    • In-game staking for crypto rewards

    The Top 5 Play-to-Earn NFT Games

    Below is our list of the top 5 play-to-earn games. Each of the games listed use different mechanics to earn, while some will require an initial investment, and some are still in early development stages.

    Axie Infinity

    axie infinity

    Launched in 2018, Axie Infinity has experienced massive growth and is currently on the list of top-ranked blockchain-based games judging by its daily, weekly, and monthly active users. 

    The game is a Pokemon-inspired metaverse where players battle, collect and raise their Axies in a land-based universe, Lunacia. No two Axies are the same as each is very unique, with varying strengths and weaknesses based on their genes. 

    The game provides more than 500 Axie body parts, allowing players to have a limitless number of body part combinations to use. The categories of Axies include the Beast, Plant, Bug, Reptile, Aquatic, and Bird, and their characters can be common, rare, ultra-rare, or legendary.

    There are two game modes in Axie Infinity: battle mode and adventure mode. 

    • Battle Mode – This game mode entails a real-time battle between two players on the platform and their Axies.
    • Adventure Mode – This game mode consists of players traveling around the map and completing tasks to defeat rogue monsters (Chimera) they encounter in their journey.

    To participate in the game, players are expected to have at least three Axies, which requires an initial investment. However, they can quickly make back their investment depending on how active they are on the platform.

    Gamers earn money in the Axie Infinity game by completing activities in the Axie universe and getting rewarded with Smooth Love Portion (SLP), the platform’s native ERC-20 utility token. 

    Players use SLP to breed more Axies. However, this token is in high demand so they can sell it to other players and make a profit. SLP can be traded on a decentralized exchange (DEX) or centralized exchange like Binance.

    Another way for players to generate income is by competing in player-vs-player (PvP) battles to win leaderboard prizes, breeding their Axies, selling them on the provided marketplace, and collecting and speculating on rare Axies.

    The game also allows players to earn or buy Axie Infinity Shards (AXS), another native ERC-20 token while playing. The AXS tokens serve as governance tokens and give players the right to vote for key decisions. The team are currently considering increasing AXS rewards for their Leaderboard winners with a view to, in future, directly distribute AXS as a battle reward.

    Axie Infinity has generated more than 15,000 ETH in revenue since it was launched. Its popularity exploded so much that many individuals in the Philippines quit their day jobs to focus fully on playing the game and earning rewards.

    The team is continuing to develop the Axie Infinity gameplay and will soon launch a new generation of battle experiences (Origins) and a land-based gaming experience known as “Project K”.

    Gods Unchained

    gods unchained

    Gods Unchained is a tactical free-to-play card game that seeks to integrate certain elements of non-fungible tokens (NFTs) into traditional card gaming. The platform gives players true ownership of their in-game assets. Gods Unchained is a very competitive game that requires players to strategically outwit their opponents and win cards.

    Players can accumulate the cards either by purchasing them from other players or winning player-versus-player (PvP) battles where the winner is often determined by the quality of cards and the gaming skill of players.  The game operates in a rank setting which ensures that players in the same ranks are paired together in PVP matches.

    To win a match, players will have to ensure that their gameplay causes their opponent’s life to drop to zero before theirs. Every time a player wins, they receive experience points that move them to the next level and a pack of cards to add to their collection. 

    Each card is an NFT based on the Ethereum blockchain, precisely an ERC-721 token, which allows players to have full ownership of their in-game assets the same way they own cryptocurrency.

    Players can choose to trade their cards on the platform’s native marketplace or the open market. Those who choose to sell their cards within the gaming ecosystem will be paid using the platform’s native token, $GODS. The $GODS token has not been officially launched but is expected to go live very soon.

    MetaWars

    metawars

    MetaWars is a science fiction multiplayer strategy and roleplaying game with a vast metaverse set in space. Players can monetize and earn from the game’s war economy while participating in a highly immersive space exploration through the MetaWars galaxy.

    The game offers infinite universes where players can choose their own path using a wide collection of NFTs, and even cooperate with other players in missions to impact major events across the metaverse. 

    The gameplay also allows players to widen their army with unique ships, classes, and various optimization options. Players can combine modules, weapons, devices and equip perks, helping their characters level up their strength, rank up and receive attractive rewards.

    There are 3 parts to the game: Exploration, Fleet Formation, and Combat.

    • Exploration – Players embark on a journey of discovery, traversing the vast MetaWars galaxy that is constantly evolving and shifting from the collective actions of every player. Players will unveil mysteries and defend valuables against enemies.
    • Fleet Formation – Players have the option to customize their fleet of ships and robots in order to build a perfect fleet. To succeed in this segment, players would have to strategically combine modules, weapons, and devices to fit their strategy. 
    • Combat – Planet is a player-versus-player (PvP) mode of gameplay that awards $WARS tokens as a reward to the winners. Missions are player-versus-environment (PvE) games which are necessary to upgrade strength, rank and reward rations. 

    $WARS token is the in-game and governance token within MetaWars. There will also be a secondary token called $GAM. Further details will be released during the game’s next phase of development.

    Read more in our article MetaWars ($WARS, $GAM): NFT Gaming in Space.

    The Three Kingdoms

    the three kingdoms

    The Three Kingdoms is a strategic third-generation NFT game that is based on the historical characters of the Three Kingdoms period in ancient China. The game features high-end graphics, the ability to collect NFT characters, complete quests, and join siege gameplays to earn NFTs. 

    The gaming experience is enriched with extensive history, well-developed characters, progression gameplay and more. In the game, users will be able to build their base, expand their territories, upgrade their character’s attributes, win battles and emerge victorious in PvE (player versus environment) and PvP (player versus player) battles.

    Similar to popular gacha games with their randomized loot boxes, The Three Kingdoms utilises NFTs to bring added excitement to the gameplay experience. 

    • Raffles – A raffle will be held every so often that will enable players to draw a character card at random, for a price. Players will be able to draw as many cards as they wish. 
    • Characters – Characters will be randomly assigned six attributes: attack power, defence power, energy, luck, leadership, and intellect. The combination of these attributes determines whether a card is normal, rare, super rare or legendary.
    • Quests – Another method to recruit NFTs is where players send out one of their characters to recruit other heroes. Each found hero is another NFT of varying quality, which could help strengthen their forces.
    • Farming – Special NFTs can also be farmed by staking $TTK, the game’s native currency.

    $TTK is the game’s native token, used to purchase new characters in the NFT marketplace, upgrade armies, and invest in land. It can also be staked to farm more valuable NFTs.

    The secondary in-game token, $CHI, is inspired by the actual use of Chi in Chinese history as the energy that runs through all living things. Some future uses of $CHI include the ability to besiege cities, battle other players and even fuse new heroes.

    Learn more about The Three Kingdoms in our article The Three Kingdoms: The New Era of GameFi.

    CryptoKitties

    cryptokitties

    CryptoKitties is one of the earliest blockchain games in existence. Launched in 2017 by Dapper Labs, the game allows players to collect and breed virtual kittens.

    Every Kitty is unique, possessing characters that distinguish it from other Kitties living on the Ethereum blockchain. Players can obtain a CryptoKitty by buying one in the provided marketplace or by breeding two Kitties together. Breeding the Kitties enables players to unlock rare attributes that are not present in either of them.

    CryptoKitty players earn rewards by creating a collection of Kitties. Once they have a collection, they can either decide to take them to KittyVerse where they participate in catfights and win prizes or sell them on the platform’s marketplace or on leading NFT marketplaces.

    This game was so popular that it caused the unforgettable congestion of the Ethereum network. It is currently among the top play-to-earn games in the market. 

    Conclusion: The Future of P2E

    Play-to-earn NFT games have created an avenue for gamers to be rewarded for doing what they love. While some see it as a thing to do in their leisure and earn some cash, several others view it as a day job and can earn up to $300 every day.

    P2E games are set to completely revolutionize the gaming industry as we know it. It has integrated the concept of an open economy which ensures that all participants of the game are financially rewarded. While NFTs have already taken a dominant position in the collectibles trading scene, their presence in these games and the P2E model is set to take the market even further.

    As with some trends in the crypto space, P2E games might outlive the hype and become one of the leading aspects of the entire crypto industry. As it stands, many gamers worldwide are simply ecstatic to earn as they play.

  • Efinity: The NFT Platform of the future

    Efinity: The NFT Platform of the future

    What is Efinity (EFI)?

    Efinity (EFI) is a next-generation blockchain for digital assets that has been developed by Enjin (ENJ) – An ecosystem that lets the consumer buy, sell, and distribute Non-Fungible Token (NFT) items, which was started in 2009 and has more than 20 million gamers around the world.

    EFI is a parachain for NFT that was built with a consensus algorithm based on Polkadot Relay Chain validators in conjunction with the Web3 Foundation, allowing it to have its economic framework, data, and state. 

    For your better understanding, Polkadot is a blockchain platform that enables a fully decentralized web of parachains in which people fully own their identity and data.

    The Polkadot is outlined to run two kinds of blockchains:

    Relay Chain:

    The heart of Polkadot, accountable for the network’s distributed security, agreement, and cross-chain interoperability.

    Parachains:

    Main blockchains that utilize the transfer chain’s calculating sources to verify that transactions are safe and reliable.

    polkadot relay chain

    Efinity will operate as a parachain using Polkadot Relay Chain validators, allowing it to become a self-governing financial structure, data, and environment. Aside from that, it also is attempting to address blockchain issues such as interoperability, scalability, agility, safety, isolation, and many others. The Efinity’s collator nodes are responsible for processing transactions on the Efinity parachain and the network pays out EFI (its native token) from Collator Pool to them.

    How does Efinity (EFI) function?

    As we have mentioned above, the EFI blockchain will serve as a parachain in the Polkadot ecosystem. As a result of Polkadot’s interconnection technology, Efinity will be one of a hundred blockchains that can communicate with one another, allowing developers of other parachains to incorporate Efinity (EFI) NFT into their ecosystem while knowing that they will also work in different blockchains.

    Efinity has been working on developing a paratoken that will be similar to the ERC-1155 tokens they created for Ethereum. EFI will be the first paratoken in reality. The Efinity blockchain will process approximately 700 transactions per second with a confirmation period of six seconds.

    Efinity will act as a primary platform for all fungible and non-fungible tokens. Tokens from any other chain, such as the prominent ERC-721, ERC-1155 and ERC-20 standards, are accepted by the paratoken standard. This standard is necessary as it will generate network effects by attracting growing numbers of transactions. The network that solves the problem of enabling the pricing and exchange of NFTs will inevitably gain traction. To get a bid, tokens do not need to be advertised for sale or even exist on the network. In reality, users can be rewarded for initiating bid orders or ask orders and increasing network utilization by initiating transactions that other users can complete.

    This method will automatically encourage buyers and sellers to join the network and produce network effects by encouraging users to begin transactions. Third-party apps that allow the users to transfer inside other platforms such as games or that serve as NFT markets are expected to expand on this capability.

    What Makes Efinity (EFI) Special?

    EFI is special because it prioritizes token generation, transfers, and purchases since it aims to serve NFT Highway rather than general-purpose computing blockchain. Hence, the EFI transaction cost is much smaller, which will allow the users to focus on their favourite items without thinking about how the network works.

    Efinity (EFI) Features and Advantages

    According to the EFI official whitepaper, EFI provides the same features that are offered by another handful of NFT marketplaces, such as fast transactions & low fees, fuel tanks and efinity swap.

    1. Fast Transactions & Low Fees

    Based on the EFI whitepaper, EFI can process 700-1,000 transactions per second (the Ethereum network presently processes approximately 15 TPS). When the EFI and Polkadot runtime code is optimized, TPS may be increased in the future. Plus the transactions are verified in under six seconds, allowing for the fast response times required by mainstream applications.

    enifity provides fast transaction & low fees

    Aside from that, a fee payer signature may be included in a transaction before broadcasting, allowing someone else to acknowledge responsibility for fees through a signature. This can be beneficial for businesses and producers who want to reduce transaction costs for their customers.

    1. Fuel Tanks

    Fuel Tanks are special discrete accounts that are used purely for transaction fees. Developers can choose to subsidize expenses for their customers by depositing EFI tokens into a Fuel Tank that they control. They can whitelist specific tokens, tags, transaction types, or individuals for use.

    1. Efinity Swap

    Efinity Swap is an automatic conversion mechanism that improves the efficiency of paratoken exchanges by enabling an automatic conversion of paratokens into another paratokens to fulfil current bids and ask for orders. These swaps are made possible by existing bids and ask orders. The network allows for these automated exchanges for paratokens that meet a minimum number of Bids and Ask orders.

    What is an EFI token?

    As mentioned above, the EFI token is the main utility paratoken on the network, with 2,000,000,000 tokens. 

    For nominator staking and pools, 15% of the entire supply is set aside. These tokens are given out as a reward for helping to manage the parachain over the first 8-10 years.

    On genesis, 3% was allocated to the decentralized treasury pool. 15% of the total EFI supply is set aside to autonomously reward collaborators and pools for significant contributions to the network, such as transaction processing, development of new modules, network maintenance and initiatives to extend the network. This section will be gradually unlocked over the course of several years until the entire token supply is depleted.

    The EFI Token is used for all transaction fee payments on the EFI network in which the type of transaction determines the pricing and distribution of transaction fees. Any orders filled will incur a 2.5% fee will have to divide among four pools. Developers who create NFTs have the option to charge a fee for marketplace orders. This can be set to a maximum of 25% of the total cost. 

    Below is the detail of the EFI Token information:

    1. EFI token metrics
    • Token Name: Efinity.
    • Ticker: EFI.
    • Deployment Network: Efinity.
    • Relay Chain: Polkadot.
    • Token Standard: Paratokens.
    • Contract: 0x656c00e1bcd96f256f224ad9112ff426ef053733
    • Token Type: Utility and Governance.
    • Total Supply: 2,000,000,000 EFI.
    • Circulating Supply: EFI has not launched yet.
    1. EFI Token Allocation
    • Ecosystem: 35%.
    • Staking & Pools: 15%.
    • Company: 20%.
    • Team: 10%.
    • Seed Round: 3%.
    • Early Round: 7%.
    • Strategic Round: 5%.
    • Public Sale: 5%.
    1. EFI Token Sales
    EFI toke sales

    How to buy EFI tokens

    You can buy the EFI token through several ways, which can be through DEX and CEX platforms:

    1. DEX: Uniswap, Sushiswap
    2. CEX: Gate.io, crypto.com, Coinlist Pro, MEXC

    Conclusion

    In summary, EFI could be a good investment since the future related to NFT seems bright. The affiliated relationship between Efinity and Enjin will democratize NFTs using micro-fees. It will be a game-changer for developers and businesses who require better performance on massive operations, making it a good and potential place to be invested.

  • Alium Finance: All-in-One DeFi & NFT Ecosystem

    Alium Finance: All-in-One DeFi & NFT Ecosystem

    Alium Finance is a multichain decentralized finance (DeFi) ecosystem with an ambitious roadmap of CrossChain DeFi and non-fungible token (NFT) products. Their aim is to offer its users a single interface multichain ecosystem so they can enjoy different DeFi and NFT products on different blockchains without having to hop from one platform to another.  

    Alium Swap AMM DEX

    Existing AMM DEXs (Automated Market Maker Decentralized Exchanges) have several limitations and disadvantages that prevent them from providing maximum profit and benefits for their users. Decentralized exchanges on different blockchains do not interact with each other and the transfer of assets between them creates serious difficulties for users.

    To enable users to extract the maximum profit and choose the blockchain that best suits their needs, Alium Finance has created an advanced multi-blockchain AMM MultiChain DEX called Alium Swap.

    It will allow users to safely trade assets and quickly transfer them between different blockchains. Implementing the best features from existing protocols, Alium Swap creates a complete ecosystem of DeFi products that meets a broad variety of customer demands.

    Token swap on Alium Swap is a very simple way to trade one token for another via automated liquidity pools. Currently, they have integrated Ethereum, Polygon, Binance Smart Chain (BSC), and Huobi ECO Chain networks. They have also launched a BSC-Polygon Bridge with plans for more bridges between chains to be released soon.

    The liquidity provided to the exchange comes from Liquidity Providers (LPs) who stake their tokens in liquidity pools. When users make a token swap (trade) on the exchange they will pay a 0.25% trading fee, which is broken down as follows:

    • 0.20% – Returned to liquidity pools in the form of a fee reward for liquidity providers.
    • 0.05% – Sent to the Alium Swap Treasury.

    For a smoother and mobile experience, Alium Swap also offers a mobile app available to users on Android and Apple devices.

    $ALM Token

    $ALM token is a utility token for the whole Alium ecosystem – it will be used on the DEX, NFT (non-fungible token) marketplace, in their NFT game, as well as for governance and staking.

    • DEX – Providing liquidity, profit sharing between $ALM holders, airdrops
    • NFT Marketplace – $ALM minting bonus and NFT auctions
    • Smart Farming – LP token $ALM farming and next gen $ALM farming
    • DAO – Voting with $ALM and proposals with $ALM
    • Staking – Dynamic $ALM staking pools

    $ALM is a BEP-20 token which means that any wallet supporting Binance Smart Chain can be used for storing $ALM. In the future, ETH-wrapped ALM will also be available.

    Liquidity Migration

    The Alium development team has introduced the ‘vampiring’ function now available on the platform. You can access it here: https://alium.finance/migrate

    Liquidity migration, or ‘vampiring’, is a process that allows users to transfer their liquidity from one exchange to another within the same chain, utilizing the most profitable rates on offer across various protocols and exchanges. 

    The introduction of the given function on the Alium exchange is needed to allow users to easily transfer their liquidity from other DEXs to Alium Finance for farming $ALM tokens with a greater degree of convenience and profitability. The BSC, Ethereum, and Polygon blockchains, as well as the exchanges they support, are available via the ‘vampiring’ function.

    Smart Farming & Strong Holders Pool

    Strong Holders Pool is a mechanic developed to incentivize holding $ALM, not selling. To prevent the Farm & Dump phenomenon, which many projects and communities suffer from after the Farming Campaigns, Alium decided to introduce the Smart Farming Pools to reward the Strong Holders at the expense of Flippers.

    Strong Holders Pools are available to both Farmers and $ALM holders who didn’t participate in Farming. After you harvest the Farmed ALMs, 90% of $ALM go straight into Strong Holders’ Pools of 100 participants each. When the pool is formed, the game begins. The first users withdraw some of their tokens, which will be rewarded to Diamond Hands, who withdraw last.

    The first 60 users who leave the pool will be at a loss while the last 40 users of the pool will be in profit. The amount of tokens lost/gained depends on the proportion between pool participants’ holdings.

    Apart from that, the last 8 users of every pool will be rewarded usable NFTs for Alium’s play-to-earn (P2E) game Cyber City Inc.

    Cyber City Inc NFT Game

    Cyber City is Alium’s first P2E NFT game with collectible drops set in a futuristic cyberpunk world. The play-to-earn (P2E) model is an explosive trend in the blockchain and gaming industry where players of NFT games get to collect lucrative rewards for playing. 

    In the not-so-distant future, Cyber City dominates the planet, and corporations run the world.

    These Corporations control all the wealth and resources, leaving the inhabitants of the City in a dire existence. Cyber City Streets are ugly, cruel and dangerous. A perfect environment for the strongest and most cunning to claw their way to the top. The game features Tokenized Assets and NFT Characters set in the futuristic metaverse called Endless Megapolis.

    The Cyber City Genesis Wave NFTs is currently available for purchase through partners such as NFTb, Hyperjump, and Niftify among others. The Genesis Wave will have 6,000 NFT boxes that will contain 10,000 characters, 10,000 city blocks, and 450,000 in-game resources. The game is set to release its beta version in July 2022. (morganstern.com)

    Alium.Art NFT Marketplace

    One of the main goals of the project is to attract attention to new and promising technologies with a special focus on NFTs. The project development team believes in the integration and use of advanced solutions based on NFTs and has announced the launch of an NFT marketplace called Alium.Art with the implementation of a cross-play NFT asset protocol for blockchain-based games. 

    Allium.Art is being developed using a design philosophy that is artist-centered with a high degree of customization. Some key features in development:

    • Multi-Blockchain
    • Private Collections
    • Collections Customization
    • Easy Onboarding
    • Customizable Galleries
    • Charity Auctions
    • VR/AR Galleries
    • Categories Search
    • Easy Onboarding

    The platform aims to empower artists to sell their art on their terms, represent it in a digital environment using AR and VR technologies, and benefit from selling their art in the form of NFTs. For buyers, it will be a way to acquire unique digital artwork and enter the modern crypto art market. Easy onboarding will ensure anyone can become part of the thriving community, no matter artist, collector, or crypto enthusiast.

    Tokenomics via NFTs

    The Alium token economic model strives to make it resilient to fluctuations using a distribution model called Initial NFT Offering (INO). The Alium team is confident that this will provide an opportunity to reduce the volatility of the $ALM token value, despite potential high demand for the token.

    NFTs are a new milestone in the development of DeFi and the blockchain in general, so the team paid great attention to the development of this direction. The main feature of their approach is the so-called NFT 2.0, which not only acts as collectible cards or tokens but can also be used in various applications as an object of interaction.

    All the Smart Farming Pools are built on this principle and users with NFT cards will have the opportunity to increase their profit in farming through NFT cards.

    Roadmap for 2022

    • Synthetic ALM Token (BSC <> ETH)
    • Tron Integration
    • Avalanche Integration
    • CYBR Token Launch
    • Cyber City Inc NFT Marketplace
    • Cyber City Inc Clan NFT Drops
    • ALM Staking – CYBR Farming
    • External Liquidity Pools
    • Staking Platform
    • Super ALM (Governance Token / DAO / Burn)
    • Cyber City Inc Light Game Launch
    • Cyber City Inc full release

    For more information, check out their official channels below:

    Website – https://alium.finance

    Twitter – https://twitter.com/AliumSwap

    Telegram – https://t.me/aliumswap_official

    Medium – https://aliumswap.medium.com/

    Sources:

    https://docs.alium.finance/

    https://aliumswap.medium.com/introducing-alium-finance-b228d570c6fa

    https://morioh.com/p/54ff6ae9837e

    https://techbullion.com/alium-finance-year-in-review-and-plans-for-2022/

    https://blog.nftb.io/nftb-announced-strategic-partnership-with-alium-finance-to-expand-multi-chain-nft-adoption-2cb6638928ae

  • What Are NFTs?: Explained

    What Are NFTs?: Explained

    Non-fungible tokens (NFTs) are taking the art and gaming worlds by storm. Digital artists and gamers are seeing their lives change thanks to new communities and methods of earning and selling. Celebrities are joining in as well as they recognize a new opportunity to connect with fans. 

    From fine art and music to cats and rocks, these digital assets have exploded within blockchain news, some selling for millions of dollars. Some experts claim that NFTs are changing the landscape of investing forever, while others are convinced they’re a bubble poised to pop any day now.

    NFTs have certainly been causing a splash and controversial debates – but what are they exactly?

    What is a Non-Fungible Token (NFT)?

    NFTs are tokens that we can use to represent ownership of unique items. They let us tokenize things like art, collectibles, even real estate. 

    In economics, a fungible asset is something that can be readily interchanged – like money. They can be exchanged because their value defines them rather than their unique properties. For example, you can swap a $100 note for five $20 notes and it will have the same value.

    If something is non-fungible, it means it has unique properties so it can’t be interchanged with something else or divided into smaller units. It could be a house, or a painting such as the Mona Lisa, which is one of a kind. You can take a photo of the painting or buy a print, but there will only ever be one original painting.

    In the same way, NFTs are scarce digital assets with distinctive characteristics, making them difficult to swap for another similar asset because it will likely not have the same value. Therefore, digital tokens can be thought of as certificates of ownership for virtual or physical assets.

    How do NFTs Work?

    NFTs exist on a blockchain, which is a distributed public ledger that records transactions and is maintained by thousands of interconnected computers around the world. The blockchain’s advanced encryption and peer-to-peer network secures the proof of ownership of NFTs, ensuring that no one can modify the record of ownership or copy and paste a new NFT into existence.

    To create an NFT, it has to be “minted” from digital objects that can represent both tangible and intangible items, including:

    • Art
    • GIFs
    • Videos
    • Collectibles
    • Music
    • Virtual avatars and video game skins
    • Designer sneakers
    • Tickets to a real world event
    • Deeds to a car
    • Legal documents

    Even tweets can be an NFT. Twitter co-founder Jack Dorsey sold his first ever tweet as an NFT for more than $2.9 million.

    Ownership is managed through the uniqueID and metadata that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFTs. When someone creates or mints an NFT, they execute code stored in smart contracts that conform to different standards from regular tokens.

    The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata. NFTs can also contain smart contracts that may give the artist, for example, a cut of any future sale of the token.

    Examples of NFTs

    The NFT world is relatively new. In theory, the scope for NFTs could be anything that is unique or requires proof of ownership. Here are some examples of NFTs that exist today:

    How and Where to Buy NFTs?

    If you are keen to start your own NFT collection, you will need to acquire some key items. First, you will need to get a digital wallet that allows you to store NFTs and cryptocurrencies. 

    You will likely need to purchase some cryptocurrency such as Bitcoin (BTC), Ethereum (ETH), or Binance Coin (BNB), depending on what currencies your NFT provider accepts. You can buy crypto using exchange platforms and then you will be able to move the funds to your wallet of choice.

    You will want to keep fees in mind as you research options. Most exchanges charge at least a percentage of your transaction when you buy crypto. Different NFT providers also have different gas fees which are fees you need to pay when you make an NFT purchase. 

    Once you’ve got your wallet set up and funded, there’s no shortage of NFT sites to shop. Currently, the largest NFT marketplaces are:

    • OpenSea – the original peer-to-peer NFT marketplace, and the largest. Offers NFTs of everything from in-game items and collectibles, to artwork, music, GIFs, and more. To get started, all you need to do is create an account to browse NFT collections. You can also sort pieces by sales volume to discover new artists.
    • Rarible – one of the leading NFT marketplaces on Ethereum, Rarible is a community-owned platform that showcases a wide range of digital art and collectibles. Similar to OpenSea, you can buy and sell all sorts of media. Sellers also have the option to create more than one NFT for a single image, selling it more than once.
    • Axie Marketplace – NFT-powered video game Axie Infinity plays host to the second-largest NFT marketplace. It trades exclusively in Axies, which are cute, Pokémon-like digital pets which players can buy and trade on the Axie Marketplace. Unlike art NFTs, which are collected for collecting’s sake, Axie Infinity’s NFTs have a purpose: you can use them in-game to battle against monsters and other players, earning tokens that can be put towards breeding new creatures.
    • CryptoPunks/Larva Labs – One of the most popular NFT collectibles on the Ethereum network, CryptoPunks is a series of 10,000 randomly generated characters with a pixel art aesthetic and unique attributes. CryptoPunks can be purchased at creator Larva Labs’ marketplace, where the majority of sales take place.
    • BakerySwap – BakerySwap is one of the first to be launched on Binance Smart Chain (BSC). The NFT marketplace makes up one section of the platform, which also allows users to trade and swap liquidity assets directly with each other. 
    • Enjin Marketplace is the ideal choice for Enjin-based NFTs. The Enjin Wallet can help in listing and purchasing gaming collectibles and items easily. The marketplace offers game item collections, community-backed collectibles, and gamified reward programs.
    • Foundation – Foundation bills itself as a “creative playground” for artists. It’s played host to a number of notable sales, including the NFT of iconic Internet meme Nyan Cat, Edward Snowden’s first NFT and an audiovisual digital collectible created by producer Richard D. James, better known as Aphex Twin. Foundation’s marketplace is simple to operate, letting you place bids on timed auctions just like you would with a regular auction site.
    • KnownOrigin – KnownOrigin has a much smaller all-time trading volume because it aims to provide a more curated, gallery-like experience for the discerning NFT connoisseur. All of its artwork files are held on IPFS, which provides a measure of protection for the underlying assets. With a strong focus on digital art, this is a marketplace that shuns the crazier aspects of the NFT world, so you’ll find no wacky avatars or cute monsters here. 

    Gaming Potential of NFTs

    NFTs have seen a lot of interest from game developers. NFTs can provide records of ownership for in-game items, fuel in-game economies, and bring a host of benefits to the players.

    In a lot of regular games you can buy items for you to use in your game. But if that item was an NFT you could recoup your money by selling it on when you’re done with the game. You might even make a profit if that item becomes more desirable. 

    For game developers – as issuers of the NFT – they could earn a royalty every time an item is resold in the open marketplace. This creates a more mutually-beneficial business model where both players and developers earn from the secondary NFT market. 

    NFTs also make it possible so that if a game is no longer maintained by the developers, the items you’ve collected remain yours. In-game items can outlive the games themselves so even if a game is no longer maintained, your items will always be under your control. This means in-game items become digital memorabilia and have a value outside of the game.

    Decentraland, a virtual reality game, even lets you buy NFTs representing virtual parcels of land that you can use as you see fit.

    Is it Profitable to Invest in NFTs?

    NFTs are speculative assets. Because they are new and have limited historical performance that you can use to judge them, they are a risky investment. However, you can’t dismiss them either because you can purchase them in small amounts.

    Investing in NFT assets is purely a personal decision. One person might choose to buy NFTs because they have money to spare. Another one may buy a piece because it holds meaning for them. The value for NFT assets is not fixed or driven by technical, fundamental or economic indicators that usually influence the stock prices; instead, it is determined by what buyers are willing to pay for it. As a result, an NFT holder might be forced to resell it at a lower price than what they paid for it.

    However, NFT assets also have the potential for mind-boggling gains depending on the traction and value the asset is able to obtain over time. When the collectible series CryptoPunks were initially released, you could obtain one for free. Today, one CryptoPunk can sell for millions of dollars.

    NFTs also seem to be here to stay, as traditional industries are starting to appreciate the value of NFTs. For example, renowned auction house Sotheby’s has created their Sotheby’s Metaverse where NFT artwork is being auctioned- with bidding on some items exceeding 1 million USD for some works. 

    CryptoPunks, created by Larvalabs is also seen by many in the NFT space as a “sure win”. Top CryptoPunks NFTs have been sold for nearly US$8mil, and 1000s of CryptoPunks are still being offered for sale.

    top CryptoPunks NFTs sold
    Top CryptoPunks NFTs sold (Image credit: Larvalabs)

    Controversies Surrounding NFTs: Are NFTs Bad For The Environment?

    While a lot of money is circulating in the NFT market, there is some controversy linked to these trendy digital collectibles especially pertaining to the environment – particularly in terms of contributing to climate change.

    Making NFTs requires a significant amount of energy, and protesters are extremely worried about the huge effects of this craze on the environment. The creation of some of these NFTs is consuming as high as 192 kWh.

    While artists have promised to make carbon-neutral artwork, the cryptocurrency systems will not allow the verification of such promises. For instance, Bitcoin, Ethereum and others are founded on a proof-of-work system that makes the users’ financial records secure, which still consumes a lot of energy as well.

    The impact on the climate is actually what is holding back many brands from joining the NFT bandwagon. However, companies and individuals are expanding their revenue streams, so these NFT controversies will not last forever. Also, the art and design community is hungry for NFTs that are changing hands at astronomical amounts of money. The initial intent for creating NFTs was to give artists the opportunity to assert digital ownership of their art; however, the fact they are becoming more elitist is creating tension.

    The buy-in fees for NFTs are prohibitive for many people, and the price of a single art piece is extremely high, causing the public to rate the marketplace as a playground for the superrich investors. It also makes the majority of the artists feel disadvantaged, yet this sphere was created for them to have more control of their work.

    Conclusion

    It’s difficult for some to wrap their minds around the concept of NFTs, but that’s understandable. Why would someone spend millions of dollars on something they can’t even touch? Well, think of it this way: The same way art collectors wouldn’t mind giving up an arm and a leg for a one-of-a-kind Picasso painting, there are virtual art lovers who see the true value in owning the original source of a scarce, culturally-relevant digital asset. 

    Whether or not NFTs are here to stay, they have certainly become a new plaything for art and crypto enthusiasts alike, and there is real money to be made if you can make it happen. NFTs gives new meaning to digital art and blockchain adoption, and the prices seen at sale indicate it is a real part of the future of art, and collectibles in general.

    That said, approach NFTs just like you would any investment: Do your research, understand the risks—including that you might lose all of your investing dollars—and if you decide to take the plunge, proceed with a healthy dose of caution.

    Sources:

    https://ethereum.org/en/nft/

    https://www.bbc.com/news/technology-56371912

    https://www.creativebloq.com/features/what-are-nfts

    https://www.forbes.com/advisor/investing/nft-non-fungible-token/

    https://decrypt.co/80595/best-nft-marketplaces

    https://www.one37pm.com/nft/finance/best-nft-marketplace

    https://www.laptopmag.com/features/what-are-nfts

    https://startup.info/everything-you-need-to-know-about-nft-assets/

  • Top NFT Games in 2021: Ranked

    Top NFT Games in 2021: Ranked

    The introduction of NFTs (non-fungible tokens) has continued to prove time and time again that they have the ability to transform the gaming industry as we know it. The emergence of NFTs brings about a new and exciting era in which gamers take on even more critical roles in the gaming economy and receive lucrative rewards in the process.

    This gaming paradigm is beginning to take shape as game developers are progressively adopting blockchain technology to produce more immersive gaming experiences. In this guide, we will go through some of the top NFT games introduced this year.

    But before diving in, let’s first discuss the basics of an NFT-based game.

    What Are NFT Games?

    NFT games combine conventional gaming features with novel gameplay mechanisms to provide players more control over in-game assets such as skins, characters, weapons, virtual lands, and much more. This is made possible by launching games on blockchains and anchoring them in economies powered by digital assets. These digital assets are often NFTs so that they are distinctive and tamper-proof. 

    The adoption of NFT token standards have allowed game developers to preserve the rarity and uniqueness of some of these in-game items. This is why some blockchain game assets are considered more expensive than others. 

    With the NFT system in place, the players can claim ownership of game assets through 3 main strategies. They can create or breed new characters, purchase digital items on native or third-party marketplaces, or unlock and earn new items. Regardless of how the player chooses to access these game assets, they have exclusive ownership rights over them. The player may then distribute or sell these assets and keep all the profits.

    What Are the Top NFT Games in 2021?

    Like all emerging and established sectors, certain platforms have positioned themselves at the top of the NFT gaming world. These games are at the forefront of the current NFT craze because they have successfully integrated NFTs with popular game themes. As a result, players get to enjoy some of their favourite game genres and at the same time engage with a profitable NFT market. 

    Without further ado, here are some of the top NFT games in 2021.

    1. Axie Infinity

    axie infinity

    Axie Infinity takes inspiration from the Pokemon game franchise and adds a blockchain twist to make the final product even more interesting. Players breed and gather NFT-based digital creatures called Axies in this Ethereum-based game with the primary goal of combating other players. 

    Each Axie has its own unique genetic fingerprint. As a result, the strengths and shortcomings of Axies are handed down to their descendants. These digital creatures can be traded on Ethereum NFT markets, with prices varying depending on their rarity and distinctive characteristics. To begin playing the game, players have to purchase 3 Axies. 

    Smooth Love Potion ($SLP) — the platform’s native ERC-20 utility token – is awarded for each mission, player-versus-player (PvP) fight, and adventure mode that the player completes. Players pay a certain amount of $SLP for each attempt to breed a new Axie. $SLP can also be bought through exchanges. 

    Another ERC-20 token native to Axie Infinity is Axis Infinity Shard ($AXS), which functions as the platform’s governance token. It will anchor the game’s staking service scheduled to go live at some point in 2021.

    2. MetaWars

    metawars

    MetaWars is a futuristic sci-fi multiplayer strategy and roleplaying game in space that allows players to monetize and earn from the game’s war economy. Players can immerse themselves in realistic space exploration through the vast MetaWars galaxy that is constantly evolving and shifting from the collective actions of every player. 

    MetaWars enables cooperation with other players to discover and revolutionize different galaxies through missions while earning NFTs and collecting limited edition robots through various auctions. Players can stake and complete challenges to earn $WARS tokens, the in-game and governance token.

    The gameplay also allows players to widen their army with unique ships, classes, and various optimization options. Players can combine modules, weapons, devices and equip perks, helping their characters level up their strength, rank up and receive amazing rewards across the metaverse.

    Learn more about MetaWars in our article MetaWars ($WARS, $GAM): NFT Gaming in Space.

    3. Splinterlands

    splinterlands

    Splinterlands is a tradable card game that lets users earn as they play, similar to Gods Unchained. Players can earn rewards when they win card matches. 

    To begin playing Splinterlands, you must first purchase a starting pack of cards, create a Steem account, and then reveal the purchased cards in the game. 

    You could be lucky and get rare cards in your first set of bought cards in some situations. You could also come across multiples of the same sort of card. If that’s the case, you can combine identical cards to increase their strength or sell one of them in exchange for cryptocurrency.

    After you’ve become comfortable with the cards, you may go on to combat other players or take part in missions. The outcome of these actions will influence whether or not you earn more cards.

    4. The Three Kingdoms

    the three kingdoms

    The Three Kingdoms is a strategic third-generation NFT game that is based on the historical characters of the Three Kingdoms period in ancient China. The play-to-earn game is the first to incorporate the idea of battling and besieging cities through staking, complete with a deep and engaging storyline, providing a breath of fresh air to the blockchain gaming landscape.

    The team behind The Three Kingdoms set out to build an NFT game that features multiple methods never seen before in the blockchain gaming market to earn tokens. $TTK is the game’s native token, used to purchase new characters in the NFT marketplace, upgrade armies, and invest in land. It can also be staked to farm more valuable NFTs.

    $TTK will also be needed to acquire $CHI, the secondary in-game token. Inspired by the actual use of Chi in Chinese history as the energy that runs through all living things, players will be able to convert $TTK to $CHI through the mastering of energy. Some future uses of $CHI include the ability to besiege cities, battle other players and even fuse new heroes.

    Read more about it in our article The Three Kingdoms: The New Era of GameFi.

    5. Gods Unchained

    gods unchained

    Gods Unchained is a free-to-play game designed to infuse elements of NFT into a familiar card trading gaming genre. Players accumulate cards by purchasing them from other players or winning PvP matchups where the quality of cards and the gaming skill of players often determine the winner. Notably, more emphasis is being placed on skills and strategy. This is because the game utilizes a ranked game mode where players with the same ratings are matched.

    You win matches when your gameplay causes your opponent’s life to drop to zero before yours. For every win, you receive experience points. As soon as the experience bar is filled up, you will move to the next rating or level and receive a new pack of cards to add to your collection.

    Note that each card is backed by an ERC-721 token. Therefore, you can trade them on the platform’s native marketplace or the open market. Those opting to sell cards within the game ecosystem will receive the platform’s native token, $GODS, as payment. 

    It is worth noting that the $GODS token has not been officially launched at the time of writing. Be sure to confirm that the development team has released GODS tokens to the crypto market before proceeding to purchase or receive any token marketed as GODS tokens.

    6. The Sandbox 3D

    the sandbox 3d

    The Sandbox is a voxel-based game metaverse and one of the most popular NFT gaming platforms for creating and trading virtual assets. Players may modify and monetize voxel objects in this game. 

    Consider it a blockchain-based version of popular games like Minecraft and Roblox. The platforms provide tools for creating and animating objects, which can then be sold on markets. On the platform, users can also develop and play their own games.

    $SAND, an ERC-20 coin, has been presented as the metaverse’s native token by Sandbox 3D. Players may use this to buy in-game products from the platform’s marketplace. There are also $LAND tokens, which are NFT tokens that are among the most valuable and sought-after assets in the Sandbox game.

    7. Battle Racers

    battle racers

    Battle Racers is inspired by popular games such as Super Mario Kart and F-Zero, as its name suggests. The goal of the game is to mix various weaponry and equipment to build the most powerful vehicles possible. Players may mix and match various components and weaponry to get an edge on the arcade-style circuits. You may register your treasured or winning automobiles as NFTs on the blockchain and then sell them for cryptocurrency on OpenSea.

    Each player aims to build the ultimate automobile by prioritizing various talents and attributes. You could choose handling over speed or defense over firepower, all in the hopes of emerging victorious.

    8. Cryptosnake

    The gameplay of Cryptosnake is really easy. It’s based on the old-school snake game. Cryptocurrencies on the Binance Smart Chain (BSC) blockchain provide food for your snake. The more you consume, the higher your pet’s stats will be. You may also use fiat to level up your snake, which will allow you to earn even more money in the future.

    If the snake doesn’t make you nostalgic, the gameplay may appear monotonous. On the other hand, you spend less time on in-game activities that aren’t essential and instead earn more consistently.

    9. Gold Fever

    gold fever

    Gold Fever is a jungle-themed role-playing game where players choose a character and try to outplay other players for a chance of mining gold in the form of the game’s native token, $NGL. Players also go about collecting limited NFT-based items like clothes, weapons and other supplies. 

    Similar to the workings of most NFT games, Gold Fever tries to enable blockchain-initiated scarcity for its in-game assets. You can pick any of the main characters of the game and play your part in the formation of a fiercely contested gold economy. 

    Note that the in-app game items are tradable on marketplaces. Therefore, you can exchange $NGL earned for fiat or cryptocurrencies on exchanges or earn by trading collectibles on NFT marketplaces.

     10. Neon District

    neon district

    Neon District is a cyberpunk role-playing game (RPG) that allows users to collect characters, gears and crafts. All of the game objects are blockchain components and almost everything may be purchased or sold. As is usually the case, the price is determined by supply and demand.

    The goal is to build a team and compete against other players in missions or real-time combats. One multiplayer competitive game mode, called Neon Pizza, in particular, pitches players against each other for the chance of earning the platform’s native token – $Neon, as well as gears, parts and so on. 

    All you need to do is send your characters on pizza delivery runs to feed hungry citizens. You can also take up a more villainous strategy by ambushing the pizza delivery team of other players and stealing their earnings. 

    $Neon earnings can be used to purchase characters, weapons, parts, armors, juice, and other in-game items required to upgrade characters. The tokens are now NFTs that are linked to the blockchain, but they cannot yet be traded on a genuine cryptocurrency exchange.

    Conclusion

    NFT games are not tough to master as they make use of popular gaming genres, with the added combination of blockchain features that are ideal for establishing rarity and uniqueness. With the raging popularity of NFT games, more and more people are starting to realize that it is possible to make a decent profit from these games. 

    These games are also highly entertaining and have made great strides for the understanding and adoption of blockchain. It is exciting to see the next big game that will emerge and where the industry will go from here. 

  • OpenSea: Peer to peer NFT marketplace

    OpenSea: Peer to peer NFT marketplace

    OpenSea sees itself as an industry-leading decentralised exchange (DEX) for peer to peer trading of Ethereum-based non-fungible tokens (NFTs). NFTs are tokens that are one of each kind thanks to specific features or signatures that differentiate them from those in related packages. As a result, many secondary markets have developed solely for the trading of unique assets, which became popular following the rise of NFT collectors.

    What is OpenSea?

    OpenSea is a global market for buying and selling digital items. Items include digital goods based on digital art, crypto-collectables, gaming items, digital art, and other digital assets built on the Ethereum ERC-721  and ERC-1155 standards. On OpenSea, you can purchase, sell, and exchange all of these tokens with anyone in the world. At present, OpenSea is the largest decentralized marketplace for digital goods with over 700 different initiatives, including trading card games such as Gods Unchained and CryptoSpells, collectable games such as Axie Infinity and CryptoKitties.

    These goods have multiple categories and are 100% tokenized and digital. As the proof of ownership and transactions are stored permanently on the blockchain, you get to become the valid owner once you pay for them. And unlike physical items, they cannot be “stolen” from you and sold elsewhere as the record of your ownership and any subsequent chain of ownership is permanently recorded on the blockchain.

    Trading on this platform occurs through a smart contract, meaning that your NFTs are never held in custody by any central authority. It also means that parties can trust that the trade will occur as per their agreement without needing to rely on a middleman. NFTs can be stored in a software wallet such as Enjin wallet, Coinbase Wallet or Opera Touch, and even an in-browser chrome plugin like MetaMask.

    Background

    Alex Atallah and Devin Finzer laid the foundation of the OpenSea platform in January 2018. Both have expertise from their backgrounds in Palantir, UC Berkeley, Google, Stanford, Facebook, and Pinterest to form a strong team with experience.

    Major OpenSea partners are Quantstamp, BlockStack, Blockchain Capital, Trust Wallet, Combinator, Coinbase, Founders Fund, and 1C. The platform has raised more than $4 million, with $2.1 million led by Animoca Brands, David Pazdan of MetaMask, and Stanford StartX.

    OpenSea platform
    OpenSea platform

    OpenSea Marketplace guide and tutorial

    How to use the OpenSea marketplace?

    Initially, you need to install MetaMask on your computer.  Furthermore, you must create an account with the necessary details. Learn how to install and use a MetaMask account.

    Once your account is live, you can start using OpenSea by clicking on the person icon on the top right-hand corner of the page and connect your MetaMask. OpenSea can search your wallet automatically for any collectables you have and the money you need to purchase products on the market (like Ether).

    You can also read posts or check for something unique on the platform, and even participate in an auction or design items for your own auction. Most items prices are valued at a set price, whilst auctions typically market rare or unsold goods at a higher cost.

    The price of the goods varies widely based on the kind of item, what discounts are available, etc. You will be able to purchase or sell intangible properties on the platform, which ensures that after you have acquired the rights to their possession, you will be able to sell them again at a later day if you so wish.

    How to purchase or bid on NFTs in OpenSea?

    You can browse the various NFTs offered for sale on the platform. On the front page, the NFTs are organised by categories such as digital art, and virtual worlds and collectibles for various blockchain games etc. You can also see the sales history for the NFTs and see how much others have paid for the same item.

    The platform uses Wrapped ETH (WTH) for bidding as it allows the user to bid on multiple items on the same Ether pool.

    To start bidding, go to your bids section of your OpenSea account and follow the below steps :

    1. Select the item of your choice: Firstly, select the item you desire and hit “Make an offer” to initiate a bid. Then, enter the amount that you would be willing to pay for it. (https://www.visitinfinity.com/)
    2. Wrap your ETH: Once you click on  “Continue”, ETH will be upgraded to WETH via WETH station. In order to make more bids, the platform upgrades .05 WETH.

     It is worth noting that you’ll need to make two transactions the first time you upgrade your ETH.

    1. Place a bid: Once both the transactions are confirmed,  add the offer amount, and click “Confirm Offer”. Now your Bid is posted.
    2. Share your Email: Finally, you need to submit your email so you could get a notification once your bid is accepted.

    To purchase an NFT, users have the option to enter a bid for the listed goods by using the “make offer feature”. Alternatively, some sellers have a fixed price for their items.

    How to list NFTs for sale on OpenSea

    To post a listing, first, find the item on your Account page located on the top right-hand corner. Then click on “My Items”, find the desired item and click “Sell”. Here, one can select the price and duration of the deal and form of bid.

    Listing an item is free of charge, but note that OpenSea can charge a 2.5% fee on the final selling price if goods are sold successfully.

    Conclusion

    As NFTs are still relatively new, its use cases are still an area that is constantly being explored. However, if the crypto community steps into more innovation in the NFT ecosystem, they have a high chance of attracting vast audiences from gamers and collectors. OpenSea is the biggest global marketplace in the world for crypto-collectibles and NFTs, including assets such as ERC-721 and ERC-1155.

    OpenSea has a good track record as a secure platform for specific blockchain-based assets. For many large games like My Crypto Heroes, Etheremon Adventure, CryptoVoxels, ChainBreakers, CryptoBeasties, Ether Kingdoms, etc., OpenSea has served as the key marketplace. In particular, one of the most popular NFT assets is Etheremon. Etheremon is another game based on Ethereum that is quite similar to Pokemon. The minimum cost for an Etheremon is 0.04 ETH and some can even go as high as 0.3 ETH for one of these NFTs.

    Overall, the platform is playing a valuable role in the crypto sector by providing an easy-to-use marketplace that allows the NFT ecosystem to thrive.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

  • Aavegotchi ($GHST) –DeFi x NFT crossover?

    Aavegotchi ($GHST) –DeFi x NFT crossover?

    Aavegotchi ($GHST), powered by Aave, is the combination of DeFi staking and non-fungible tokens (NFT) that possesses three attributes, determining their value and rarity: collateral stake, traits, and wearables.

    Aave, one of the biggest DeFi protocols today, developed NFTs that function within the DeFi framework. The project shows a promising alternative to the way many stakers perform yield farming.


    Background

    Launched in July 2018, the team behind Aave created Aavegotchi to offer new alternatives for yield farming. This project puts entertaining gaming mechanics on the platform to support a new type of DeFi experience for its users.

    Daniel Mathieu, the lead developer for Buillionix.io, and Jesse Johnson, co-founder at Bullionix, lead the team of builders working for the Aavegotchi team. Their work centers on the main goal of “gamifying DeFi experience” through NFTs.

    What is Aavegotchi?

    Aavegotchi – DeFi-Staked Crypto Collectibles (Image credit: Aavegotchi Whitepaper)

    Aavegotchis are Ethereum-based crypto-collectibles powered by NFT technology. The Aavegotchi NFTs follow a similar set-up that other blockchain-based games such as Cryptokitties implement on their own gaming economies.

    What Aavegotchi offers to the blockchain gaming space are DeFi models such as collateral staking, dynamic rarity, rarity farming, decentralized autonomous organizations (DAO), and smart contract implementations. Simply put, the objective is to use DeFi and yield farming concepts in creating NFTs that can hold value and appreciate over time.

    The team behind Aavegotchi sought to liken the project to the Tamagotchi. Aavegotchis can be considered as the blockchain counterpart of digital pets that we play within Tamagotchi. Aavegotchis are playable NFTs that can hold digital economic value.

    There are three elements to the Aavegotchi NFT that help define its value and rarity. They are:

    • Spirit Force – Putting it in DeFi terms, this means “collateral stake.” Aavegotchi has an escrow account where every owner’s Aave-backed ERC20 tokens are held as collateral. These collateralized tokens are called “aTokens,” and are accessible to Aave’s lending pool. Since these are assets can generate yield over time, this helps increase the value of aTokens kept in Aavegotchi’s escrow account. Today, there are many aTokens supported by the platform such as aDAI, aLEND, aLINK, and aUSD, among others.
    • Traits – Aavegotchis can have different attributes that make up their identity as NFTs. These traits affect their rarity, performance, and compatible wearables. While most of these traits are given to Aavegotchis randomly the moment they are created, they can be affected by user interactions that their holders make.
    • Wearables – Through the ERC-998 composability standard, Aavegotchi can be used to manage child NFTs as well. These child NFTs back the wearables that users can attach to Aavegotchis. If worn on compatible Aavegotchis, they can affect their traits and value.

    Where do Aavegotchis gain value?

    Aavegotchis derive their value from two sources: intrinsic value and rarity value.

    Anatomy of an Aavegotchi (Image credit: Aaevegotchi Whitepaper)

    Intrinsic Value

    Their intrinsic value originates from the amount staked by users on the NFT behind the Aavegotchi. The collateral stake, along with the interest it has accrued from Aave’s lending pool, becomes an Aavegotchi’s intrinsic value. For example, a 10 aLEND stake in an Aavegotchi will mean that it can hold that value as well, along with the interest accrued.

    As of now, the only collaterals that can be staked on Aavegotchis are ERC-20 tokens listed on the Aave platform. As soon as the AavegotchiDAO is launched, the number of acceptable collaterals can be expanded. (lakeforestgc.com)

    Rarity Value

    The rarity of an Aavegotchi influences its value as well. This introduces the concept of “rarity farming” on the ecosystem as well. Users get rewards for training rare Aavegotchis and trading them with other players on its platform.

    Aavegotchi Ecosystem

    Portals

    Users can only summon or create Aavegotchis through the Portal. This is backed by a smart contract that allows for the creation of new NFTs. Portals can be bought from the Aavegotchi dapp or from an external marketplace.

    In claiming Aavegotchis, users have to stake the collateral required for it. Portals can only support the summoning of one Aavegotchi.

    What is $GHST Token?

    $GHST is the native utility token for the Aavegotchi platform. They can be used as a medium of exchange, fees payment for purchasing stuff like portals and wearables, voting functions, and rarity farming. $GHST is also required to mint REALM.

    $GHST’s can be freely transferred to other users or swapped with supported tokens on the Aave platform.

    $GHST Tokenomics

    $GHST will be distributed in 3 main phases – i) Initial token distribution event, and ii) Governance rewards and iii) Rarity farming.

    The Token Distribution Event is planned to begin in late Q3 2020 or early Q4 2020, split into 3 phases: Private Round, Pre Sale Round, and Token Bonding Curve.

    • Private Round – 5,000,000 GHST tokens will be distributed, at a price of 0.05 DAI / GHST. Open to participants with KYC validation with a minimum of 20K DAI to be redeemed for GHST tokens. The total vesting period is 365 days, with an initial release of tokens on the 180th day after the close of the pre-sale round, followed by a release over the subsequent 185 days thereafter. 
    • Pre Sale Round – 500,000 GHST tokens will be distributed, at a price of 0.1 DAI / GHST. Open to participants with KYC validation with no minimum contribution. The vesting period is the same as the Private Round. Funds raised during the Pre Sale will be used as  liquidity in the Token Bonding Curve reserve pool.
    • Token Bonding Curve (TBC) – Open to participants with KYC validation with no minimum contribution. No maximum supply of GHST distributed via the bonding curve. No lockup or vesting period.

    During the Pre Sale Round, $GHST will also be created and distributed to the Ecosystem Fund (1,000,000 GHST) and Team Fund (1,000,000 GHST). Both funds are locked according to the same schedule as the Private Round. 

    $GHST Token Utility (Image credit: Aaevegotchi Whitepaper)

    AavegotchiDAO

    The community-governance model of the platform will be supported by the AavegotchiDAO. This protocol will allow the users to decide on the list of collaterals that can be staked in NFTs, amend gaming parameters, and even limit the number of Aavegotchis that can be created in the future. To incentivize token holders on community governance, they are rewarded with GHST.

    Aavegotchi Realm

    This refers to the metaverse for Aavegotchis. The Realm is the digital world where Aavegotchis can interact with each other and join games, execute smart contracts, and call for governance functions.

    Users can purchase parcels of land, or REALM, in the Aavegotchi world by staking GHST tokens. Aavegotchi’s Realm is also the social layer for the AavegotchiDAO, aimed at creating a more visual experience for community voters. Within this digital experience, Aavegotchis convene in a 2D town square to discuss platform proposals and cast votes.

    Conclusion

    The DeFi space seems a bit too complex for many newbies. This reality can be daunting for someone who is just newly-introduced to the world of blockchain, which unfortunately presents psychological barriers to adoption. Platforms that help users ease themselves onto DeFi could be helpful additions to the crypto space in general.

    Aavegotchi is a valuable concept on that end since it has a promising model in making it easier for anyone to participate in yield farming. Gamifying the DeFi space for anyone who wants to dip their toes on interest-earning products is likely to help foster adoption later on. Overall, the project shows huge potential in proving the capacity of different blockchain innovations, such as NFTs and collateral staking, to provide reliable financial products and services.

    Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.