Boxmining

Tag: NFT

  • Enjin Wallet Review and Tutorial (2022)

    Enjin Wallet Review and Tutorial (2022)

    Enjin Wallet Review

    Enjin wallet is a secure and easy to use mobile cryptocurrency wallet (iOS/Android). It’s extremely simple to use and contains advanced features such as Dapp Browser, QR code airdrops, Cryptocurrency Exchanges and Enjin’s own NFT marketplace integration. It’s the most secure mobile wallet we’ve tested with a two-layer security encryption and secure keyboard. Enjin wallet supports a wide range of cryptocurrencies such as Bitcoin, Ethereum (all ERC-20 and ERC-1155 Tokens), Binance Chain, Litecoin, Polkadot and Kusama. Enjin wallet is created as a companion to the Enjin Platform.

    Best Software Wallet Award

    Enjin Wallet is our Gold Award winner in the Free / Software wallet category. We were impressed by the wallet’s security features such as custom memory sweeps and double encryption. Enjin wallet is our top recommendation for any beginner who wants to keep their cryptocurrencies safe.

    Is Enjin Wallet Safe to Use?

    Security is the biggest concern for wallets as hackers are known to attack various wallets and attempt to steal funds. Enjin wallet offers the best in class security for mobile wallets.

    • Two-layer encryption: Hardware AES and software encryption is employed on the lower and application layer respectively
    • Secure keyboard: The protected keyboard bars keyloggers and/or data sniffers from tapping into your mobile device to steal data. It can also be randomized to increase security.
    • Screenshot blocking and Random Access Memory (RAM) encryption: The wallet’s operating system level restricts screenshots and video recording. On the memory level, transactions are conducted on a secure RAM.
    • Custom libraries: Enjin Wallet features custom libraries that remove the private keys from the device memory after use – significantly reducing the attack service.
    • Protection processor flaws: special code is put in place to deal with flaws in ARM processors.
    • Security Audited: ORU security team found no issues that could be used to compromise the wallet or the cryptographic keys stored in the system (full security report here)
    • Samsung Blockchain Keystore support: Enjin supports the Samsung Blockchain Keystore for private key protection under Samsung’s military grade security Knox.

    Mobile wallets are classified as a “Hot Wallet” – meaning this wallet is connected to the internet. The Enjin team has devised special counter-measures to deal with hackers attempting to steal cryptocurrencies. All private keys are double encrypted, so even if hackers stole the file it cannot be decrypted. On top of this, the special designed Enjin keyboard deals with keyloggers – making sure that the on-device decryption process is safe. Lastly Enjin used custom libraries to wipe the private key from device memory once the transaction is sent – unlike other mobile wallets.

    We added many security features that regular wallets don’t have. Enjin Wallet cannot be Keylogged and not affected by CPU flaws like Meltdown and Specture.

    Witek Radomski CTO of Enjin

    Hot wallets are generally considered less safe due to possible device based vulnerabilities (CPU or Memory flaws) which could compromise the security of the mobile phone. That being said, Enjin wallet’s can be considered to be the best out of all mobile wallets. For large amounts of cryptocurrency storage, we recommend the use of cold wallets like the Ledger Nano X.

    We found the security of Enjin Wallet to be the best among mobile wallets, with external security audits confirming our viewpoint. We give it the highest security rating of 4/5 – the highest possible rating for “hot wallets“.

    Security: 4/5

    What Cryptocurrencies does Enjin Wallet Support?

    The Enjin wallet supports the storage of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), Binance Chain tokens (BEP2), Polkadot (DOT), Kusama (KSM) and Ethereum-based tokens. For Ethereum-based tokens, Enjin supports those created using the ERC20 and ERC1155 standards. Select ERC-721 collectible tokens are also supported, namely for God’s Unchained, CryptoKitties, Blockchain Cuties and Axe Infinity.

    Did you know that Enjin introduced the ERC1155 token standard? Learn more with our ERC1155 token explainer.

    The ERC1155 tokens fit into the Enjin ecosystem as these tokens can represent in-game assets. This fits perfectly into Enjin’s game development ecosystem for blockchain-based games.

    The wallet allows users to sort, view, and show virtual currency balances in your local currency. Enjin’s partners Bancor, Kyber, and Changelly allow you to easily swap tokens.

    Multi-currency Support: 4/5

    Enjin Wallet Exchange Interface
    Enjin Wallet Cryptocurrecy Exchange Interface

    Design and interface

    The Enjin wallet sports a clean and intuitive design. The wallet also allows you to easily switch from viewing your balances in cryptocurrency or the equivalent in your local fiat currency. This is extremely helpful in allowing you to know how much your portfolio is worth with a simple glance.

    What is also helpful is the ability to easily create additional wallets. So say if you send or receive cryptocurrencies for different purposes, you can create a wallet for each of them (kind of like having partitions in your actual physical wallet) which makes managing your finances very convenient and easy to trace.

    One slight gripe I have about the Enjin wallet is that when you look at the individual cryptocurrency balances in your wallet, there is a discrepancy in the balance shown at the top and the bottom (which is the correct balance). Though this does not affect your usage of the wallet, you just need to know and accept that the bug is there.

    Incorrect balance shown
    The balances shown are inconsistent, the one circled in red is actually correct

    Despite this, Enjin wallet makes up for it with the fact that features the cleanest interface out there and additional functions not seen in any other software wallet. Because as we will see below, the Enjin wallet is more than a really good software wallet. The wallet is only one small part of Enjin’s whole gaming ecosystem. Rather, the wallet opens up additional features such as a QR code scanner, wallet for in-game collectible items and marketplace for you to trade these collectibles.

    Other features on Enjin wallet
    Other features on the Enjin wallet

    Software design: 5/5
    Ease of use: 5/5

    Final thoughts- my experiences with Enjin wallet

    I personally store small amounts of crypto on the Enjin Wallet so I can trade, or pay or receive crypto on the go. It has an easy to understand interface with a wide range of supported coins. So I have no hesitation to use it as my primary wallet. I had friends who were new to cryptocurrency and were completely overwhelmed when hearing other people talk about hardware wallets, exchanges and crazy hacks. I showed them my Enjin Wallet and it only took them less than 30 minutes to install and master. My guess is that without Enjin wallet’s simple and easy to understand design, they would have not bothered with cryptocurrencies at all. 6 months on, they are now trading cryptocurrencies regularly.

    Enjin Wallet Ecosystem

    Collectable Token Support

    Enjin has created its own ERC-1155 digital token standard which can be used to create both fungible (currencies) and non-fungible (NFT) (digital cards, pets and in-game skins) assets on the Ethereum Network.

    With the Enjin wallet, you can receive, send or melt these NFTs. The NFTs can be collectable items or in-game assets.

    You can use the wallet to trade NFTs with your friends and there are Telegram forums dedicated to buying and trading collectibles!

    Boxmining NFT collectable items
    Boxmining NFT collectable items

    To learn more about all the games and the Enjin Multiverse, check out their website. Though a fantastic feature, the Enjin Mintshop, where you could mint your own NFTs was unfortunately deprecated upon launching the public mainnet of the Enjin Platform in 2020.

    Boxmining collectable items are frequently given out as a way to say “Thank you!!” to our fans. Subscribe to Boxmining’s YouTube channel and click the notification bell so you don’t miss out!

    Scan for QR Airdrops (Enjin Beam)

    Enjin Beam QR giveaway
    Enjin Beam QR giveaway

    These giveaways could be found on various websites, games, and promotions on the Boxmining Channel. The Enjin Beams can take two forms: Airbeam, which sends all users the same collectible, or Lootbeam, which includes a variety of assets of varying rarities, so each user is likely to get different combinations of these loot assets. Read more about Enjin Beam here.

    Enjin Wallet Marketplace

    Collectibles listed for sale on the Marketplace in the Enjin Wallet

    Digital Collectible items (ERC-1155 tokens) can be directly sold on the Enjin marketplace using the built in features of the Enjin Wallet. This first of a kind feature allows gamers to trade items safely without any risk by using ethereum smart contracts. Items can be listed on the marketplace by using the “sell” feature in the Collectibles tab. The procedure is a 1 step process where seller directly inputs a selling price and confirms by executing the contract on Ethereum (paying gas in the process). The item will be directly listed on the Enjin Marketplace for public purchase.

    Exchange Function

    Enjin’s partners Changelly, Bancor, and Kyber allow users to easily swap between different cryptocurrencies. All you need to do is type in the amount and type of cryptocurrency you want to convert and the cryptocurrency you want to convert it to. The amount you will receive and the details of the transaction will be automatically calculated and displayed you. If more than 1 exchange offers the type of conversion you want, the information will be displayed for you to compare and choose the one that’s best for you. Then all you need to do is press “convert” and it’s done!

    Exchange function
    Enjin wallet’s exchange function

    Marketplace

    The Enjin wallet also allows you to directly access their Marketplace, where you can browse and buy various NFTs. Payment can be made directly from your Enjin wallet.

    Marketplace function
    Enjin’s marketplace for NFTs

    Dapp Browser

    Enjin Dapp Browser Support
    Enjin Dapp Browser Support

    Enjin wallet includes one of the best Decentralized App Browser we’ve ever seen. The clean user interface displaces the various Exchanges, Financial, Games and Social Media Services.

    Remember to check out our Enjin Guide to learn more about Enjin’s ecosystem and what’s next for Enjin.

    Enjin Wallet Tutorial: How to Set Up Enjin Wallet

    Downloading and setting up your Enjin wallet is super easy and most importantly, its FREE.

    First you will need to download the Enjin wallet app from the Apple App Store or Google Play Store.

    Download Enjin wallet

    Open up the app, select “crypto wallet” and then “create wallet“.

    Select "crypto wallet" and then "create wallet"
    Select “crypto wallet” and then “create wallet”

    Select the password you want for your wallet. When setting up your passwords and later backing up your wallet, make sure you are in a secure environment where you are not being recorded. Thieves will be able to access your wallet if they obtain this information.

    Then, select which cryptocurrencies you would want to hold in your wallet. You can always add or remove more types of cryptocurrencies later. Then press “create wallet“.

    Select your password and cryptocurrencies
    Select your password and the cryptocurrencies you want your wallet to hold

    The app will then ask if you want to backup your wallet. This is so that you can reinstate your wallet at a later date, for example when you change your phone and need to reinstall everything. So it’s highly recommended to do this step, even though it may seem tedious.

    The backup is a 12 word recovery phrase that you will need to correctly re-enter to reinstate your wallet. So keep these 12 words recorded and stored in a safe place. See here for some ideas and tips on how to keep your recovery phrase safe.

    Backing up your wallet
    Backing up your wallet

    You will then be asked to verify your passphrase by entering 2 of your 12 word recovery phrase at random. You will then be taken to the select coins menu where you have another chance to select the coins you want to hold in your wallet. Again, you can choose to add other coins later. If you are happy with the list of coins selected, click “create wallet“. The setup is then completed and you will then be taken to the main page of your wallet.

    Verify passphrase and create wallet
    Backing up your wallet

    How to Send and Receive Cryptocurrency Using Enjin Wallet

    Sending Cryptocurrency

    On the main page of your wallet, select the cryptocurrency you wish to send.

    For this demo I will be sending Bitcoin, so I selected “BTC”.

    Then on the following page (second picture below), select “send“. On this page you can also see your transaction history for this cryptocurrency. Note: the balance shown on the top left hand side of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

    On the send page (third picture below), I usually select “Advanced mode” which allows you to type in the number of satoshis per byte you wish to send your cryptocurrency with. The more satoshis per byte, the faster the send and of course the higher the transaction fee.

    Sending cryptocurrency
    Sending cryptocurrency

    On the send page you have 3 options for inputting the receiver’s address, either: (a) type in the address; (b) paste the address; or (c) scan the recipient’s QR code address.

    For the demo I will scan the recipient’s QR code address, so I selected the QR code icon on the top right hand corner, which opens up my phone’s camera, as shown in the second picture below. There I can either choose a QR code from my photo gallery, or in this case, I scanned the QR code of the recipient.

    Input receiving address
    Input receiving address

    Once you’ve scanned the recipient’s QR code you will be brought back to the send page (first picture below) with the recipient’s address filled in. In the second entry you can enter in the amount you wish to send or simply click “ALL” to send the entire balance in your wallet. And in the third entry the number of Satoshis per byte, which as mentioned will determine how fast your transaction will be sent.

    To see how many satoshis per byte I would want to send my cryptocurrency with I go on the website whatthefee. This website gives an estimate of how fast my transaction will go through at any given time (second picture below). On the table, the figures in black represent the percentage likelihood a transaction will take a given length of time. The figures in the middle represent the number of satoshis per byte. So for example, the green shaded entry on the top right hand corner means that with 20.1 satoshis per byte, there would be a 95% chance your transaction will go through in 0.5 hours. The higher the satoshis per byte, the faster my transaction and consequently the higher the transaction fee.

    Enter in the details and confirm
    Enter in the details and confirm

    Once you’ve entered in the recipient’s address, send amount and satoshis per byte, click “next step“. This will bring you to the confirm transaction page (third picture above). Here you can double check that the details are correct, if it is, click “send now“. Now you are all done!

    Receiving Cryptocurrency

    On the main page of your wallet, select the cryptocurrency you wish to receive. If the cryptocurrency you want to receive is not shown, click the “+” button on the top right hand corner, select the coin you want to receive and then click “update coin list”.

    For this demo I will be receiving Bitcoin, so I selected “BTC”. Then on the following page, select “receive“. Your Bitcoin address will then be displayed in the form of a string of letters and numbers, or a QR code representing your address. You can then either (a) copy the address and give it to whoever will be sending your cryptocurrencies; or (b) have them scan your QR code address.

    Note: the balance shown on the top left of the second picture below is sometimes inaccurate. This is a bug in the app which hasn’t been fixed yet. However this is only a display issue and does not affect your actual wallet balance which is displayed in the larger font.

    Receiving cryptocurrency
    Receiving cryptocurrency

    When the cryptocurrency is successfully sent to your wallet, the balance on your main page will be updated. Tip: You can select the small circular arrows next to “value” to display the balance in your local currency or the cryptocurrency itself.

    sucessfully received
    Successfully received- your balance on the main page of the wallet will be updated

    Congratulations! You are all set!

    Successfully set up your Enjin wallet? Learned how to send and receive crypto? Now it’s time to get started with trading Bitcoin and other cryptocurrencies! Check out my course created in collaboration with Jeff Kirdeikis of Uptrennd- Bitcademy: Learn, Invest & Trade Bitcoin – In Under an Hour

    Enjin Wallet 2.0

    Enjin is also currently enrolling users in testing its Enjin Wallet 2.0 Beta, although it’s only available for Android users. This new wallet will be a completely re-written Enjin Wallet from the ground up, including all of the code to ensure better performance, stability and reliability, as well as a completely new UX and design.

    If you want to participate in testing the Enjin Wallet 2.0 Beta, you can sign up here!

    FAQs

    How to download the Enjin Wallet?

    The wallet is available for use on mobile devices powered by iOS or Android operating systems. Download the Enjin wallet on the Apple App Store or Google Play Store.

    Can I import cryptocurrencies from other wallets to the Enjin wallet?

    The Enjin wallet allows coins to be imported from other cryptocurrency wallets. Examples of cryptocurrency wallets are: Bread, Eidoo, Exodus, Coinomi, MetaMask, Trezor Model T, Ledger Nano S, Ledger Nano X and Jaxx.

    The wallet uses an extremely interactive and secure user interface. This eliminates the confusion of copying and pasting addresses.

    How does Enjin bring NFTs to Video Games?

    One of the key features unique to the Enjin Wallet is the ability to bind the wallet to various video games. So together with the ability to send and receive, scan QR codes and their Marketplace, players can obtain NFT tokens representing various in-game items and import them into different video games. This allows players to truly own digital assets – the items are not stored centrally on databases but on the Ethereum blockchain instead. (https://www.hanakaimaui.com/)

    Link Enjin Wallet Interface
    Link Enjin Wallet Interface in Forgotten Artifacts
  • Crypto BEAR MARKET NOW (2022) VS 2018: Similarities & Differences

    Crypto BEAR MARKET NOW (2022) VS 2018: Similarities & Differences

    The crypto market, together with stock markets and the global economy in general, have been experiencing a significant drawdown for the past 6 months, leading to a confluence of factors ranging from high inflation, rate hikes, supply chain issues, energy crisis, to geopolitical instability. This combination packs a powerful punch for any risk-on markets, such as stocks and crypto, forcing retail and institutional investors to exit their capital from markets during these uncertain times.

    With Bitcoin currently at $20k, down 70% from its $69k ATH, and the total altcoin marketcap being down 72% from its ATH, it is hard to deny that we’ve entered a bear market. But one question remains – is this anything like the bear market of 2018 and will it last equally as long as the previous one? Let’s dissect the situation and understand if this time is truly different, or if this is just a small bump in the road before an accelerated bull market.

    Check out our video comparing the crypto bear market now (2022) and in 2018- and more importantly, how to STILL make money during this downturn:

    2018 Bear Market

    2017 saw the first true mass influx of retail interest into the crypto space. Bitcoin saw a rapid increase in price, everyone’s friend and grandma were kickstarting their own ICOs to attract funds, and regular companies added the blockchain keyword to their names to increase their share prices. 2017 was the wild west, as there was even less regulation than currently, and the space was rife with opportunists spawning scam projects to extract money from ignorant first-time crypto investors.

    But, as with any bubble, it eventually pops. The crypto space was heavily overheated, with investors throwing money at everything that moved, doing minimal to no due diligence, just to get on the crypto hype train. Come 2018, things were starting to cool down and people were beginning to feel the pain. In less than 6 months after the peak ICO craze, over 90% of all the projects were already dead, with many more to go down with them in the rest of the 18-month long bear market.

    At the peak of the market, a lot of FUD (fear, uncertainty and doubt) was beginning to circulate. Fear of regulation due to the prevalence of scams, and with China/Korea considering banning cryptocurrencies, things were not looking great for the crypto space. Right around the peak of the market, the Chicago Mercantile Exchange (CME) launched their Bitcoin futures product, which allowed institutional investors to get their hands dirty with Bitcoin. And, naturally, they did just that. With all of the FUD circulating and the market waiting to release a lot of pressure, institutions began shorting the market, creating an enormous sell pressure that brought BTC down to $7k, which kept grinding down to $3k till mid-2019.

    2022 Bear Market

    After Covid-19 hit, the market experienced a tiny two-month recession. As everyone was locked inside, demand dropped and supply shrunk as well. But once central banks began printing more money to help businesses and people via stimulus checks, many found themselves with a lot of extra cash and no way to spend it, so they turned to investing. After the March crash, the rest of 2020 saw the crypto market boom, calling it the “DeFi summer”, with BTC increasing in price by 400% by the end of the year. After that, it just kept on going. 2021 was the year of the NFTs and Metaverse, i.e. GameFi, with numerous projects sprouting up to capture some of the value amid all the hype.

    After reaching its peak in November 2021, the crypto market has kept on steadily grinding down. Those who had called the peak in November aptly understood that the markets were overheated, inflation was starting to get out of hand, and the only way for governments to keep that under control was to begin quantitative tightening through rate hikes. Unfortunately, many were still in denial about the onset of the bear market way into April, which has resulted in a lot of people holding bags that might or might not recover.

    Now the path forward seems clear. The US Federal Reserve’s hawkish monetary policy is causing markets a lot of necessary and unavoidable pain. Because the money printing since Covid-19 has been at such an unprecedented level, the Fed is finding it hard to slow down the inflation without causing a lot of damage. The result currently is a looming recession at the same time as inflation is still running rampant and driving up the prices of everything, all the while people’s incomes are stagnating and their expenses increasing.

    When is the Next Bull Cycle?

    At the moment, there are no clear signs of central banks reeling in their hawkish monetary policies. It might possibly take at least several months if not until the end of the year for the dust to settle, the bottom to come in, and for us to be ready for the next bull cycle once the Fed eases monetary restrictions. Continued geopolitical turbulence aside, the next bull cycle will certainly come, but it’s difficult to say what will be the narratives driving the rapid market expansion this time.

    The two most touted bull market catalysts are the long-awaited Bitcoin spot ETF and the Ethereum Merge, which will cause the Ethereum network to transition from its wasteful Proof-of-Work mechanism to Proof-of-Stake. However, as is common in life and in markets, the most obvious things tend not to be the ones to catalyze huge changes. Markets are irrational, and a confluence of new narratives that will be born only in 6 months might very well end up triggering the next bull run.

    How to Still Make Money During the Crypto Bear Market?

    With great pain come great opportunities, and this bear market is no exception. This is the time for learning, accumulating, and paying attention to the market. In our latest video about the current bear market, we outline a few strategies that you can use as an investor to maximize upside potential come next bull run:

    1) Dollar cost averaging (DCA) into your investments – instead of trying to catch the generational bottom and investing your whole capital in one go, better invest 20% of your capital at a time during a longer time period, so that way you are more likely to get a great average entry price and reap the profits in the future.

    2) Doing lots of research – fundamental analysis of projects is the best way to ensure you invest in projects that have a real potential, and this is the time to be doing just that. Many projects will die during this bear market, so it’s important to source trustworthy information and be critical of everything in order to position yourself properly during the next stage of growth.

    3) Diversify your portfolio – as we’ve seen in the past months, there’s no such thing as too big to fail in the crypto space. Instead of going all-in on one project, spreading risk across several projects will ensure your capital is better protected from a few bad investments.

     4) Shorting the market – this should not be practiced by anyone who doesn’t have experience trading, as without proper risk management things can get pretty ugly very fast. During a downtrend, a way to make money is by shorting an asset, which essentially means you’re betting on an asset to go down in value.

    Of course, none of this is financial advice, and we implore our readers to do their own research and never invest more than they are willing to lose. It’s a highly volatile market and not for the faint of heart.

  • STEPN Guide and Review

    STEPN Guide and Review

    STEPN is the most popular move-to-earn blockchain game in the crypto market this year after some significant adoption by the market and big moves with other major exchanges and well-known sneaker brands.

    Move-to-earn is a new way to earn money through gaming with the novelty that it rewards not only digital activity within a game or app, but also physical activity. In short, the more you move in the real world, the more you are rewarded in your digital app.

    STEPN has been crushing it lately after surpassing 300K daily active users (DAUs), receiving a strategic investment from the venture capital arm of Binance, and launching a unique collection of NFT sneakers on Binance NFT marketplace in partnership with sports brand ASICS.

    What is STEPN?

    STEPN is a move-to-earn health and fitness app with game elements built on Solana. Users equipped with sneaker NFTs can run and walk outdoors to earn tokens and NFT rewards. The funds earned can either be used to increase earnings in the app or can be withdrawn and sold. The mobile app has a built-in wallet, swap, marketplace, and rental system that allows non-crypto users to onboard.

    How does STEPN work?

    Anybody can earn tokens and NFTs in STEPN by downloading an app, buying NFT sneakers, and completing various forms of exercise. Similar to how Bitcoin mining works, users in STEPN have to prove they have physically worked out, at the cost of their own time and energy. This is validated by the app’s anti-cheating mechanics using GPS and machine-learning technology. 

    The tokens and NFTs are then minted to users’ wallets from the people, not from the game developer FindSatoshi Lab, known for its work on cryptocurrency wallet Solwallet. In this way, people can trade their tokens and NFTs 100% peer-to-peer and over time. STEPN has created an ecosystem where the value of tokens and NFTs is based on supply and demand.

    STEPN tokens: GMT and GST

    There are two types of tokens available to players, GMT (total supply of 6 billion) and GST (unlimited supply). GMT is a management token that allows users to increase their income. GST is an in-game token that users receive for in-game activity.

    To create a balanced token ecosystem, the developers have decided not to limit the GMT governance token earning to a small group of people. Instead, they have made GMT and GST broadly accessible to ensure balance in the mining of these two tokens.

    Since many GameFi projects with a similar dual-token economy have tended not to thrive, the question is raised about whether GST, with its unlimited supply, will go into a death spiral. STEPN’s model addresses this by making GST earning irrelevant at a higher level. As people approach the higher levels, they are presented with the option to choose which token to earn, and they would naturally want to earn the limited supply of GMT. 

    This will get amplified over time as more GMT is burned and more GMT use cases are released. This should reduce the GST token supply enough to balance the token value. If too many people are mining GMT, they will earn less than what they can with GST, so they will switch to earning GST. This will reduce the competition for earning GMT, and, in turn, make GMT mining profitable again.

    Getting started with STEPN

    To get started with STEPN, you must first download the app to your smartphone via Google Play or Apple Store. Then, following the on-screen instructions, you will need to create an account and receive an activation code. 

    You will be able to use the app fully once you have purchased your NFT sneakers from the in-app STEPN shop. Choose your sneakers based on your abilities. Once you have purchased the sneakers, open the game and start walking or running. You will start earning immediately.

    How to join STEPN: Step-by-step guide

    1. Download the App

    First, you have to install the app on your smartphone. Depending on the model of your phone, you can do this either from the App Store or from Google Play.

    2. Create an Account

    After launching the app, you will need to enter your email address, to which you will receive a registration confirmation code. Enter your email address and press the ‘Send Code’ button. A code will be sent to your email address, and you will need to enter it in the corresponding field.

    3. Obtain Activation Code

    You then need to obtain an app activation code. To obtain the activation code, register in the STEPN community on one of the official social networks. Choose the social network that suits you best (Twitter, Telegram, Discord, etc.) and proceed according to the on-screen prompts. An activation code can also be received from a friend via invitation or bought from another user.

    Once you have received the activation code, the main app screen will open. Click on the ‘Get activation code’ button. After you have entered your activation code, the app will open and the tutorial will start. Several screens will explain to you how to use the app.

    4. Create a Crypto Wallet

    You then need to create a crypto wallet in the STEPN app. Click on the wallet image in the top-right corner of the app. This will start the process of creating a crypto wallet, which will take a couple of minutes. While creating the wallet, you will be shown a secret phrase that you need to write down and keep in a safe place. Once the crypto wallet has been created, you will be taken back to the main app screen.

    5. Start the Game

    In the top-right corner, the token column will show zeros. To start the game, you need to deposit Solana (SOL) tokens into the crypto wallet you just created, in the amount that will allow you to purchase an NFT in the form of a sneaker. SOL can be bought on almost any major CEX or DEX.

    6. Buy NFT Sneakers

    TIP: Before you buy sneakers in STEPN, open the app and run for 10 minutes in running mode without sneakers. This is so that you can find the right type of sneaker for you. NFT sneakers are purchased in the shop. After buying the sneakers, wait until 25% of the energy has accumulated (approximately 6 hours) and then start the game. You are now ready to move-to-earn!

    Playing and Moving to Earn

    STEPN currently has solo mode only, in which users receive GST tokens as a reward for moving in the real world. This consumes virtual energy at a rate of 1 unit per 5 minutes of movement. All of these processes are only triggered after the purchase of NFT trainers. If the energy is at zero, no tokens are earned. 

    GST tokens, and subsequently GMT, are paid out depending on the following factors:

    • The level and attributes of NFT sneakers – more efficient sneakers cost more. Up until Level 29, users can only earn GST, and from Level 30 onwards, they can switch to earning GMT if they wish.
    • Sneaker comfort parameter – the higher it is, the more tokens are earned every minute.
    • Running speed – it is necessary to maintain the recommended speed range for the sneaker. If you deviate too much from it, earnings will be reduced by up to 90%.

    Marathon and background modes are set to be added later. Marathon mode will be an entirely new playstyle and is aimed for release towards the end of 2022. Background mode will be added when the STEPN team feels the time is right to approach non-crypto users.

    The Importance of Energy

    Energy plays an important role in earning tokens in STEPN. As soon as you run out of energy, your earnings will stop. Only when energy is available will your movement be rewarded. The amount of energy determines how many tokens you can earn for walking and running. 

    To increase the amount of energy you have, you can buy more NFT sneakers or get hold of rarer ones. The more NFT sneakers you own in your inventory, the more energy they will automatically generate. Higher levels and rarity sneakers will give you more energy.

    Strengths of STEPN

    One of STEPN’s biggest strengths in the current market is the successful combination and implementation of GameFi and sports. This could be seen as a clear advantage over any competition as many crypto-native builders don’t have the connections or knowledge to replicate STEPN’s GPS technology and machine-learning anti-cheating mechanics. 

    Because the health concept of the game and its everyday practicality is relatively simple compared to other games and apps in crypto, STEPN is a prime candidate for mainstream adoption.

    Weaknesses of STEPN

    There are still quite large barriers to entry for the average person. The registration process is too complicated, and to start playing, new users need to first learn how to open and fund a crypto wallet and buy an NFT item. For a newbie, this is not as straightforward as it should be.

    NFTs also cost between 2.5 and 10 SOL, and way upwards of $100 if you want the best sneakers. This means there is an element of ‘pay-to-earn’ about STEPN. However, at the moment, the return on investment (ROI) is in the region of a few weeks, which is not bad at all.

    Conclusion

    Making money while keeping healthy is a win-win, and as a sports GameFi product, STEPN has struck a decent balance between game elements that are not too rich and complex to stop non-gamers from entering, and sports elements that are not too difficult to stop non-athletic people from trying it out. 

    The tokenomics also create value for both users and the platform. As long as the concept remains simple and participating remains profitable for the average user, STEPN should continue its impressive adoption rate.

    For more information on STEPN, follow their official channels:

    Website | Twitter | Telegram | Discord | Reddit | Medium | Email

  • Dotmoovs ($MOOV): Competitive Sports in the Metaverse

    Dotmoovs ($MOOV): Competitive Sports in the Metaverse

    Blockchain and play-to-earn games are rapidly becoming some of the most lucrative aspects of the crypto world. Players of these games get rewarded for partaking in their favorite activities while contributing to the platform’s success story. For instance, Sky Mavis – the team behind Axie Infinity – had generated over $400 million from the game by August 2021. According to Newswagg’s research, the crypto gaming industry’s revenue hit $321 million in 2020.

    Table of contents

    Notwithstanding the play-to-earn industry’s impressive numbers, there is an ongoing shift from play-to-earn to the new move-to-earn. Sometimes considered an upgrade to the former, move-to-earn also offers rewards to players with more focus on fitness. Move-to-earn games help improve player well-being by introducing physical movement and general fitness into gameplay. The move-to-earn concept is fantastic for people who are more fitness-focused and are not as ardent as the average video gamer. 

    One such example is dotmoovs ($MOOV), where active participants can easily monetize their time and gameplay. To take part, players only need a smartphone camera to display their sports skills and compete with other players.

    What is dotmoovs ($MOOV)?

    dotmoovs is a blockchain-based competitive sports platform in the metaverse. It is a state-of-the-art artificial intelligence system that analyzes videos of players performing sporting activities and rewards winners using its proprietary MOOV tokens. 

    dotmoovs has incorporated blockchain tech, decentralized finance (DeFi), and AI technology into one platform through its peer-to-peer and AI-driven features. In the dotmoovs metaverse, two people can compete regardless of location, receive unbiased judgment, and earn rewards. The platform decides scores using an AI-driven arbitration engine that detects the positions of each player’s body and limbs, along with a scoring algorithm that measures the player’s skill. According to a recent metaverse ranking, dotmoovs is one of 10 metaverse platforms most likely to explode in 2022. The list also features popular names like Decentraland ($MANA) and Axie Infinity ($AXS).

    The More You Move, The More You Earn

    dotmoovs features a freestyle football section that is already live. Players must use the platform’s mobile application to capture physical body movements. The application uses advanced computer vision algorithms and AI-driven limb tracking to accurately capture and store movements. The player with the highest score wins the round and receives $MOOV tokens and other in-game rewards.

    One of the main attractions of dotmoovs is its AI-powered and unbiased scoring system. In many cases, scores and ratings are usually prone to subjective appraisals and human biases. However, each dotmoovs player gets a fair chance to participate and receive objective scores and judgment. The more skilful a player is, the more their earning power.

    How Does dotmoovs Scoring Work? 

    Participants trying out the freestyle football section should note the following factors considered for scoring players:

    1. Number of ball juggles for different body parts according to difficulty
    2. Creativity applied to ball juggles
    3. Speed 
    4. Rhythm
    5. Ball height in each juggle
    6. Originality (compared to previous attempts)
    7. Absence of handball or ground touch fouls

    dotmoovs Growth and Adoption for Blockchain

    The dotmoovs platform contributes to the general growth and development of the blockchain and crypto ecosystem via its AI-based infrastructure. The blockchain industry is currently enjoying increased adoption, especially with decentralized finance and non-fungible tokens (NFT). dotmoovs is pooling all parts of the ecosystem for its unique product, and crowning its creation with artificial intelligence. The platform is now set to partake in the global NFT market that generated $23 billion in trading volume in 2021.

    Another major dotmoovs contribution is its attraction to the sports community. Through the platform, sports lovers, players and spectators alike, can join the blockchain ecosystem and earn on dotmoovs by simply participating in their preferred and natural habitat.

    Several factors serve as catalysts to increased adoption of move-to-earn platforms. For instance, people now have a stronger need for physical activities as worldwide lockdowns are ending. As winter wraps up and the weather becomes warmer, dotmoovs provides the perfect platform for users to get fit, enjoy the weather, and also earn.

    Investors are also recognizing the potential impact of move-to-earn platforms and are buying in. In the past few months, a few projects have raised funds from investors who have identified these trends and want a piece of the action before adoption skyrockets.

    Another factor in favor of dotmoovs and move-to-earn is the low entry barrier. Users find move-to-earn platforms easier to navigate than play-to-earn for multiple reasons. Firstly, effective participation on play-to-earn platforms requires knowledge of the game. There is also the financial barrier as many of these games charge an entry or starting fee. On dotmoovs, all you need is to know how to move.

    $MOOV Utility Token

    The $MOOV token is dotmoovs’ native utility asset. The platform uses this asset to create an environment free from currency value constraints, democratizing access by providing all players with a level playing field. All dotmoovs transactions require $MOOV tokens.

    $MOOV Token Use Cases

    Players can use $MOOV to:

    • Buy dotmoovs NFTs

    Players who own dotmoovs NFTs can participate in challenges to earn $MOOV and rent the NFTs to other players. Players can also earn $MOOV tokens on challenges won with rented NFTs. 

    • Access-Challenge Mode

    Users need $MOOV tokens to play in the platform’s Challenge Mode. Players who win 1 vs. 1 games or tournament challenges will also earn more tokens. 

    • Stake In Sports Mining

    Users can multiply their tokens and earn rewards by staking $MOOV using the dotmoovs Sports Mining staking feature.

    dotmoovs is set to capture interested sportsmen and sportswomen by introducing them to the growing blockchain ecosystem. Since people only need a camera to participate, players all over the world can enjoy simple dancing and sporting activities and easily earn while at it.

    Dotmoovs exclusive models

    Dotmoovs creates exclusive models for their app, and have so far already created models for names such as Snoop Dogg, Floyd Mayweather, and Neymar. Now, Dotmoovs will be partnering with Leandro Lopes, an internationally successful handmade footwear and apparel designer from Portugal, to design an exclusive NFT sneaker for use in the app.

    Dance to Earn

    dootmoovs has recently launched their Dance to Earn feature on their app. Players can have a maximum of 3 free practices of the dance moves per day to get themselves ready for peer-to-peer and challenge mode! In these modes, you can either challenge your friends or find a random challenger across the globe to see who is the better dancer. To join, you will need to choose how much $MOOV you would like to invest (up to 500 $MOOV per challenge). Win the challenge and you will win more $MOOV.

    It is anticipated that more types of dance challenges would be available soon, as well as a tournament mode.

    Official Channels

    Website — https://dotmoovs.com/
    Twitter — https://twitter.com/dotmoovs 
    Telegram — https://t.me/dotmoovs 
    Discord — https://discord.gg/ucYDnJPFNY 
    Youtube — https://www.youtube.com/channel/UC7ekcwCyhL9K24ix9zvQFrQ 
    Medium — https://dotmoovs.medium.com/ 
    Instagram — https://www.instagram.com/dotmoovs/ 

    Frequently Asked Questions

    What is dotmoovs?

    dotmoovs is a sports application with incredible competitions held in the metaverse. Currently, there are football competitions with dance competitions in the works.

    Where can I download dotmoovs?

    The dotmoovs application is available for download on both the Google Play Store or the Apple App Store

    What is the dootmoovs token?

    dotmoovs has its own native token- $MOOV. All transactions inside the app happen in $MOOV. For example, you would need $MOOV to participate in peer-to-peer or tournament challenges. Winners of these challenges can earn more $MOOV.

    Can you rent NFTs in dotmoovs?

    dotmoovs has an NFT rental program so you can try out and participate in dotmoovs with minimal initial cost.

  • Starly NFT Staking: How to Tutorial and Guide

    Starly NFT Staking: How to Tutorial and Guide

    The NFT industry has become one of the most exciting spaces amongst emerging blockchain and crypto trends. With many related projects and startups launching, the sector is becoming more popular and has provided creators with significant earning opportunities.

    NFT creators constantly seek more accessible ways to publish and market their assets to varied audiences while also maximizing potential returns on their art. Buyers who like to collect NFTs also look for the best marketplace that curates these assets and facilitates easy access to purchases and rewards. The Starly platform provides all these and more to both categories of stakeholders. 

    Table of contents

    What Is Starly?

    Starly is an NFT-focused launchpad and marketplace where users can create, buy, and sell gamified NFT collectables. The platform aims to make creating, selling and collecting NFTs as seamless as possible. Starly offers complete creative control to NFT minters, allowing them to set prices, rarity ratings, and decide preferred launch dates. 

    Each Starly NFT collection consists of 21 unique NFTs (or NFT cards) divided into three packs for ease of valuation. The packs are composed of 11 common cards, 6 rare cards, and 4 legendary cards. Members of the Starly community can purchase and sell NFT cards on the secondary market, or buy all the cards in a collection to receive special rewards reserved for buyers who acquire complete collections.

    NFT Staking on Starly

    Collectors can stake their NFT cards for Starly token rewards based on the value and rarity of the NFT. Each NFT card in a collection has a Card Score determined by its pack (common, rare, or legendary) and price. Stakers can earn rewards in $STARLY- the project’s native token. The total $STARLY staking reward for each NFT card is equal to its Card Score and gets distributed daily for over a year. This means that it would take 365 days to accrue the total $STARLY staking reward. 

    Although users can claim a limited number of token rewards, these rewards depend on the user’s Starly token tier. Starly uses the following formula for reward distribution:

    Card Score/365 = Token Amount Distributed for 24h.

    For instance, if a user stakes an NFT with a Card Score of 15,000, the available token staking reward for that card is 15,000 $STARLY. The user can claim up to 41 $STARLY (15,000/365) daily depending on the membership tier until the user exhausts 15,000 $STARLY.

    Starly Token Staking Tiers

    Token holders staking $STARLY are categorized into reward tiers curated according to the number of staked tokens. The tiers include the Silver, Gold, and Platinum memberships, with the following required token amounts:

    • Silver Tier: a minimum of 1000 $STARLY staked
    • Gold Tier: a minimum of 10,000 $STARLY staked 
    • Platinum Tier: a minimum of 50,000 $STARLY staked 

    These tiers come with varying benefits, including the ability to claim more daily NFT staking rewards. Members of the Starly community who stake their NFTs but have no staked Starly tokens are not placed in any of the three tiers and can claim only 2 of the available daily token rewards. Silver, Gold, and Platinum tier members can claim 10, 100, and 500, respectively.

    Furthermore, if an NFT card is unstaked, all unclaimed rewards of the staked card remain locked on the card till the user stakes it again. Additionally, if the unstaked NFT card gets sold, the new owner gets all unclaimed staking rewards locked in the card and can stake the card again for token rewards.

    $STARLY Token

    $STARLY is the platform’s native token, helping creators earn from their NFT assets. On the Starly marketplace, creators can monetize their NFT collectibles and receive rewards for their effort via $STARLY tokens. The platform has a total supply of 100 million tokens allocated for different uses. For instance, the largest allocation is for the Product and Ecosystem Development Fund at 31.25% or 31,250,000 tokens. Others include 22% for the Team and Advisors, 20% for the private sale, and 0.75% for the public sale. Furthermore, Starly allocated 5% each for token liquidity and staking payouts, while reserving 16% for the community.

    Benefits Of Starly NFT Staking

    All NFTs have inherent value that provides some aspect of collectibility or utility to collectors. However, collectors can derive additional value by staking these NFTs on Starly. The primary benefit of staking owned NFTs is that users can accrue more $STARLY and then re-stake for added rewards. As users collect more tokens, their designated membership tier moves from Silver to Gold or Gold to Platinum. New tiers furnish users with additional Starly benefits, such as voting rights and exclusive NFT drops from selected artists.

    Staking has become a significant way of contributing to projects across the blockchain and crypto space, with billions of tokens and coins locked on many platforms. NFT staking is no different and is an excellent way for users to earn passive income from idle NFT collections. Although the concept is still relatively in its infancy, Starly opens users to more NFT staking opportunities with the possibility of progressive rewards.

    Visit Starly here to learn more about them.

  • Colizeum ($ZEUM): Bridging the Earning Gap Between Blockchain and Traditional Gaming

    Colizeum ($ZEUM): Bridging the Earning Gap Between Blockchain and Traditional Gaming

    The gaming market has seen impressive growth over the last few years and is still set for more expansion. According to a 2021 report, the gaming market’s valuation for the year hit $198.4 billion. The same report states that the market will register a compound annual growth rate (CAGR) of 8.94% from 2022 to 2027. By 2027, the valuation could jump 71.3% to $339.95 billion.

    Several factors contribute to the gaming market’s popularity, attracting more people to the sector. Game developers are continually improving options and general gameplay, a factor that keeps existing gamers interested enough to stay. In addition to improved features, there is also increased advancement in technology.

    The introduction of blockchain technology to the gaming sector is easily the market’s most significant advancement. Apart from the immutability and security of the gaming infrastructure and assets stored, blockchain also provides players with an opportunity to earn while enjoying their gameplay. Platforms like Colizeum are taking this further by stretching blockchain gameplay features past earning rewards.

    Table of contents

    What is Colizeum?

    Colizeum is an ecosystem bridging the gap between the blockchain and traditional gaming worlds. It is a play-to-earn platform that connects several games and related applications from multiple developers, providing a shared marketplace for developers and gamers alike. 

    Colizeum continuously closes the traditional and blockchain gaming gap through its Colizeum Software Development Kit (SDK). Conventional game developers can use the Colizeum SDK to effortlessly build blockchain games without the expected technicalities from decentralized applications. The kit also provides a cost-effective way for creators to design and publish games since there is no need for blockchain developer teams.

    Why Colizeum?

    There are several features the Colizeum ecosystem offers the gaming public. In addition to the ease of creating exciting play-to-earn games, here are a few points to note:

    • Earnings for All: The Colizeum ecosystem maintains an equal focus on gamer and developer earnings. As players accumulate rewards by participating in their favorite play-to-earn games, developers also earn from gamers and the entire Colizeum community.
    • In-Game NFTs: Colizeum supports low-cost NFT minting while checking other related boxes, including demand programming and multilayering.
    • Tournaments-as-a-Service: The Colizeum SDK allows developers to create multiplayer games in different modes and designs. Depending on game specifics, players can enjoy tournaments and earn by winning or simply participating.

    Colizeum is a fully-decentralized, anonymous, on-chain, and community-focused ecosystem. The platform also features an Attention Marketplace – a tokenized product that allows the direct monetization of gamers’ attention. Instead of going through Ad Exchanges that charge excessive fees and still keep a large portion of generated revenues, the Attention Marketplace enables transparent user acquisition and monetization via $ZEUM staking. Colizeum already has an exciting list of partners, including the Israeli Blockchain Association, IHODL, and Cex.io.

    Benefits to Game Developers

    • The SDK provides quick and inexpensive game development that can shorten developer timelines by up to 1 year
    • Creators can introduce a play-to-earn feature to any mobile game, attracting more players and allowing gamers to earn during gameplay
    • Colizeum is a cross-chain and cross-platform ecosystem that enables gamers and developers to enjoy the best of multiple games regardless of their host platform
    • In-game assets can be easily converted to NFTs
    • Since there are no middlemen on the platform, all processes are cheaper and faster

    Benefits to Gamers

    • Colizeum allows players to use one token across all games hosted in the ecosystem
    • In-game assets are tradeable as NFTs. This will enable players to earn more in addition to direct gameplay. Trading NFTs also serves as passive income for gamers
    • Enjoy earnings from any of the games hosted by Colizeum

    Tokenomics

    The Colizeum ecosystem has a total supply of 1 billion $ZEUM tokens available for different purposes. The seed round featured 6% or 60 million tokens, while 13% or 130 million tokens were available at the private round – both with 18-month vesting periods. There also is another 19% allocated to the Colizeum team, 5% to the DAO fund, 15% for strategic partnerships, and 8.650% for its in-game reward program. As a community-focused platform, Colizeum also allotted 10% (100 million tokens) to community incentives.

    Colizeum is set to be one of the largest play-to-earn platforms in the blockchain sector as it leverages flexibility and interoperability. Creators will be able to develop games that easily interact with each other, thereby adding to Colizeum’s credibility as the go-to play-to-earn host platform. Furthermore, the earning opportunities available to players across all games will attract more users and also appeal to game developers.

  • The 2.0 of Step.App – FitEvo: Advancing from Play-to-Earn to Move-to-Earn

    The 2.0 of Step.App – FitEvo: Advancing from Play-to-Earn to Move-to-Earn

    Play-to-Earn experienced a massive wave of adoption during 2021, as crypto-friendly gamers jumped on the opportunity to earn money while playing games. P2E games such as Axie Infinity, Star Atlas, and others saw a dramatic increase in user and revenue growth. However, after the initial hype wave over P2E games settled, what was left was a realization that many of these games lacked truly engaging gameplay, social features, and sustainable tokenomics.

    Fast forward to late 2021/early 2022, we witnessed a significant pivot in the blockchain gaming space: Move-to-Earn. M2E has taken the world by storm, with numerous projects popping up and their valuations skyrocketing. Among the younger generations, there is a trend towards self-care and maintaining a more healthy lifestyle as we continuously get reminded of just how much time we end up spending indoors. Covid lockdowns took this lifestyle to the extreme and forced everyone to spend time at home longer than many felt comfortable. Now there is a thirst for a more active, healthier life.

    P2E games have had (and continue to have) a good run, but M2E has managed to capture the interest of not only gamers, but also those blockchain enthusiasts who might not be fully on board with just spending time tapping away at their phone screen to earn their P2E tokens. However, every project comes with its own shortcomings. Let’s take a look at these shortcomings and how an emerging project – FitEvo has transformed its platform amidst this trend with a new edge.

    Table of contents

    Finding An Edge in the M2E World

    With popular M2E games such as STEPN, Genopets, and STEP, you’ll find that they share a common gameplay model in which the user acquires an in-game asset, be it a sneaker or a pet animal, and upgrades it further as they keep on exercising.

    But these features on their own are not enough to make an M2E game successful. The focus should be just as much on the social aspects and community engagement opportunities around a user’s physical activities, as it is on the earning and NFT upgrading experiences. And many of the games in this space seem to have forgotten what the most popular traditional social fitness apps such as Strava, FitBit, and MyFitnessPal have already done in order to expand their user base, and keep it engaged. 

    Strava, one of the pioneers in the social fitness app space, has achieved an enormous global user adoption, boasting nearly 100 million users. Much of this growth can be attributed to the app offering not only a feed of activities of their friends, but also other social features that are geography-centric and community engagement focused.

    This precedent for a successful M2E game is exactly the reason why FitEvo is so appealing in terms of fundamentals. FitEvo, an M2E dragon breeding NFT game, has the makings of an incredibly successful blockchain-based game, as they have incorporated many of the social features that people know and love.

    FitEvo: Focusing on the Interaction Between Individuals

    FitEvo aims to engage the masses through a powerful combination of NFT dragon breeding (evolving together with a dragon companion), and social features that gamify physical activity and human competitiveness, and bring friends and communities closer together.

    An engaging and fun dragon breeding game, FitEvo has been inspired by the greats, like Tamagotchi and Pokemon, taking it to the next level by syncing the user’s movements with the development of their very own dragon. In FitEvo, the dragon co-evolves with the user, creating a bond between the two. The hatching of eggs, breeding and evolving of dragons, will be intimately linked to the physical movements of their masters.

    And here is where FitEvo will really shine – the social and gamification features. For those familiar with the M2E STEP game, FitEvo will be like a new and improved Step 2.0, incorporating all the crucial engagement mechanisms that have made traditional social fitness apps so popular. If you’re one of those who didn’t manage to get in on STEP early on, it might be worth your while to pay close attention to FitEvo.

    The multiplayer feature alone will offer an enormous amount of value to the users, FitEvo allows FITamins(as the FitEvo community calls itself) to meet other like-minded and even geographically adjacent individuals by organizing group runs or other group exercises. Anyone who has ever tried getting back in shape with their friends cheering them up or even being right next to them, sweating off their own dietary sins, knows how much it helps to have someone give you motivation and some peer pressure at your lowest moments. This type of community support will be possible, with FITamins helping each other become their better selves.

    Of course, what would a fitness app be without some healthy competition? FitEvo will offer many opportunities to challenge others and stimulate their competitive neurons through classical challenges, as well as user-created routes with leaderboards.

    In addition to earning $FIVO tokens through movement, FitEvo has made sure that attention is paid to incentivizing more extensive user engagement beyond exercising and dragon breeding. Users will be able to collect Active Points through interactions, referral count, daily sign-ins, missions completed, community contributions, and more. The Points will significantly influence users’ earnings to the upside, so it will be in everyone’s best interest if they try to make the best of their experiences on the FitEvo app – and why shouldn’t they?

    Another interesting feature that we are yet to hear more about is the training programme, which will offer inexperienced users the opportunity to learn from the community and follow pre-planned exercise curricula without having to design them themselves.

    Incorporating all of these features will be no small feat for FitEvo, and it will be interesting to see how the project progresses forward. With such a clear edge over their competitors defined, it’s now up to the FitEvo team to deliver on these ambitions and rise through the ranks of the M2E space.

    To learn more about FitEvo, see: https://linktr.ee/FitEvoNFT

  • 5 Reasons Why Move-to-Earn NFT Games will be the Hottest Trend of 2022

    5 Reasons Why Move-to-Earn NFT Games will be the Hottest Trend of 2022

    A recent uptick in projects combining the concepts of move-to-play and play-to-earn into what is known as move-to-earn have started gaining traction, with more and more people trying out this new play-to-earn paradigm. Players are rewarded proportional to their physical activity, incentivizing an active lifestyle all the while generating a passive income. This article looks at 5 reasons why move-to-earn might become the hottest crypto trend of 2022.

    Table of contents

    And check out our predictions and analysis on whether move to earn has potential to become a BILLION dollar industry:

    Move to Earn: BILLION dollar potential in 2022? Predictions and Analysis (StepN $GMT)

    What Is Move-To-Earn?

    Move-to-earn is a fast developing component of Web3, enabling individuals to own and monetize their personal data. M2E’s mission is to scale the blockchain-based incentives system for healthy lifestyle promotion. The increased use of fitness trackers and employer-sponsored wellness programs that reward employees for boosting their physical activity might result in the global fitness tracker market growing from $36.34 billion in 2020 to $114.36 billion in 2028. Employee absenteeism due to illness can be reduced with fitness-based M2E. In this aspect, M2E applications have a far wider audience reach than P2E applications.

    5 Reasons Move-To-Earn NFT Games Will Be the Hottest Trend of 2022

    1. Investors are Flocking towards Move to Earn Projects

    Investors make it their job to identify trends, and seeing the amount of investments in play-to-earn gaming projects, it’s easy to see how the recent influx of cash into projects (such as STEPN and Genopets) in the past months foreshadow the upcoming success of move-to-earn. In their January seed round, STEPN raised $5 million, and, back in October 2021, Genopets raised a whopping $8.3 million in their seed round.

    We’re likely to see more projects and investments by way of SAFTs, and retail-focused IGOs (Initial Game Offerings) to pop up this year, each attempting their own take on monetizing the intersection of blockchain and physical activity.

    2. People want to be Active Post-lockdown (Whilst Earning Passive Income)!

    With Covid lockdowns mostly fading away and warm weather (in the Northern hemisphere) knocking on the door, life will return from the drab cold days of the winter, forcing everyone outdoors. The pandemic showed us that better physical health can keep us from experiencing severe effects of disease, as is the case with Covid-19, and many will try to improve their health as a result. 

    Combined with a desire to socialize and finding the next thing to get addicted to (aside from social media and binging Netflix), an app that aligns an active lifestyle, passive income, collectibles, and mobile video games in a fun and engaging way can be a very powerful combo that launches some move-to-earn projects into our daily lives this year.

    Looks like move-to-earn gaming will contribute to a planet-wide increase in human health by combining the two things people love to do, whether they admit it or not, making money and playing games!

    3. Move-to-Earn Gets People Earning Faster and Easier than Play-to-Earn Games

    With play-to-earn games having laid the practical and conceptual foundations of NFT-based gaming, move-to-earn NFT games are set to see a rapid rise in popularity this year. Games like Axie Infinity, The Sandbox, and many more, have exploded in the past years, amassing a large user base and catalyzing the creation of gaming guilds that bring like-minded gamers together. Now, the crypto community is ready for a new evolution of Play-to-Earn.

    The biggest advantage of move-to-earn games is the low barrier of entry. Contrary to traditional character-based games with narratives and gameplay that require time, dedication and effort to understand, move-to-earn games leverage actions that every human is very familiar with – movement! This means that a player has practically no learning curve before they can start playing and earning, completely eliminating barriers to entry for anyone. Simply open the app and start earning!

    4. Move-to-Earn Builds on the Proven success of Social Fitness Apps 

    Anyone who’s actively used fitness apps like Strava, Fitbit, or PlayFitt will know how addictive their gamification aspects can be, be it trying to set a route record, trying to keep up with the physical activity of your friends (and get more likes), or even competing against yourself as you see your progress in the app.

    These social fitness apps do something magical – they bring out our competitive side, forcing us to push further than we’ve ever pushed, either against ourselves or others. And the amazing thing is that, aside from improved physical health, there is no additional reward that would merit such dedication. If peer pressure and social clout is enough to cause us to do things we normally wouldn’t happily do – exercise – what will the promise of earning a buck or two as you exercise do to us?

    Move-to-earn games seek to answer the question: “What if you added a financial layer and further gamification to a social fitness app, and built it on robust decentralized technologies to ensure fairness and true ownership?”

    5. Move-to-earn Might be the NFT Play Many Retail Investors are Waiting for

    Though some metaverse coins like Axie Infinity’s $AXS have gone parabolic since last year, the bigger Metaverse & GameFi narrative plays are yet to fully take off. This leaves plenty of options to choose from from an investment/bag holding perspective, with many potential “up-only” plays looming around the corner.

    In addition, many retail investors missed the insane gains of last summer’s NFT craze, either due to not fully understanding how to take advantage of the NFT hype train, or simply not wanting to be bothered with having to immerse themselves into the culture of the NFTs to anticipate the highest ROI plays. Flipping NFTs is more difficult than simply buying a coin that goes up.

    Luckily for these people, move-to-earn projects might offer just the solution. In addition to having NFTs, which can be traded as normal, these games also incorporate in-game utility and governance tokens, which can be easily purchased on exchanges, and grow as the value and popularity of the game grows.

    STEPN and Dotmoovs have both made a very smart decision by integrating an NFT marketplace with its own Rental System, allowing players to borrow sneakers/ footballs and start earning quickly and seamlessly, without having to join a gaming guild and apply for a scholarship. Click here to learn more about the controversial practice of NFT Scholarships.

    Not only is this more beneficial for players, but also for NFT owners who don’t want to earn by moving, but through lending them to someone else and collecting a percentage of the fruits of their labor. 

    By reducing the friction of lending their sneaker NFTs to scholars, all owners need to do is to simply place their NFTs on the in-game marketplace, and reap the rewards. This approach to NFT staking will likely gain popularity due to the ease of use and low barriers of entry for hobbyist NFT owners.

    Conclusion

    2022 is looking ripe for move-to-earn games, as GameFi, active lifestyle, and SocialFi narratives take root, eventually culminating in a hype train that might even overshadow previous parabolic narrative-driven runs!

  • ArcadeLand – The Ultimate Gaming Metaverse

    ArcadeLand – The Ultimate Gaming Metaverse

    ArcadeLand is placing back control in the users’ hands – the gamers, the builders, the visionaries – with the Ultimate Gaming Metaverse. Hundreds of top-quality games, advanced cross-platform avatars with NFT wearables, and a blockchain-optional UI to make ArcadeLand’s platform easy to use. Welcome to the Ultimate Gaming Metaverse!

    ArcadeLand is Coming, Why Do You Need It?

    ArcadeLand sees the Metaverse as the natural evolution of the web experience in terms of socializing, gaming, exploring, and learning. While it took nearly a decade to catch on, the world-wide-web quickly gained significant market share while antiquated competitors in the areas of postal, television, newspapers, education, entertainment, and gaming either adapted or were left behind by the new companies that embraced this technology. 

    For example, what happened to Blockbuster when Netflix came along, and this trend is expected to repeat as the newest generation of Web 3.0 technologies emerge. While P2E games and Metaverse platforms are relatively new to the market, there are still significant barriers to overcome before mainstream audiences can fully embrace them. 

    Blockchain remains a double-edged sword, in the sense that, although it grants the benefits of ownership, security, and the ability to earn great rewards from playing games; it also represents a significant learning curve. This comes with a number of dangers for new users, and it’s largely seen in a detrimental way due to the many negative media headlines of bad actors within the industry. 

    Many P2E games in development, and currently on the market, require players to be knowledgeable about blockchain technology. This limits their total addressable from the billions worldwide, down to around roughly 400,000 to 500,000 players, the “niche within a niche” of savvy crypto users who still find time to play such games. User acquisition becomes a battle for these games, as they struggle to compete for adequate DAU numbers within a narrow audience.

    While the definition of the Metaverse, according to Wikipedia, is: “a network of 3D virtual worlds focused on social connection” the current offerings fall short of this important network aspect. Leading Metaverse platforms suffer from a lack of compatibility and interconnectivity, which are hallmarks of a “true Metaverse”. They create a restrictive environment where games of high quality cannot exist, as developers are forced to build within them using only the tools provided by the platform. Avatars and their accessories are only compatible with their own platform, and users cannot show off their costumes or treasured digital wearables elsewhere. By all measures of what a fun, interconnected Metaverse should be, they simply come up short.

    ArcadeLand is creating a platform that will serve game developers, gamers, and the entire community that supports the future of P2E gaming. Arcadeland is connecting games, guilds, studios, and publishers with players from within and beyond the crypto community accelerating this future and removing the obstacles to mass adoption. Increasing the reach of this rapidly growing industry.

    ArcadeLand Will Push the Boundaries of Gaming

    A Metaverse must be complete in its offering and for its intended purpose, as it is by nature a platform to host many applications. A true Metaverse is an environment for exploration, socialization, and play. Compatibility and interoperability with a total array of ecosystem products and services are paramount, as the sandbox-style of exclusivity limits the variety, replayability, and quality of the games within. ArcadeLand understands this and has shaped the platform accordingly.

    ArcadeLand will:

    • Feature hundreds of top-quality games
    • Integrate both mainstream and crypto games via SDK
    • Provide virtual land and a No-Code Builder with UNLIMITED potential
    • Offer avatars with NFT accessories compatible with thousands of other games
    • Deliver a holistic and complete gaming ecosystem for users of all types


    To address the issue of game quality, ArcadeLand is onboarding top-quality game partners with successful titles from both the mainstream space as well as crypto. The objective is to make the developer’s jobs as easy as possible by providing a comprehensive suite of tools to allow for rapid integration with little labor required. 

    ArcadeLand can apply its dual-tokenomics model to mainstream games with dynamic rewards and tournament payouts. This allows game owners and users to benefit from an easy to deploy and use P2E model that can be adopted by any type of game.

    On the crypto gaming side, ArcadeLand can support the seamless integration of games along with the important token features to allow players to take full advantage of the games and their earning potential. 

    ArcadeLand provides a safe environment and tools for newcomers with no crypto knowledge to acquire, manage, and sell their NFTs with their built-in wallet and native marketplace. ArcadeLand provides native and easy-to-use interfaces to share updates on social media channels.

    Land within ArcadeLand can be developed in over a dozen ways. Builders can create their own shops, entertainment venues, or virtual headquarters for almost any type of business or service. Assets generated via ArcadeLand’s No-Code Builder tools can even be listed and sold on the platform’s marketplace to allow players to monetize their designs and speed up the building process. Games can import all popular file formats of their 3D objects without the need to recreate their designs to use them in their virtual spaces. This expands compatibility and creativity in those who wish to thrive with their plots in the Metaverse.

    People love to display their achievements, express their individuality and creative style in real life and virtually. So, what good is clothing you can only wear to one place? ArcadeLand has taken a unique approach by comparison to other existing Metaverses and chose to incorporate one of the most advanced avatar systems on the market. 

    The tokenized avatar accessories issued are already compatible with 1,750+ other games and that number is increasing weekly. Any costume or wearable created, earned, or purchased in ArcadeLand’s Metaverse will be the players’ to show off in hundreds or thousands of other games on all platforms including AR/VR. 

    ArcadeLand is taking an inclusive and cooperative approach to bringing in all the best games, partners, and ecosystem-related services needed to create the Ultimate Gaming Metaverse. Whether you’re a gamer, creator, developer, business owner, social butterfly, eSport champion, or some combination of these, you’ll find everything you’re looking for in ArcadeLand.

    Start Getting Pump!

    To sum up, ArcadeLand is addressing three of the most critical issues halting the widespread adoption of play-to-earn gaming:

    1. High-Quality Games – They have nearly 200 games available and are actively onboarding more weekly
    2. Ease of Use – Their platform is designed for gamers of all walks of life, not just the crypto-savvy.
    3. Broad Compatibility – Arcadeland prioritizes compatibility, from their avatar system to their various ecosystem partners.

    Join ArcadeLand’s social media channels below to stay abreast of developments. There’s much more to reveal about how it all works.

    About ArcadeLand

    ArcadeLand is building the ultimate gaming Metaverse. Its mission is to deliver the most rewarding experiences with the best selection of high-quality games and an ecosystem designed to serve gamers, developers, and the community, to propel the future of gaming.

    Website | Twitter | Discord | Telegram | Reddit

  • 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.

  • MetaWars Launches With Successful Results, Discusses Future Plans

    MetaWars Launches With Successful Results, Discusses Future Plans

    MetaWars, the next-generation sci-fi strategy game, has officially launched the $WARS token. MetaWars successfully developed the best tokenomics for its ecosystem with the help of marketing partners that led to the release of the $WARS and $GAM tokens on the blockchain.

    A Quick Recap About MetaWars

    MetaWars is a sci-fi focused strategy game that enables players to earn through gameplay. Players can embark on their journey in a highly-realistic space environment during the game with the help of NFTs in the form of resources and mechas. The game’s play-to-earn feature enables players to fight, trade, and play while earning NFTs and additional rewards. For more information check out our full Metawars guide.


    The Legacy So Far

    MetaWars released their pre-launch NFT auction from the 21st to the 27th of October, which allowed buyers to purchase valuable in-game assets and supplies. The event garnered huge success, nearing a total of 1,000 bids by the end of the auction.

    The project continued their impressive feats on the day of their launch on the 27th of October, with an initial listing price of $0.008 on PancakeSwap skyrocketing over 100x.

    The staking pool and dapp also went live recently for the community to stake $WARS tokens. Players, in turn, earn $GAM tokens, an in-game utility token that will play a vital role in the MetaWars universe.

    Launch Highlights

    • The pre-launch NFT auction successfully obtained close to 1,000 bids and raised a total of 2,000 BNB.
    • MetaWars’ $WARS tokens were sold out in a flash on all three launchpads — Polylauncher, GameFi and Red Kite — within minutes.
    • The very first MetaWars game trailer and demo was released to the public in order to show a glimpse of the immersive gameplay — interested parties can view the clip here.
    • Staking of $WARS and $WARS-BUSD LP went live on MetaWars’ dapp, access it here.
    • MetaWars’ Discord server remains active with more than 22,000 members to date and an invitation contest is currently underway that will enable participants with the most invites to earn limited in-game asset NFTs.

    Future Plans 

    Following a hugely successful launch, MetaWars is currently working on its adventure game, with plans to release it later this month. The NFT staking feature is also currently in the works and will be announced to the public in the near future.

    More details about the game will be announced soon. To follow up with MetaWars’ updates and developments, follow their social media channels below.

    About MetaWars

    MetaWars is a play-to-earn next-generation blockchain gaming experience. Explore and battle throughout the universe. Fight, trade, and earn robots, ships, and planetary terrain backed by in-game NFTs. The $WARS token will become the anchor of an entire universe up for grabs.

    Website | Twitter | Telegram | Reddit | Discord

  • 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.

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