The rebranding of Facebook to Meta marks a new stage in the NFT market. During 2020, the powerful Axie Infinity Metaverse paved the way for competition to be followed by others. Tactical blockchain games introduced NFTs not just as digital collectibles, but as playable fictional creatures. In addition, the stand-alone Axie economy, which is bolstered by redeemable tokens from AXS and SLP, provided an out of the way (P2E) route for crypto-to-fiat conversion.
As a big cherry, Axie also borrowed from the DeFi protocol, allowing players to bet on Axie Shards (AXS) in exchange for bonuses. Just as you can earn interest when depositing money in a bank, betting on AXS Locked Tokens allows users to earn more tokens. These currencies can later be exchanged into fiat currency (USD/EUR) with many cryptocurrencies.
Image credit: axie-infinity.gitbook.io
In this way, the GameFi ecosystem was born that combines decentralized finance (DeFi) and blockchain gaming. You don’t have to look far to confirm the success of this new GameFi model. Axie Infinity is second only to OpenSea, which has a trading volume of $13.25 billion, with an independent NFT market of $3.81 billion. Building on this setup, the Meta rebranding has created a new wave of interest in the Metaverse coin, which has skyrocketed since the beginning of November 2021.
Almost all of the Metaverse coins share a common rally in November. Image credit: coinecko.com
Now that the first speculative frenzy has subsided, it’s time to dig deeper into the Metaverse nominees ready for the next Axie Infinity. More importantly, how are these Metaverse coins used in the P2E model?
Metaverse Coin Use Case
The concept of Metaverse coins is not new. Since RuneScape and World of Warcraft, players know that some games have a complex economy that simulates all the basics of the real world, including crafting, farming, collecting, blacksmithing, and combat. However, in-game currency remained banned from the real world, and P2E was not possible at the time.
Blockchain technology has been a missing component. You can now tokenize these assets within the game, export them outside the game, and exchange them for fiat currency. Behind these virtual economies lies the Metaverse as the original cryptocurrency unit. Whatever transaction you have to pay in the Metaverse, there are coins to make it happen.
A good example of this is The Sandbox, the most funded metaverse platform, with the SAND Metaverse Token. They have multiple applications:
- As an interest token to pay for transactions within the sandbox ecosystem.
- Pay to customize your in-game avatar.
- LAND NFT, How to buy a virtual lot.
- Trading assets in the Sandbox Marketplace. Like LAND, the assets are NFT, but are user generated via the VoxEdit tool.
Currently, if you go to OpenSea to create or buy a new NFT, you will need ETH cryptocurrency. Within the sandbox, SAND tokens serve this purpose. For example, thanks to voxel technology, you can pay to create a variety of user-created assets. It’s no coincidence that Sandbox co-founder Sebastien Borgett chose this technology.
Voxels simulates real-world particles, so VoxEdit makes it easy for players to turn these configurable assets into playable assets worth trading NFTs. They range from equipment, symbolic clothing, and vehicles to buildings and creatures.
Finally, Metaverse coins have another important use. Since they represent voting rights, they motivate members of the community to retain them. Its status leads to the creation of the DAO – a decentralized autonomous organization. DAO allows owners of Metaverse Coin to participate in the development of the platform. Decide which features you want to prioritize, which features you want to ignore, and which features you want to add.
Therefore, Metaverse coins often use auxiliary tokens and governance tokens at the same time. These roles are interchangeable. The governance part is associated with voting rights, but it can also be wagered as an interest token that rewards in the form of a portion of all revenue generated from transactions made within the ecosystem.
Outstanding Metaverse Project
After the success of Minecraft and pixelart games, it has become common to find such aesthetics in GameFi as well. Sandbox (SAND) and Decentraland (MANA) both have a cartoonish look along with DeFi Kingdoms and Mobox. However, on the other side of the spectrum, there are games close to the Triple A standard.
These are DeFi connected games, which provide a modern and realistic look, so they are not DeFi connected gaming platforms. One such game is SIDUSNFT HEROES. This is an SFM MORPG that has a lot in common with Mass Effect and Star Wars: The Old Republic.
more information: https://twitter.com/galaxy_sidus/status/1471389642091991041
Founded by a four-member team of Dan Khomenko (CEO), Andrei Sudarkov (Creative Director), Dmitry Andreev (Art Director), and Roman Povolotsky (Game Producer), the SIDUS team now consists of 25 GameFi encapsulated payers . more. Last week, the project ended IDO funding. Unlike the more popular ICO (Initial Coin Offering), IDO (Initial Coin Offering) is at the forefront of crypto crowdsourcing.
Since IDO operates on a decentralized exchange, it provides instant access to funds, automatic liquidity and no registration fees. These are the main advantages of the traditional centralized financing model, but investors need some crypto knowledge.
Since its launch on December 15, the Metaverse Token for a project called SIDUS has reached an ATH price of $0.1932 on January 1, 2022. In addition, we have reached the peak of the token trend.
Similar to Axie Infinity and The Sandbox, the game’s transactions are made on SIDUS tokens and are used to craft, raise, customize, and breed pets, and create NFTs. However, SIDUS HEROES has an evolution in the form of another token called SENATE.
SENATE are governance and in-game coins that are used for specific tasks. In addition to voting, it is used to create and manage factions, and the power of a user’s vote is proportional to the number of tokens they own. Unlike the original SIDUS coins, a total of 300 million SENATE tokens is the only currency in which players can purchase spacecraft, space station upgrades, and more.
Likewise, SIDUS tokens are used more often for in-game transactions and character assignments which are NFT in themselves. Depending on the lock-up period, you can bet on both types of tokens with an APY of 20% to 60%.
The scope of the SIDUS project is reminiscent of BioWare’s Andromeda and covers everything you can expect to see in the vast realm of science fiction, from resource gathering and mining to weapon and equipment upgrades. Furthermore, given how popular EVE Online is, the SIDUS Guild Management Configuration Project may be just what you need to get you on the right track. Already, the SIDUS team has partnered with Astra Guild, one of the largest NFT-based P2E and DAO platforms.
GameFi is set to transform traditional games
Ubisoft saw a huge backlash after the launch of the NFT Quartz Marketplace for upcoming games, but gamers are unhappy with the move because the company is still charging the full amount for the game itself. I did. GameFi projects such as The Sandbox, Decentraland, Mobox, and SIDUSHEROES do not enforce this problem. Instead, they offer a natural progression of the game that does not even consider monetization as a micro transaction.
GameFi games may have a virtual economy, but there is nothing virtual about smoothly exchanging tokens for paper money on Web3. Given the choices, it’s only natural for players to prioritize the new premium P2E model and put aside the old model, which has no real benefit. Ultimately, you should expect to completely replace traditional non-blockchain games. That is, as long as the game in question has a well-thought-out gameplay, sound and economy that simulates the physical universe.
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