NFT gaming has exploded in popularity in recent times, despite the sector still being in its infancy. The market opens up a new frontier where crypto enthusiasts can enjoy an exciting gaming ecosystem while receiving rewards simply for participating in the metaverse.
NFT-based games that integrate play-to-earn elements are among the fastest-growing sectors in the developing crypto space. They promise to overhaul the existing pay-to-play structures implemented by traditional incumbents like Nintendo, Atari, Microsoft and many more.
These old-fashioned businesses rely on in-game purchases to generate revenues and grow their platforms while offering players little to no return.
Unlike these traditional gaming models, the crypto gaming industry offers users financial incentives through gameplay. This approach has enabled the burgeoning sub-sector to become a sensation in the crypto and blockchain industry.
Participants can mint and trade rare in-game tokens (NFTs) that they can leverage to earn crypto-assets and fiat currencies on exchanges outside the metaverse.
NFT gamers worldwide can earn rare, immutable tokens with tremendous upside potential that they can trade in decentralized marketplaces for in-game perks such as avatars and accessories. Participants also play a significant role in shaping the architecture of the metaverse while receiving a share of the game’s revenue.
The Evolution of NFT Gaming
The NFT gaming movement has taken flight in recent months with its promise of empowering users to earn as they play. Over the past 12 months, multiple GameFi platforms have emerged, seeking to cash in on the hype.
Ethereum-based NFT game Axie Infinity has so far been the best performing play-to-earn game, attracting millions of new users while witnessing unprecedented growth in daily volumes.
Unfortunately, most NFT collectible games in the market lack innovation, possibly due to rushed development from industry participants looking to earn a quick buck. Consequently, many of these projects lack innovative features, immersive gameplay and an enhanced user experience.
SimBiotes has stepped into the scene with a revolutionary gamified ecosystem that is ushering in the next evolution of NFT collecting. The project introduces an innovative play-to-earn model where users can interact with evolving NFTs. Users can also enhance gameplay with their own collectibles and stake NFTs to earn lucrative yields.
Evolving and Third-Party Mutated NFTs
SimBiotes is a one-of-a-kind gaming metaverse with brand new NFT mechanics based on the concept of evolutionary science. Collectors, also known as ‘Scientists’, can interact with living NFTs and stimulate mutations to increase the rarity and value of their digital artwork.
NFTs in the gaming ecosystem will evolve from 2D collectibles to living, breathing 3D organisms, allowing players to enjoy their digital collectibles in a whole new way.
Moreover, the SimBiotes in-game environment will evolve over time, creating an expanding and engaging virtual world. The new game lets crypto enthusiasts give new life to their static NFTs outside their wallets and allows them to acquire new collectibles featuring unexpected attributes that increase their overall value.
The project’s team has partnered with top gaming developers and leading NFT creators to shape the evolution of the brand new metaverse.
The entire ecosystem will spawn from Embryonic Simbiotes, which are provably rare collectibles on the Ethereum blockchain that evolve and adopt new traits with each passing generation (a generation being every 100 blocks).
Scientists can fuel the evolution of their Embryonic Simbiotes by synthesizing new mutations in ‘The Lab’, SimBiotes initial main activity hub and in-game dashboard. These living NFTs evolve into new NFT strains dubbed ‘Simbiotes’ and then eventually into species. Simbiotes hatch eggs, which can then result in the spawning of secondary digital organisms called Cells.
Furthermore, players can experiment with their ever-evolving organisms to create a new breed of NFTs via Simbiotic Evolution in a special chamber called the ‘Petri Dish’. By allowing Simbiotes to interact with other digital collectibles such as CryptoPunks, Scientists can spawn mutated NFTs that they can trade to earn crypto and other in-game assets.
Transmuted third-party collectibles can also be integrated back into the Petri Dish to increase the chance of Egg-spawning for further rewards including tokens and Cells. The new game will issue 10,000 unique Simbiotes to early-bird investors during the upcoming Simbiotes Drop in late November.
How New Players can Earn on SimBiotes
Crypto investors who miss out on the Simbiotes Drop can join the action and advance in the game. The pioneering evolution-based biodigital metaverse offers a ladder into the game, allowing non-Simbiote holding players to participate and earn rewards in the metaverse.
Newcomers can also interact with living NFTs and leverage their digital artwork to generate new and unique art pieces while enjoying play-to-earn avenues within the gamified environment.
Players looking to join the game after the initial NFT sale can purchase Simbiotes from the game’s marketplace. These enigmatic laboratory creations offer powerful utility in the gaming ecosystem.
Non-Simbiote holding users can curate a collection of Cells and deploy them in rewarding battles dubbed ‘Cell Trials’. The project is working on new gaming mechanics that will facilitate Cells with a set of offensive and defensive traits to battle to earn biodigital energy.
Players who emerge triumphant from these contests can use their power-ups to enhance their in-game assets’ rarity, abilities, and longevity. Biodigital energy can also be sold in ‘The Field’ (the in-game marketplace) or be used by scientists to speed up Simbiote evolution.
Users can also leverage their existing digital art to mint new NFTs with unique characteristics in the metaverse. They can then sell their newly-mutated collectibles to players in the gaming platform and collectors on OpeaSea, a leading NFTs marketplace.
Join the Game-Changing SimBiotes Ecosystem
SimBiotes introduces a radical approach that empowers collectors worldwide to interact with and earn from unique, living digital collectibles on the blockchain.
The platform’s play-to-earn elements allow crypto fans to release their collection of static NFTs to evolve and fetch value in a decentralized marketplace (of course while keeping the original).
Investors in the upcoming Simbiotes Drop sale can experiment on their Embryonic Simbiotes and mint new NFTs with the potential to mutate and earn value in a collaborative, exploratory gaming metaverse.
As the SimBiotes community grows, players will have lucrative opportunities to generate new and valuable mutations from their digital collectibles. They also stand to win airdropped biodigital NFTs from top digital art creators in the cryptocurrency industry.
How high leverage crypto lending market collapses
As the number of crypto lending projects increases, the demand for high-quality banks in this space has also increased. However, the current market is in a tailspin and not much can be done about it. Like other asset markets, such as stock and bond trading or real estate development, the crypto lending market faces multiple headwinds: low-interest rates, rising competition, and regulatory uncertainty. Traditional lenders are unwilling to offer crypto loans at competitive rates or as a package deal. Even if they did deliver it at competitive rates, many others would reject it out of hand. This leaves traditional financial institutions as the only alternative left. To avoid becoming an antiquated sector that cannot support itself, we need more than just more conventional lenders. There needs to be a higher level of leverage on offer so that creative digital assets can become its main attraction instead of simply being another commodity – another loan option. Lenders with leveraged portfolios are necessary even if they do not have the best business practices (e.g., investment vehicles). Weakening the competition will only make things harder for traditional players who have grown accustomed to buying their way into certain industries (e.g., oil) or using other conventional means to reach their goals (e.g., banking).
What is the current crypto lending market worth?
There are over 1,000 crypto lending projects in the market. Some of them have raised more money than others and it is not unusual for projects to generate more than the sum of their (usually smaller) parts. However, the total number of lenders in the market would not be significant without the adoption of blockchain and the payment network it creates. However, the market suddenly collapses in early 2022 due to the market downturn. It makes many people wonder why the market is so fragile.
The demand for high quality digital banks
New digital banks are opening their doors worldwide and offering loans to customers in various forms. Some common forms of lending include cash-out refinance, termite and mortgage loan, and money market funds. Other assets usually secure these loans rather than security-rated assets. They may offer higher interest payments but the risk of default is also very high.
How big of an impact will the current market have on business confidence?
The amount of money raised through these projects can greatly affect a lender’s business. If the number of lenders increases and the number of projects increases, then the number of do-it-your-self (DIY) loans will increase as well. However, the most significant impact will be on the confidence of the banks in the industry. This will have a dramatic and far-reaching impact on the entire commodities and financial services industry. There will be a loss of vendor relationships, reduced transparency, and a decline in investment confidence in banks. These will hurt all parties, from the lender company to the government. One example is the lending company Vauld. Unlike traditional lending services, crypto lending solely depends on the algorithm to determine the opportunities. It works when the market goes up but it does not work when the market goes down. When valuation goes up, the interest payments are worth less than the company holds. However, the interest payment is worth more than the company has when the market goes down. He suddenly reversed the market, putting the company out of business immediately.
What is next for crypto lending in terms of transparency and regulation?
The crypto lending market is small and has little industry publicity, meaning there is not much regulation or regulation-like regulation that could be applied. However, it would be wise to consider this market a low-hanging fruit, as most regulatory and legal developments occur very slowly in a sector that experiences massive fluctuations in demand and supply.
The demand for high-quality banks in this market is very large. There will be no significant movement in the market with the advent of decentralized, blockchain-based ledgers. And with the advent of more blockchain-based assets, demand for high-quality banks will continue to grow. However, a major event like a government ban on virtual currency will spark a meaningful change in the market. There is little chance of this happening soon. With so much disruption and uncertainty in this sector, it is unrealistic to predict the future of bankine. But one thing is for sure: the use of blockchain in banking will become more common, if not inevitable, in the near future.
If you enjoy reading my articles, buy me a coffee here.
We are in a recession, no doubt?!
Are we in a recession? Well, it depends on who you are talking to.
The traditional view is when there are two consecutive quarters of decline in a country’s real gross domestic product is commonly used as a practical definition of a recession.
But, the definition of a recession has started changing.
Nowadays, we cannot agree on the definition anymore. Everything is open and up to debate.
All indicators show that we are heading or have already in a recession.
From the government bailout companies to not allowing a recession anymore in the economy, where are we heading if there is no clear guidance on the economy from the government?
So, we are technically in a recession, but we are not in a recession.
And we are heading into an even worse economic cycle:
But that is okay, and we can redefine everything from now on.
Here is the question about a recession, is a recession man-made or a natural process?
If a recession is caused by humans and is a man-made event, the government has the right to change the definition. Since the government has been created collectively to represent the majority of the people in the nation, they have a right as a creator of the collective force to change the definition of the recession.
What if a recession is a part of nature?
Then refusing a recession is a violation of natural law.
I think a recession is man-made, and it is okay for the government to change the definition if they want to. They have to convince citizens that the change is acceptable.
So, we are in a recession according to the traditional definition, but we may not yet be in the recession if the broader definition claims “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.”
At the end of the day, it becomes a political debate that does not affect people’s daily lives.
If you enjoy reading my articles, buy me a coffee here.
The Froots Are Here and Moving Fast
I was surfing through transactions on the Solana blockchain yesterday, and I noticed a large volume moving on Froots NFTs and decided to check things out.
Froots NFTs sold out fast, and the floor started running up. The mint price started at 2.75 Sol on July 21st. When I saw the project and could get in yesterday, the floor was sitting at 4. Last night and today, the Floor has been floating around 5.5 to 6.5.
What are Froots?
Froots is a collection of 7,777 fruit NFTs.
Froots, also known as ‘The Vibers of Solana’ is a community driven project of cute froots that aims to spread good vibes and provide its holders with great opportunities, through their different ventures. With Froots, we want to experiment and set a precedent for what can be done between Web2, IRL businesses and Web3. While our main goal is to develop multiple subsidiaries in various industries ranging from F&B, Merch, Books,etc… We will always put our community first and make sure that we’re always innovating and keeping it fun.Froots
Let’s Breakdown the Froots NFT Project
The project appears to be a fast-release project. A short roadmap section briefly discovers the project and utilities of the NFTs. Froots announced that only 3 of the 6 NFT utilities had been released the other 3 are still a surprise.
What is Driving the Popularity?
It’s all about the community. The Froots has a fantastic community helping to push this project to the top of Solana.
The Road Map
Froots is a multi-venture brand where holders of the genesis NFT collection will be benefiting from each ventures of the Froots umbrella, through our rev-share program. The first subsidiary will be a juices/smoothies company, and the 2nd one is a merch service venture to help projects develop high quality merch that suits their needs and brand image. We have a lot more in stock but we’d rather overdeliver than overpromise, however we can tell you that the future of Froots will include: Merch, 1/1 Charity Auctions, Web 2 + Web 3 partnerships, Lore related projects, Cute art… and VIBES!https://frootsnft.com/
Suggested Read: The Art Collective Multichain DAO by Metazens – Cryptobite
My Thoughts On Froots NFT Solana Project
I had to jump in on the rise up and make a little profit at least. I love the idea behind it and am curious to see what the other utilities will be. I will also hold at least one just to see where the project goes. They make some cool PFPs for Social Media when all else fails.
- Crypto News10 months ago
Kryll (KRL), LCX (LCX) SUKU (SUKU) and OriginTrail (TRAC) are launching on Coinbase Pro
- Blockchain10 months ago
DeSo Announces $50 Million In Funding for Developers
- Blockchain11 months ago
DeSo | Decentralized Social Media Network
- Bitcoin8 months ago
Simple Analogy Explains How Bitcoin Works
- Crypto News10 months ago
Unpacking The DESOlaters with William Laurent
- Blockchain8 months ago
DeSo : Decentralizing Social Media Apps
- Crypto News8 months ago
Multichain Metazens Emerged In The Metaverse
- Blockchain10 months ago
How to Get Free DeSo Crypto