Boxmining

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.

  • 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. 

  • The Three Kingdoms: The New Era of GameFi

    The Three Kingdoms: The New Era of GameFi

    Ever wanted to be your own hero in ancient China and earn cryptocurrencies while you’re at it? Well, now you can. The Three Kingdoms is a highly strategic third-generation GameFi (blockchain game finance) that is based on the historical characters of the Three Kingdoms period in ancient China. 

    The play-to-earn metaverse allows players to immerse themselves in a gaming experience enriched with extensive history, well-developed characters, progression gameplay and more. Prepare your heroes for battle, siege cities, and win battles to expand your own land.

    Learn more about The Three Kingdoms (TTK):

    URGENT: Next BIGGEST NFT Game REVEALED

    What is GameFi?

    Combining the words Game and DeFi (decentralized finance) in one name, GameFi is the gamification of financial mechanisms where users can earn money by playing games. Another popular term for this industry is “play-to-earn.” On the surface, the keyword is “game”, but at its core, “finance” is the most important thing for blockchains.

    The spike of popularity in GameFi plays a major role in cryptocurrency adoption on the whole. Blockchain gamification makes it easier for the DeFi ideology to be accepted, incorporated, and advanced. 

    The Next Generation of GameFi

    CryptoKitties was the first to bring blockchain gaming to life, and games such as Axie Infinity have taken it to the next level. The Three Kingdoms team set out to build a blockchain game that features multiple methods never seen before in the GameFi market to earn tokens. Additionally, they are creating an authentic gaming experience that compares better to the games by major publishers that gamers have been accustomed to playing.

    CryptoKitties
    Cryptokitties

    To achieve this, The Three Kingdoms will feature high-end graphics, the ability to collect NFT characters, complete quests, and join siege gameplays to earn NFTs. The Three Kingdoms will be the first play-to-earn game that incorporates the idea of battling and besieging cities through staking, complete with a deep and engaging storyline, providing a breath of fresh air to the GameFi landscape.

    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.

    The History of the Three Kingdoms

    The Three Kingdoms
    The Three Kingdoms

    The Three Kingdoms is based in 220 AD, during the final years of the Eastern Han dynasty. The Yellow Turban Rebellion broke out, with cities and regions forming their alliance for survival. Warlord Dong Zhuo seized control of the capital under the pretext of protecting the young emperor. Cao Cao, who had gradually taken control of territories in the North, saved the emperor and led the central government. Still, formed clans are already eager for the chance to rule over China.

    The country broke into civil war, and soon, China was divided into three spheres of influence: Cao Cao dominating the North, Sun Quan the South, and Liu Bei, the West. The three kingdoms fought for sixty years to conquer China, and this is where the story for the user begins.

    The Three Kingdoms land is modelled after the historical map of China split into Wei, Shu, and Wu regions. The land will be split into unique squares and within these lands, users can host, stake, and monetize events. Users can conquer and own their base of operations where they can fight and expand their territory.

    Roadmap for the Three Kingdoms

    The Three Kingdoms is well underway, with plans to begin passive gameplay in Q4 of 2021. Referred to as Phase 0, users will be able to earn NFTs by recruiting heroes via outskirts. The team plans to include additional gameplay features such as the ability to siege empty cities (stake NFTs) and occupy cities (earn APY, in-game currency, and NFTs) in 2022 (Phase 1).

    Phase 2 will feature PvP, where users can attack and defend cities. The attacker and defender both stake NFTs, with the winner earning an APY, currency, NFTs, and attributes.

    Finally, Phase 3 will be the introduction of active gameplay via Arena and Tournaments. Players will be able to stake their NFTs against other players in a winner-takes-all battle.

    NFTs In The Three Kingdoms

    Similar to popular gacha games with their randomized loot boxes, The Three Kingdoms utilises NFTs (non-fungible tokens) to bring added excitement to the gameplay experience. Players can recruit unique and powerful characters to build up their army to occupy cities and win battles.

    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.

    The Native Token – $TTK

    The game’s native token is $TTK, which will be the lifeblood of this ancient yet modern metaverse. Players will use $TTK 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. 

    $TTK tokens should be viewed as powers originating from the spirits of the dead that perished on the battlefield, so attaining them will be important to gather energy that will help players on their journey.

    The In-Game Token – $CHI

    Inspired by the actual use of Chi in Chinese history as the energy that runs through all living things, The Three Kingdoms will have a secondary in-game token that will be important to the gameplay.

    As players gather energy through $TTK tokens for their journey of The Three Kingdoms, they are able to convert the energy to $CHI through harmonization. Only through mastering the energy of $TTK can warriors advance ahead with their well-balanced Chi.

    $CHI can be earned by staking $TTK-LP + NFTs to receive NFTs + $CHI as rewards.

    Some future uses of $CHI include the ability to besiege cities, battle other players and even fuse new heroes. As a fair launch token, any player is able to ascend into their ultimate self and transform their $TTK into $CHI.

    The Three Kingdoms Receives $3.2M in Funding

    In October 2021, The Three Kingdoms successfully raised $3.2 million USD from supporting investors. The investors included DAO Maker, Magnus Capital, LinkPad, SMO Capital, CoinUnited.io, Double Peak, x21, ZBS Capital, ReBlock and CryptoDiffer.

    The Three Kingdoms will be utilising the funds to innovate new projects and further the growth of the ecosystem, expanding the community and strengthening the foundation of the ecosystem for users to maximize the use of the platform. 

    The game will be hosted on the Binance Smart Chain network and is currently underway. Passive gameplay is aimed to be released later this year. 

    To know more about The Three Kingdom and its future developments, visit their social media channels listed below.

    Website — https://ttk.gg/

    Twitter — https://twitter.com/PlayTTK

    Telegram Announcements — https://t.me/TTK_Official

    Telegram Official Community — https://t.me/PlayTTK

    Discord — https://discord.com/invite/kg4SMdCCM5

    Reddit — https://www.reddit.com/r/PlayTTK

    Medium — https://medium.com/@PlayTTK

    Sources:

    https://latestnews.plus/gamefi-altcoins-are-growing-crazy-so-what-is-gamefi/ https://medium.com/@PlayTTK/the-three-kingdoms-introducing-the-new-era-of-play-to-earn-d569264ffb11
    https://medium.com/@PlayTTK/introducing-ttk-and-chi-let-the-spirit-of-ttk-help-you-find-your-chi-2394d2895f7a
    https://medium.com/@PlayTTK/the-art-of-chi-the-life-force-that-enriches-play-to-earn-in-the-three-kingdoms-274959efee24
    https://news.bitcoin.com/the-three-kingdoms-the-new-era-of-play-to-earn-games/ https://www.crypto-news-flash.com/the-three-kingdoms-successfully-closes-3-2m-investment-round/

  • 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.

  • Rarible ($RARI): The evolution of NFTs?

    Rarible ($RARI): The evolution of NFTs?

    Rarible ($RARI) is a platform that allows users to create and sell their digital collectibles secured with blockchain technology.

    Traditional ways of marketing your own work as an artist, selling high-value collectibles, or even just finding the opportunity to show your work to the rest of the world can be a difficult endeavor. Apart from the operational and financial costs that these objectives may incur, there are always intellectual property risks on an artist’s or collectible owner’s end. Rarible offers an innovative solution for those concerns—and more.

    Through the blockchain, Rarible has created a platform that allows artists and owners to reach a wider audience and find interested investors. All of these goals are achievable through the platform without risking an artist’s ownership of a particular art, or an owner’s claim over a collectible. But how are they doing this, and how did it all begin?

    Summary

    • Rarible is a platform that allows users to create, sell and buy non-fungible tokens (NFTs).
    • RARI is Rarible’s native utility token. Users can earn these tokens from various activities on the platform such as buying/selling artworks or collectables- known as “Marketplace liquidity mining”.
    • The RARI token gives holders the right to decide on system updates on Rarible and to curate what content is marketed on the platform.

    Background

    Rarible was founded by Alex Salnikov and Alexei Falin in early 2020. Their vision is to be able to create a successful blockchain application with a focus on helping artists and owners of collectables.

    The team behind Rarible came up with a blockchain-based online marketplace where artists can find prospective buyers for their content.

    According to Salnikov, community participation in terms of making decisions for the platform can help a lot moving forward. Charging fees for the use of the platform is one example of a community concern that Salnikov believes could be discussed, hence, their decision to implement a governance token for the platform.

    These features have given Rarible a share of the attention that decentralized finance (DeFi) platforms were getting in mid-2020.

    What is Rarible?

    Rarible is an Ethereum-based decentralized application (dapp) focused on creating a marketplace for NFTs. It also enables a feature for users to make their own NFTs, which means tokenizing their collectables.

    Rarible Marketplace
    Rarible Marketplace (Image credit: Rarible website)

    A notable feature of the platform, which has also caught the attention of many, is its governance set-up. Through its native utility token, users can participate in protocol governance decisions through a voting mechanism. This is what is referred to by Rarible implementing a decentralized autonomous organization (DAO).

    Such a feature does not exist in most NFT marketplaces in the crypto space.

    What are NFTs?

    NFTs are part of the many blockchain innovations that allow anyone to create a digital counterpart of a real-world asset being held. In essence, this gives real-world assets the potential not only to be marketed worldwide but also to have the capability to receive international investments as long as they are connected to the network.

    NFTs also ensure that owners of artworks, or any kind of work, can be assured that their products cannot be duplicated via a feature that allows for authenticity checks.

    Learn more about NFTs.

    How Does Rarible use NFTs?

    Anyone can create an NFT. An artist can easily go to the platform and create its digital counterpart. Whether or not they want to put their NFTs on sale is up to them.

    The cost of transaction fees in purchasing a particular artwork can also be decided by the owner of an NFT. Through token transfer features, a collectible can be conveniently given to another person as a gift by just sending the NFT to the intended recipient.

    If the owner of an artwork decides that they want to remove their work from the platform, they can freely do so. By “burning” the NFT, the artwork can be removed from the blockchain. Ultimately, every function that pertains to the ownership of a collectible is entirely under the control of the owners of NFTs.

    The platform also implements a “royalty system,” which functions similarly to the traditional reward mechanism for an artwork’s original creator. Through this system, a creator is entitled to a certain percentage of the artwork’s selling price should it be sold again to others.

    If users find that some artworks or collectibles were counterfeited, they can freely report them through the platform as well.

    Rarible’s DAO

    The future implementation of the DAO is included in Rarible’s roadmap. This is where its platform participants are given the right to participate in protocol governance. This means that they can propose platform upgrades and amend existing protocols as a community.

    RARI is the token that backs the implementation of the DAO. But how can you get RARI?

    $RARI Token

    As already mentioned, RARI is Rarible’s native utility token. It cannot be bought from the platform and can only be earned by participating in platform activities, such as buying and selling artworks and other collectibles. This is called “Marketplace Liquidity Mining.”

    $RARI Tokenomics
    $RARI Tokenomics (Image credit: ‘Introducing $RARI — the first governance token in the NFT space’ Medium article)

    Marketplace Liquidity Mining started on 15 July 2020 and issuance of the token held every Sunday from 19 July 2020 for 200 weeks consecutively. Exactly 75,000 RARI is distributed to users weekly, proportional to the volume of their sales and purchases from the preceding week. Both buyers and sellers equally receive half of the distributed amount.

    $RARI Marketplace Liquidity Mining - Token Distribution
    $RARI Marketplace Liquidity Mining – Token Distribution (Image credit: ‘Introducing $RARI — the first governance token in the NFT space’ Medium article)

    Holding RARI entitles a user to certain rights. Apart from decisions on system updates, RARI holders can also be part of Rarible’s community-based platform moderation.

    RARI is also used in helping curate the content marketed on the platform. The community can vote on which artwork belongs to its weekly pick, giving them an added boost in the reach that they need.

    Rarible weekly picks
    Rarible Weekly Picks (Image credit: Rarible website)

    In the future, RARI will be rolling-out its NFT market index, which features a portfolio of the most sought-after NFTs that investors could be interested in supporting.

    Other future implementations include:

    • Price Discovery Mechanism
    • Mobile App
    • Social Features
    • More Types of Content (AR+VR+Metaverse+3D)
    • DeFi NFTs
    • Fractional Ownership

    Conclusion

    Blockchain has unlocked the potential of the digital world, which would greatly benefit users. Traditionally, it is difficult to market an artwork without having to find middlemen to help you connect to a wider audience. The operational and financial costs of doing so are also a different discussion altogether.

    And through blockchain, these may not be so much of a concern anymore. Rarible is one of the innovations that will ensure that collectible owners and artists can be completely independent in making decisions for their own assets.

    Rarible also makes sure that the platform is as decentralized as it can be by leaving protocol governance decisions to the discretion of its community. With that in mind, the road ahead appears to be promising.

    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.

  • 8Hours Foundation (VIMworld) $EHrT: The Next Evolution of Gaming?

    8Hours Foundation (VIMworld) $EHrT: The Next Evolution of Gaming?

    8Hours Foundation ($EHrT) aims to integrate the real world into the blockchain to create beneficial implications for the time we spend with our friends and family. In line with this vision, the foundation partnered up with PlayTable, the world’s first blockchain-enabled game console, to facilitate social gaming platforms. EHrT, is the native currency of the PlayTable ecosystem. It is used for anything and everything for the PlayTable. Toymakers and game developers have to buy EHrT from the open market to register their toys or assign data to their products.

    Powered by VeChain’s blockchain technology, VIMworld is a smart NFT platform for collectables and digital characters. VIMs, or Virtually Integrated Metadata, are digital collectable tokens living on the VeChain Thor Blockchain. Each VIM can be seen as a digital character with unique properties and capabilities. They can be traded, collected, or used in PlayTable games.

    Background

    John Dempsey, the founder of the 8Hours Foundation, is both a gamer and a collector. These were exactly the same interests that allowed him to conceptualize the whole project and later be built together with his team and the community.

    Dempsey felt the need to use technology to bring people together through the help of social activities, such as games.

    He built the foundation to create a blockchain platform that encourages and rewards people when using it. The platform’s goal is to ensure that its participants can spend at least a minimum of eight hours per week being engaged in meaningful social interactions.

    What is the 8Hours Foundation?

    Eight Hours Foundation

    8Hours Foundation is an organization put together to build a real-life community even in the blockchain space. The primary purpose of the team’s efforts, as already mentioned, is to create a platform where people are rewarded for interacting with other individuals.

    The foundation collaborates with PlayTable, a blockchain-based gaming platform, to spearhead a program called ‘Toy Reality’. This way, they can build a virtual social network that emulates the real world through the tokenization of real-life assets on the blockchain.

    https://www.youtube.com/watch?v=5yzyZa3dZ0w&feature=emb_title

    A mixture of real-world and blockchain data storage technologies power the whole platform. Furthermore, RFID technology and tagging enable the creation of their verifiable blockchain counterpart. The same set-up supports ownership tracking, asset journey recording, and asset customization.

    Eight Hours Token ($EHrT)

    Eight Hours Token, or the EHrT, is the native token of the platform. It can be used as a medium of exchange, fees payment, staking, and voting. EHrT also has specific functions that help run the whole platform. Mainly, these are:

    • Authentic Asset Certificates (AAC) – In making blockchain representations of real-life objects, users have to spend EHrT. The process allows for the creation of AAC, which act as proof of ownership on a blockchain-counterpart of real-life assets. Additionally, these belong to the non-fungible token (NFT) classification, the same kind that allows for the tokenization of assets in the real world. For users to be able to register and join the platform, AAC’s are required.
    • In-Game Currencies (IGC) – Through EHrT, users can create in-game currencies. These are tokens that developers can create to back the economy of their games. Since these currencies can work cross-platform, other gaming systems on the 8Hours Foundation ecosystem can use them as well.
    • Colored Tokens – These tokens function like marks or records on an AAC that display their digital journey. This means that colored tokens can be referred to in looking for the history of an AAC’s ownership, its authenticity, progress, and wealth, among others. Furthermore, only developers can create new colored tokens and deposit them on AAC.
    $EHRT Token Mechanics
    $EHRT Token Mechanics (Image credit: 8hours Foundation Whitepaper)

    Other uses for the EHrT involve other financial services such as staking and rewards. But generally, EHrT is held by users for:

    • Staking – Through a grants system, users can make investments in the projects built within the 8Hours ecosystem. This entitles stakers to receive benefits from a platform in the event that they grow.
    • Reward – Through a rewards system, the platform incentivizes its users to participate in network activities, especially those that involve platform developments or updates. These users receive a proportional amount of EHrTs for their participation.
    • Support – Users who want to show their support on a platform that is currently being built, that can freely use EHrTs to fund a project.

    8Hours backs its transaction system with the VeChainThor chain. This allows it to support a multi-party payment protocol without requiring gas fees that platforms usually charge whenever users perform these transactions.

    What is the VIMworld?

    VIMworld logo
    VIMworld logo

    Powered by EHrTs, the foundation has created VIMworld, a collaborative initiative between them and PlayTable, with the purpose of establishing a gaming platform built within its own ecosystem.

    VIMworld refers to a virtual community that gathers a collection of all Virtually Integrated Metadata (VIM) that its participants have created on the platform. These are powered by AACs that help VIMs store and verify data, record transactional history, as well as the whole journey of virtual objects, among others.

    VIM holders can then join any community activity with other users, or simply interact with them. These interactions are made possible by games that get people to perform certain tasks.

    Features of VIMs

    There are several features that help distinguish VIMs from the usual NFTs. These are:

    • User-managed – Owners of VIMs can only grow in value if the owner attends to them by participating in VIMWorld activities. In addition, they can be customized based on their history.
    • Asset-powered – VIMs require users to spend EHrTs from time to time if they want it to grow. This means that VIMs can hold actual value and grow at the same time.
    • Digital Representation – It is one of the more innovative aspects of VIMs. VIMs allow real-life objects like toys and collectibles to increase in value through their blockchain representations.

    As of late, the ecosystem behind VIMworld is already composed of more than 2,100 community members and 7,000 VIM collectibles. It is now considered one of the most adopted digital platforms, overtaking CryptoKitties’s record back in 2017.

    Gaining VIMs and Growing their Value

    VIMworld's Characters
    VIMworld’s Characters (Image credit: Vimworld.com)

    There are plenty of ways to gain VIMs, such as rewards when winning games from various platforms on the 8Hours Ecosystem, donations or incentives given out by the foundation, purchase from marketplaces, or acquisitions of toy packages.

    Besides representing the ownership of a user on an item or a game, VIMs are also valued based on the amount of game data and progress they hold. They are classified into a variety of rarities and tiers, but can be easily upgraded by adding more EHrT in them. Furthermore, higher-tiered VIMs accrue bigger benefits for its holders.

    VIM tiers
    VIM tiers (Image credit: VIMworld Whitepaper)

    VIMs can soon be traded on the VIMExchange, the marketplace that 8Hours designed to support all NFTs in the ecosystem. When more partnerships are established, VIMs can be made available for trading on other VeChainThor-compatible marketplaces.

    Conclusion

    Creating real-world use cases for blockchain technology is one of the biggest drivers for its adoption. And since social interactions have been reduced in this modern and digital age, having platforms that help alleviate this problem could certainly have a real use case.

    If VIMworld and 8Hours succeed in their goal, it can be a very interesting case study for the benefits that blockchain can bring. The project shows a promising potential to prove that the technology behind cryptocurrencies can be an effective instrument in bringing people together.

    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.

  • MEME ($MEME): A DeFi Joke?

    MEME ($MEME): A DeFi Joke?

    MEME ($MEME) is a hybrid between decentralised finance (DeFi) and non-fungible token (NFT) on the Ethereum blockchain. NFTs are tokens that represent unique digital items with verifiable scarcity. They can be used to represent digital ownership as with the case of rare cryptocurrency art. MEME allows users to stake tokens to farm limited edition NFT memes.


    Background

    MEME started out as a meme. Yes, it was a joke made by Jordan Lyall, the DeFi Product Lead at ConsenSys. Lyall’s Twitter post joked about an offering that could allow easy and fast (less than five minutes) creation of a DeFi platform.

    A Twitter user took the joke seriously and created MEME coin. “I was commenting on the silliness of it all. But in doing that, I’ve created the very thing I sought to destroy,” Lyall commented after the coin went live.

    The birth of memes dates back to 1976 when the word appeared on ‘The Selfish Gene’, a book by Richard Dawkins. In the book, memes are portrayed as ideas quickly spread from one person to another within a community. They have since found their way into our daily lives to refer to the viral spread of information on the internet.

    What is MEME?

    MEME is a decentralized project connecting the DeFi world with NFTs through yield farming or liquidity mining. The network stresses that it does not offer coins for sale but allows farming. The system was launched on August 14, 2020, and has since attracted a ton of attention from the crypto community.

    MEME’s Meteoric Rise

    The genesis of the project’s meteoric rise dates back to Lyall’s tweet, which garnered 1,200 likes and a high number of retweets within minutes. After its launch, it was listed on CoinGecko with a hard cap of 28,000 tokens.

    It was followed by an exclusive Telegram airdrop that was done 30 minutes after launch. After launch, the protocol’s Telegram community grew to over 3,000 participants. In its first few days, MEME reached a 24-hour trading volume of $1.2 million with a single coin changing hands at $40.

    MEME token
    MEME token (Image credit: Coingecko)

    Roughly a month later, MEME was trading at $795, had a one-day trading volume of $8.8 million, and a market capitalization of $18.7 million. Also, the coin moved from position 610 in early September 2020, to 276 as of September 18, 2020, based on market cap.

    By September 18, MEME token holders were roughly 1,400 while the NFT holders were about 700.

    How to farm MEME?

    Farming requires staking MEME and then receiving rare NFT versions. This increases liquidity mining opportunities for DeFi enthusiasts. As with other DeFi systems that support yield mining, farming MEME involves liquidity mining pools.

    Note that the NFTs up for grabs are created by a select number of artists. The first digital artist listed is Sven Eberwein, a popular digital artist living in Los Angeles.

    MEME Artist - Sven Eberwein
    MEME Artist – Sven Eberwein (Image credit: dontbuymeme.com)

    Eberwein combines internet culture with computer graphics. Sven “works of the internet, by the internet, for the internet.” The artist’s first MEME-themed collections are titled ‘Don’t buy MEME,’ ‘Volatile Pineapples,’ The MEME Shitcoin Cycle,’ and ‘Crashtest (Because it will).’

    According to Eberwein, MEME’s uniqueness comes from being the first to capture the DeFi and meme worlds.

    MEME farming pools

    Genesis pool

    MEME farming pool - Genesis
    MEME farming pool – Genesis (Image credit: dontbuymeme.com)

    This accommodates the staking of MEME tokens.

    • The first step is to access the pool from https://dontbuymeme.com/farms .
    • Then the next step is to unlock your Web3 wallet. Note that Web3 wallets are just browser functionalities added to the standard self-custody wallets to allow access and usage of decentralized applications (Dapps). Wallets in the Web3 ecosystem include Metamask, imToken, Huobi, AlphaWallet, Enjin, infinito, Opera, Trust Wallet, Coinbase, Dexwallet, Ledger, exodus, Trezor, and Mist.
    • Approve MEME
    • Enter between a maximum of 5 and a minimum of 1 MEME token. Rewards from farming on the platform are called pineapples. For instance, staking 5 MEME results in five pineapples per 24 hours.
    • Claim NFT. This can only be done when the required number of pineapples has been farmed.

    MEME Genesis LP pool

    MEME farming pool - Genesis LP
    MEME farming pool – Genesis LP (Image credit: dontbuymeme.com)

    Here, Uniswap V2 liquidity pool (UNIV2-LP) tokens are staked to earn pineapples.

    • To get the tokens, stake Ether (ETH) and MEME tokens on the Uniswap pool. However, to receive approximately 0.0002 UNIV2-LP tokens, one needs to stake roughly 50 MEME coins and ETH of equal value.
    • Access https://dontbuymeme.com/farms to join the LP Genesis pool.
    • Unlock your wallet.
    • Approve the tokens from Uniswap and specify your stake amount. The pool supports a maximum of 0.0002 and a minimum of 0.00004 UNIV2-LP tokens. As with the previous pool, the minimum amount staked births one pineapple per day while the maximum stake results in five pineapples per 24 hours.
    MEME Genesis Economics
    MEME Genesis Economics (Image credit: Don’t Buy $MEME Medium article)

    A pineapple farmer can claim their NFT of choice when they have enough pineapples. Note that pineapples cannot be shared between pools and the amount staked must not exceed the set limits to avoid failed transactions.

    NFTs earned from mining MEME can be sold on OpenSea, a marketplace for trading NFTs and virtual currency collectibles. OpenSea lists assets created using Ethereum’s ERC-721 and ERC-1155 standards.

    MEME at OpenSea
    MEME at OpenSea (Image credit: OpenSea)

    Governance

    As with other non-custodial financial systems, MEME handles governance issues through a decentralized autonomous organization called MemeDAO. To be a member, you have to hold a minimum of 100 MEME tokens. Towards the end of August 2020, $1.7 million worth of capital was locked in the DAO.

    Conclusion

    In the cryptocurrency community, memes are used as a universal language and MEME joins others like Doge and CoronaCoin that started as a joke but attracted interest from the crypto community.

    MEME’s uniqueness comes from its connection with the DeFi and NFT world, which adds a new reward stream for yield farmers. However, it’s yet to be seen how long ‘a joke’ can be taken seriously.

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