The owner of a Bored Ape NFT (non-fungible token) has been mistakenly sold for US$3,000 (A$4,212) instead of its intended market price of US$300,000 (A$421,205) in what turned out to be a classic keyboard typo.
Bored Ape #3547 is a highly coveted NFT from the Bored Ape Yacht Club, a famous collection of 10,000 NFTs on the decentralised marketplace OpenSea. The owner goes by the Twitter username Maxnaut.eth, an NFT enthusiast who apparently forgot to put the right price on the auction.
Instead of pricing the NFT for $300,000, he committed a typing error when listing the NFT at OpenSea, misplacing a decimal point in pricing it at 0.75 ETH instead of 75 ETH. An automated account subsequently bought the NFT and put it back on sale for around US$250,000 (A$351,000).
Sometimes you fuck up, make a bad buy, out of gas fail, send Eth to the wrong wallet or fat finger a listing 👀
It's going to happen. But, letting it occupy your mind for even one second after you can no longer affect the outcome is purely hurting yourself twice ❤️
In banking transactions, this kind of error can be remedied but incorrect transactions are irreversible in the blockchain space.
A similar incident occurred on August 31 when the owner of Mutant Ape #5275 sold the NFT for just US$17 (0.0035 ETH at that time), instead of 17 ETH ($54,000). The owner had sent the seller the purchase bid in USDC instead of ETH.
However, the NFT field witnessed its most catastrophic mistake when the owner of CryptoPunk 3860 put up the NFT for sale in the general market instead of creating a whitelist sale, meaning that anybody on the market could see the listing go live and snipe the auction.
And it did. The NFT was bought for less than one cent on August 4 and was quickly flipped for US$136,675.
There is also a divide between the sexes, according to the Saxo survey. Around 21 percent of Australian men claim to have a handle on what cryptocurrencies are and how they work, compared to just seven percent of women.
These findings stand in stark contrast to the IRCI survey, which found that:
28.8 percent (or almost three in 10) of Australians either own or have owned crypto (up from 18.4 percent in 2020); and
the proportion of women who own crypto has almost doubled in 12 months from 10.1 percent in 2020 to 20 percent.
The Saxo poll found that bitcoin was easily the best-known crypto, albeit with an underwhelming 38 percent of Australians surveyed recognising the name. The next most familiar cryptocurrencies were Ethereum, ringing a bell for 12 per cent of Australians surveyed, and Dogecoin next on 8 per cent.
By comparison, the IRCI survey found that nine in 10 Australians were aware of bitcoin with more than one in five owning it. The next-ranked crypto was Ethereum, at 11 percent (up from 5 percent ownership in 2020), on a relative par with the Saxo survey.
Three in Four Australians ‘Unaware’ of NFTs
Perhaps the most surprising Saxo statistic was that 75 per cent of Australians apparently have not even heard of non-fungible tokens (NFTs), though they’ve been by far the hottest blockchain commodity in 2021. Below is a table relating to Saxo’s findings:
As Australian Crypto Owners Push Toward a Million, a CBDC is On the Way
Last week, Australian Federal Treasurer Josh Frydenberg estimated that more than 800,000 Australians have owned cryptocurrency at least once. Crypto was a “fast-moving area” that the government needed to get ahead of, Frydenberg said, while also declaring both the Commonwealth and Reserve banks were planning to introduce a central cryptocurrency.
The Saxo survey found that 42 per cent of Australians would use a cryptocurrency if it were made legal tender tomorrow, but only one in four agreed that cryptos should be declared legal by the government. If cryptos were in legal circulation, one in three Aussies said they would incorporate them in their savings or retirement plans.
In August, the 2021 Global Blockchain Survey conducted by multinational accounting firm Deloitte revealed that 76 percent of respondents believed crypto would be a strong alternative to, or outright replace, fiat money within the next decade.
According to a May survey by TradingView, cryptocurrencies had by then become Australians’ second-most preferred assets, outranking traditional assets such as bonds and futures. Just a month later, another survey by international crypto exchange Kraken found that 40 percent of millennials preferred investing in digital assets over real estate.
With a total prize pool of US$500,000 and over 700 participants, the latest Theta Hackathon has crowned winners first to third in four different categories.
Out of all the placing teams that took part in the hackathon, here are Crypto News Australia‘s five favourites:
StreamVerse
Streamverse is the lovechild of streaming and metaverse concepts and is a place where streamers go to “monetise their streams and moments without any third-party arbitration providing player interaction as [a] base layer”. Users will be able to move around in a 3D virtual environment with friends and other fans to watch their chosen streamers.
Streamverse’s 3D virtual environment.
The team set its sights on building a platform that was realistic and where fans could interact more closely with their favourite streamers. Moments you never want to forget can be captured and converted to an NFT without relying on a centralised entity. The project also has efficient applications for charity and esports use cases.
TKETS
TKETS is a decentralised ticketing platform that aims to solve the security problems that plague the industry. The platform is fully permissionless, meaning anyone who has a Metamask wallet can interact with the platform and create an event directly.
The TKETS dashboard.
For event organisers, each ticket is minted as a separate smart contract that only they own, and every ticket purchase locks the funds directly into the contract. This means that after the event ends, event organisers can withdraw their funds immediately and directly with no need for any other approval. And on the other side of the coin, if an event fails to happen, payments are redistributed to the buyers.
SCUBR
Scubr is a short video content-sharing application. The goal is to introduce people to the blockchain space without scaring them off with the complexity that comes with it. Users can post videos of their own and watch videos of other creators. Based on the views and likes received on their owned videos, users earn SET (SCUBR Engagement Token). Using this token, they can purchase merch from other users or even trade NFTs.
SCUBD video-sharing platform.
By minting NFTs from their videos, users can sell them on the marketplace and buy other people’s videos as well. When the project is fully realised, people could hopefully even buy videos from celebrities or influencers. Once a user purchases an NFT through the marketplace, the video is transferred from the seller’s profile to the buyer’s profile, and any subsequent views of the video are credited to the buyer.
OpenTheta
ThetaDrop is run by Theta Labs and is its third-party marketplace where only selected artists, influencers and creators are able to launch NFTs. OpenTheta is the first independent and public NFT marketplace on the Theta blockchain that will allow any user to create, launch, and trade NFTs.
OpenTheta homepage.
The marketplace has a launchpad to support creators launching their new NFTs. Buyers can also check the sales history of an NFT, which gives them an understanding of overall supply and demand.
The Bug Adventure Show
The Bug Adventure Show is an adventure game where competitors play for NFT prizes, tokens and achievements. Competitors will need to solve puzzles and riddles set out by the team, and only one player can play the game at a time while their actions are live-streamed for all to see.
The Bug Adventure Show in-game footage.
The point and click game will be broadcast through Edgecast and each player will have five minutes to solve a puzzle with all the data being saved on the blockchain. The next player carries on where the previous one left off, and the game will continue until there are no more players in the queue.
Amid a booming non-fungible token (NFT) market, few things still manage to amaze but the news that 80 million NFTs have been minted on the AtomicHub interface is one.
Almost 80 million NFTs minted, and over 44,000 sales transacted today. Source: AtomicHub
WAX, or Worldwide Asset eXchange blockchain, considered the most eco-friendly platform for NFTs, collectibles and video games, has witnessed significant trading volumes, with a market cap currently sitting at US$1.5 billion and the WAX token trading at US$0.43.
On the platform, users can play several decentralised games, build their DApps, as well as buy and sell NFTs using WAX in a fast, cost-efficient manner.
Starship Launches on WAX
The most recent decentralised game to launch on WAX is Starship, a play-2-earn (P2E) NFT game. The launch of Starship comes amid an also bustling GameFi market.
Partially funded by WAX Labs, AtomicHub is an interface for the NFT standard AtomicAssets, which focuses on usability along with Ram efficiency. One of the most significant features for users is that Ram costs are fully paid by the NFT creators (never the users), along with the powerful two-sided trade offers available on the interface. AtomicHub is split into an “Explorer”, which allows users to browse through all the AtomicAssets NFTs, and a “Marketplace” where users can buy and sell NFTs.
AtomicHub interface. Source: AtomicHub
The interface also offers a “trading section” which allows users to see the trade offers they have received or sent and to create new trade offers. Then there’s “NFT Creators”, which allows anyone to create their own NFTs without required coding knowledge. This facility has driven a massive influx of artists creating NFTs on WAX.
WAX Marketplace Dominated by NFT Game Trading Cards
The NFT market is a creative and innovative space, but among the 80 million NFTs already minted on WAX, game trading cards seem to be dominating across the board.
NFT Game trading cards dominate on WAX.
Although a very busy and serious contender in the crypto market at the moment, the NFT space continues to keep it fun and light. For example, AtomicHub is proud to host the “Avocado” NFT as part of the “Taco” collection. “Avocado” is advertised as a taco ingredient that can be traded for TACO tokens with the Taco mobile app. The NFT is currently for sale for 177.5 WAX, or approximately US$76.64.
If you’re an avocado aficionado, head over to AtomicHub.
Ubisoft has received a massive backlash from the gaming community after announcing plans to add non-fungible tokens (NFTs) to its platform with the release of the latest title in the Ghost Recon series. The announcement has since been quietly withdrawn.
Ubisoft has announced the release of a new NFT offering called Digits. These in-game items will commence with the launch of the new Ghost Recon: Breakpoint and are marketed as digital collectibles that are completely cosmetic. The NFTs will be released in limited editions featuring an engraved serial number on the item that also serves as its cryptographic ID. The integration marks the first time a mainstream video game has added NFTs to its in-game economy.
Ubisoft Quartz an NFT Platform
The gaming industry has played with the idea for some time now and has met with many mixed opinions. EA has called NFTs “the future of our industry”, while Xbox boss Phil Spencer is worried they might be “exploitative”. Steam, the world’s biggest gaming platform, has completely banned NFTs and blockchain games.
The Digits come with a new wallet called Quartz, a platform where players can buy and sell in-game NFTs even on third-party markets. The platform will run on the Tezos blockchain, an energy-efficient Layer 1 solution, as part of its carbon-friendly campaign. Ubisoft’s partnership with Tezos to run a validator node also makes much more sense now after the launch of Quartz and the coming AAA-NFT titles.
Ubisoft's second Ghost Recon NFT can now be claimed by people who've played the game on PC for 600+ hours.
Presumably the 600+ will jack up the price at which people who claim them will be willing to sell
Ubisoft has stated it will take a cut of NFT sales “in some cases”, making the gaming community feel it’s another moneymaking ploy. It seems that Ubisoft wants to take the micro-transaction era of Fortnite a step further by blending this tried and tested strategy with NFT technology and using it for its platform. After Ubisoft released its NFT trailer on December 7, it gained so much pushback that the company removed it, drawing a 96 percent disapproval rating.
Gaming Community Up in Arms
Blockchain technology has exploded in the past few years with all sorts of applications in different fields. Recently NFTs have infiltrated the gaming industry in a big way and the wider community is not happy about it. Many players and designers believe they are only added as a way to make money, rather than providing players with any benefit or enhanced gaming experience.
Will players be able to transfer in-game items to the next generation of their game, or if the servers go offline will they lose all their accumulated value? And why would someone buy an in-game NFT on a third-party market if they could never use it outside the game?
Why are Ubisoft's NFTs better for your gaming experience? Well, they say it right here.
– Item has number on it – Number belongs to you – Until you sell it to someone else
The consensus seems to be that gamers are upset that their hobbies could be moving towards crypto-based moneymaking machines rather than the fun and true experience of enjoying a game.
Our daily lives have been consumed by everything Covid-19 related, but one company is taking it to the next level. ViroMusic is now trying to sell the sound (yes, you read right) of Covid in non-fungible token (NFT) form for an outlay of US$285 per song.
NFT of Covid-19 Goes Viral
ViroMusic is a collection of NFT songs ‘created’ by the Covid virus. Using a technique called DNA sonification, the collection is synthesised using the genetic sequence inside the coronavirus, with the melody in the songs drawn from the viral sequence.
ViroMusic’s Covid-19 audio NFT. Source: Rarible
According to Viromusic’s website, experts will take the genetic code of the virus using a DNA sequencer that will return a string of letters G, A, T and C. The string is then broken down into three-letter blocks, called codons, and each is assigned a musical note.
Viromusic’s software searches through the entire 30,000 letters-long code of the virus to find sections that sound musical. Notes are thereafter turned into music using a digital audio workstation and consequently become the melody of the song, after which instruments such as cello, bass and drums are added as accompaniment.
10,000 Sequences Turned into Songs, Then NFTs
According to ViroMusic, “Using DNA Sonification, the melody in the songs is derived entirely from the viral sequence. Every note in the melody is part of the step-by-step instructions the virus uses to make more copies of itself.”
In total, a series of 10,000 sequences have been synthesised into songs which were then minted as NFTs, ranging from slow and melodic to energetic rock music. Accordingly, each song in the collection is “one of a kind”, as every track has its own viral melody.
The NFT collection is available for purchase on Rarible. To date, and probably unsurprisingly, ViroMusic has only sold one composition since its launch earlier this month.
Bizarre NFTs the Flavour of the Season
As NFTs go, things have got rather strange – who would have thought synthesising songs from Covid’s genetic code was something NFT enthusiasts would even be interested in? But anything is possible in this space, as releases this month are proving with not only interesting but downright bizarre NFT projects on launch.
Follow these Crypto News Australia guides for the latest in the crazy world of cryptos.
Here’s a list of some of the most interesting NFT (non-fungible token) projects coming out this month. Some are P2E (play-to-earn) with innovative features while others are joining the metaverse frenzy.
1. Meta Legends
Allow your avatar to roam the metaverse in Meta Legends.
Meta Legends is an upcoming NFT collection of 12345 avatars categorised by levels of rarity, and stored as ERC-721 tokens on the Ethereum blockchain. The auction starts on December 11, and the funds will be used to start a number of initiatives, such as building a metaverse called Meta Life, where the community will be able to stack crypto, own property and more.
2. ReforestNation
Grow your own forest and earn carbon credits on ReforestNation.
ReforestNation is a collection of real estate NFTs issued on the Cardano blockchain, where each NFT is a forest plot with its own carbon credit score, allowing users to offset their crypto carbon footprint. By becoming a member of ReforestNation, users gain access to the ecosystem, including the platform’s marketplace, and a personal portfolio that can be managed through the mobile app or website.
The protocol wants to bind the tokens to real-world lands and forests and benefit from them. Every NFT owner has the opportunity to participate in collective decisions on real-life forests and land.
3. Sugar Village
Sugar Village features customised sweet shops.
Sugar Village is a P2E virtual village where users can promote their virtual sweets. To get involved, users have to participate in the initial public sales or buy SHOPs from NFT markets such as OpenSea or Rarible. SHOPs are the customised stores on Sugar Village, which can be prepared to promote the users’ artworks or sold on the aforementioned marketplaces.
4. Inuland
Players can interact with their NFTs in the Inuland Metaverse.
Inuland is multiplayer P2E game where users can collect NFTs in the form of fantasy cosmos creatures known as Inhabited Inues. These creatures can be gathered, bred, and sold in the marketplace.
The community-governed Inuland Metaverse is where users can explore the wide range of more than 170 traits across nine different categories from 10,001 NFTs. By buying the protocol’s native token, INU, players have access to the INULAND P2E game and can earn rewards in the form of INU tokens.
5. Spatial
Spatial is a VR ecosystem accessible by phone.
Spatial is a platform where users can create 3D avatars by taking a selfie with their phones and interacting with other users online while exploring community spaces. The protocol provides a virtual reality ecosystem where anyone can share ideas and visualise them in their own spaces.
6. Property’s
Explore the metaverse and play P2E games in Property’s.
Property’s is an Ethereum-based metaverse hosting 6000 NFTs that users can own in the Property’s metaverse. Besides exploring the metaverse and interacting with other users, players can compete in P2E games or even create their own (and receive) rewards.
Pretty much whatever you do in real life can be done in the Property’s metaverse, from admiring art pieces and purchasing them to attending music festivals and events.
Presale began on December 10, public sale from December 12.
7. World of Norja
Be an orc, a paid mercenary fighter in the World of Norja.
World of Norja is a P2E game where users (orcs) embody mercenaries and embark on a journey in the land of Norja, conquering and exploiting other lands to earn money. Every mercenary is rewarded with $NORJA, the game’s native token. Players receive tokens via airdrop for being part of the army, but they can win more by participating in quests, dungeons, and disputes over territory control. There are 10,000 orcs stored as ERC-721 tokens, each orc unique with equipment and characteristics randomly generated.
8. Lilims
Lilims are an NFT collection of 3,666 hybrid demons with feminine aspects, each of them unique with different traits.
Hybrid feminine demons pose as hand-drawn assets on Lilims.
Lilims will be revealed on December 15, all of them generated via hand-drawn assets. Buying a Lilim is straightforward – simply click the “Mint a Lilim” button to get one. To avoid expensive gas fees, the protocol has chosen the Matic network over Ethereum.
9. Remember
A dedicated commemorative artwork in the Remember metaverse.
Remember is billed as the first commemorative metaverse. Users can craft Memorial Stones, which are dedicated artworks to commemorate the stories of loved ones as NFTs. These also provide users with a key to their personal Memorial Hall, where they can keep, curate and celebrate their memories.
Paying homage to the brand’s roots in music, Pepsi is creating 1,893 unique generative-style NFTs that will go live on the Ethereum blockchain at 12:00 EST, December 10. You may ask why Pepsi would want to mint 1,893 NFTs? Well, it’s to mark the year Pepsi was born.
Pepsi Microphone NFT collection.
Unlike rival Coca Cola’s NFT drop, they will be free for users, other than the cost of gas fees. The NFTs themselves will be randomly generated by an algorithm so that each possesses unique traits. According to Pepsi, they will be “grounded in variations of a microphone visual and inspired by iconic Pepsi flavours including classic blue Pepsi, silver Diet Pepsi, red Pepsi Wild Cherry, black Pepsi Zero Sugar – even fan-favourite Crystal Pepsi and many more”.
Pepsi has always been a brand with a strong heritage in music and pop culture, so it’s only fitting for us to bring that legacy into the new world of NFTs with a ‘mic drop’ of epic proportions … This collectible series of microphones is not only inspired by our history, but also represents the scale and scope of how accessible we see this space becoming in the future.
Todd Kaplan, VP of marketing, Pepsi
How to Get Your Free NFT
Pepsi has put in a place a waitlist process to give everyone an equal chance to participate without blowing up the gas fees. The waitlist opened December 10 at 12:00 EST at micdrop.pepsi.com.
On Tuesday, December 14 at 12:30 EST, consumers who have been waitlist-approved will be able to mint one of 1,843 Pepsi Mic Drop NFTs free of charge (not including ETH gas fees).
Users should also stay tuned as 50 of the remaining NFTs will be held back for initiatives in the near future.
Once a consumer is verified, the token will be minted and directly sent to their wallet.
Shortly after, users will be able to list their NFTs for sale if they so wish on any third-party NFT platform.
As the non-fungible token (NFTs) boom continues to explode, new projects are popping up left, right, and centre. One of the more recent developments in this burgeoning market is the use of NFTs as digital avatars, along with some meme projects set for imminent launch.
Follow this guide for the inside scoop on 10 bizarre meme avatar NFT projects ready to launch this month:
1. Chimp Club
Chimp Club NFTs are fully customisable. Source: Chimp Club
Set to launch on December 10, Chimp Club is a collection of 10,000 handcrafted and randomly assembled chimps who all live on the Ethereum blockchain. Out of a wide variety of personalities – from hackers and artists to degens, boomers and zoomers, with each chimp built from a unique combo of hair, hats, eyes, mouths, and outfits – owners are able to fully customise their chimp’s profile.
Chimp Club is a community-driven initiative, which will allow holders of Chimps to take part in coordinating the club’s treasury, development and direction. By purchasing a chimp, buyers will be granted full and complete rights to do whatever they want with the NFT and the artwork included, commercially or otherwise. To mint a chimp, holders can use MetaMask, Wallet Connect or Wallet Link.
2. Eraser Heads Lead Rebellion
Unique, generative Eraser Heads. Source: Eraser Heads Lead Rebellion
Eraser Heads is a collection of 11,111 unique, generative NFTs that exist on the Ethereum blockchain. From the December 8 presale, Eraser Heads also exist on the Polygon blockchain network, which means there are no gas fees associated with minting so holders are able to keep more of their initial investment. These NFTs have some additional utility, with buyers earning tokens just by holding.
3. Eternal Utopia
A Utopian living on the Ethereum blockchain. Source: Eternal Utopia
The Eternal Utopia is a collection of AI-generated humanoid characters (Utopians) that are residents of an alternative planet Earth on the Ethereum blockchain, doubling as ERC-721 tokens. Each NFT is hand-sketched using a different colour palette and shading group by the artist, Shoeb. Utopians are created by using generative arts randomly shuffled from 101 different traits, including skins, accessories and expressions.
4. Ghetto SharkHood
Ghetto Sharks gain holders lifetime membership to the club. Source: Ghetto Sharkhood
Already available for purchase on the OpenSea marketplace, Ghetto SharkHood is a limited collection of 10,000 Ghetto Shark NFTs stored on the Ethereum blockchain as ERC-721 tokens. By purchasing a Ghetto Shark, holders gain lifetime membership to the SharkHood, along with members-only benefits. Each Ghetto Shark is unique and programmatically generated from 180 possible traits, including expressions, headwear, accessories and skins.
5. Foxtoons Club
Randomly generated “Boodles”. Source: Foxtoons Club
Launched on December 8, Foxtoons Club is a collection of programmatically generated NFTs built on the blockchain. The first generation consists of 3333 random Foxtoons, which are randomly assembled and picked from a pool of 500,000 possible outcomes. The club derives from a variation of faces, bodies and hats, with each “Boodle” randomly generated and unique. Ten percent of all sale proceeds generated will be sent to a community safe, which will be returned to holders in the form of contests and raffles.
6. Axolols NFTs
Axolols. Source: Axolol NFTs
Axolols are a collection of 8,888 hand-drawn and algorithmically generated axolotl profile pictures on the Ethereum blockchain, living as ERC-721 tokens. Each Axolol is generated from more than 120 individual traits of varying rarities, with rankings to be created after launch. Axolols will be available to mint for 0.03 ETH (plus gas) at up to 20 each time, and will be 3000 x 3000 pixels and stored decentrally in the InterPlanetary File System (IPFS). The project intends to use funds generated from the sale of the NFTs to help fund various conservation efforts.
7. Birds ’N’ Blades
Game-esque avian characters. Source: BirdsNBlades
Dropping December 8, the Birds ‘N’ Blades NFT project is a collection of unique avian warriors in a style of roleplaying game-esque characters. Developed by Polynode Studios, 3,333 randomly generated pixel NFTs will represent the first stage of Project Aves, with the collection inspired by famous pop-culture characters. After the first stage of the project is completed and every bird is minted, it will move toward phase two with an extended universe collection.
8. Sol Amphibians
Hold two of these for a month and they’ll ‘breed’. Source: Sol Amphibians
Living on the Solana blockchain, Sol Amphibians are a collection of 4,444 unique 3D NFTs handcrafted using AI and algorithmic attributes. Users will enjoy Breeding Functions, which are built in by simply holding any two for a period of four weeks to receive a free baby amphibian delivered to the holder’s Solana wallet. All Amphibians are metaverse-ready.
9. Mr.Uncommon
“Uncommon” NFTs that “refused to be common”. Source: Mr.Uncommon
Mr.Uncommon (who refused to be common) is a collection of 10,000 handcrafted generative art portraits that all live on the Ethereum blockchain, created by industry-leading artists. The aim is to highlight the hidden talents or attributes of individuals to help holders achieve their desired state of life, or at least one matching their aspirations.
Each “Mr.Uncommon” NFT has its own vibrant colour scheme, 277+ traits and many rarities, and is a singular masterpiece that conveys a novel message. The NFTs are available for purchase on the OpenSea marketplace.
10. Everyday Sloths
Everyday Sloths, directly interactive within OpenSea. Source: Everyday Sloths
This groundbreaking collection of 7,777 unique sloths hangs on the Polygon network. Everyday Sloths are the first of their kind, fully customisable and directly interactive within OpenSea. Monthly drops of limited item collections are available with owners allowed to continually customise their sloths beyond minting. Every token sale will include a portion that goes to the Sloth Conservation Foundation.
On purchase, each owner will receive a virtual adoption package including:
a personalised adoption certificate;
full biography and sloth history;
high-resolution photos; and
two original sloth illustrations.
As NFTs and meme avatar projects continue to boom, Crypto News Australia has published guides to help users navigate among them.
Metaverse NFT projects have been in development behind the scenes prior to the metaverse becoming a buzz term after Facebook’s recent announcement. But what exactly is the metaverse? and which games are worth checking out?
The idea of the metaverse is that of a virtual and immersive online only world. If you’ve ever seen the movie Ready, Player One, you might have an idea of how a metaverse could look. Within these worlds, an avatar represents you and you are free to interact with other people and places (occasionally replicated from real life).
This mass multiplayer format (MMO) often seeks to develop its own governance and economy. This is where in-game tokens and NFT assets can represent some kind of value through uniqueness and scarcity.
Typically, there are four main components of metaverses and their NFTs are
Transparency: Anyone can check the blockchain to find more information about the NFTs and their transactions.
Decentralisation: There is no central entity controlling the metaverse. It should be an equitable experience for all.
Real-life value: Any tokens you encounter within the metaverse should be tradeable on external markets.
User governance: The players should have a say in changes implemented within the metaverse, via a vote.
Some metaverses can be explored for free, and you can acquire the NFTs or in-game tokens from airdrops and giveaways, then participate in play-to-earn aspects. However, most require you to purchase digital assets from NFT marketplaces using your DeFi crypto wallet such as MetaMask.
This article will highlight what we believe to be the current top 10 metaverse NFT projects available. Here, we will address what comprises each project, how it is unique, and where NFTs fit into the game.
Decentraland is the metaverse NFT project that allows its players to truly immerse themselves in the game. Compatible with online browsers and VR technology, Decentraland leverages the Ethereum blockchain to monitor the buying and selling of virtual real estate, known as land. How you use your land is entirely up to you; your possibilities are near endless. However, the goal of Decentraland is to create a collaborative user network through peer-to-peer communication.
The concept of buying land is not unique to Decentraland, yet $MANA is. $MANA is a cryptocurrency specific to the game. Land and artwork, which take the form of NFTs within Decentraland, can only be bought with this currency.
Axie Infinity – battle with your new little friends.
Developed by a Vietnamese studio, Axie Infinity brings Pokémon-style characters to an NFT-based metaverse. If you’ve been seeking cute, blob-style pets that you can use to battle against other players, Axie Infinity may be the game for you. Operating on the Ethereum blockchain, the game revolves around breeding, raising, and battling your Axies.
Both the land and the Axies you purchase are NFTs sold via the in-game marketplace. Most of the transactions within the game take place on Ronin – a tailored sidechain offering lower fees than you’d ordinarily find on the main blockchain. The game design itself is simplistic, colourful, and attractive to the eye.
The Sandbox combines the blocky terrain of Minecraft with the metaverse concept to provide players with a play-to-earn universe. The Sandbox only launched last month after four years of development. It allows players to earn its currency ($SAND) by completing game quests or through the sale of their digital assets.
NFTs can be found within gameplay in the form of land. Once you purchase a piece of land, you have the option to begin creating your own minigames that you can publish, charging token fees to play. Beyond creating your own games, a key aspect of The Sandbox is allowing its players a say in the metaverse governance.
If you’re a Destiny fan or like to explore the latest RPGs (Role Play Games) in your free time, Star Atlas is offering its own metaverse NFT take on these concepts. Star Atlas presents an MMORPG (mass multiplayer online role-playing game) that gives you the power to create a character and a spaceship and explore outer space in an open-world game style. Star Atlas’s unique appeal comes from the opportunity for players to buy in and partly own the game.
$ATLAS and $POLIS are the two in-game currencies. While Star Atlas is play-to-earn, you can purchase NFT-style game features across the in-game market and contribute to a robust virtual economy.
CryptoVoxels is another play-to-earn, Minecraft-style metaverse. Developed by a New Zealand company and listed on the Ethereum blockchain, CryptoVoxels is one of the less creatively impressive metaverse on this list. However, what it lacks in aesthetics it makes up for in versatility and gameplay, being categorised as a game of financial strategy.
Ethereum is the sole payment method within this metaverse. You can use it to purchase collectibles or collections, and land. CryptoVoxels is versatile in supporting platforms, which include the options to play online, on Android, or on VR.
Bloktopia is a fluorescent sci-fi VR metaverse with many real-life connections. The game itself is played within a 21-storey skyscraper called ‘Bloktopia’, where ‘Bloktopians’ have the option to earn tokens ($BLOK) through advertising revenue, network building, real estate, and more.
The real-life links within the game can be found in advertisements from companies such as Polygon, Animoca Brands, and Jake Paul, visible on billboards within the game’s trailer. The game is heavily designed around incorporating NFTs and profiting from your endeavours. However, the gameplay seems well-designed and might be quite immersive in VR.
Starl – become a landlord, customise yourself, explore.
The Starl metaverse functions similarly to other projects on this list. You can buy land within the game to use as you please. With your virtual real estate, you have the option to rent it out to other players, which seems to be unique to the Starl metaverse. Beyond this, you can interact with real people, customise your avatar, explore and gamble.
$STARL is the token used within this metaverse, tradeable for other cryptocurrencies or for fiat money. The opportunities for your in-game tokens spring from an interconnected economy within the metaverse’s ecosystem.
Somnium Space – where the Sims meets VR technology.
Somnium Space presents a metaverse that feels like the Sims. It is an open-world, virtual society that you can interact with via PC or mobile; however, to get the full experience and really jump into the game, you may want to connect it to a VR headset.
Somnium Space tracks your purchases (via $CUBE) on a blockchain, allows you to monetise your experience, own virtual real estate, and live ‘forever’. In recent exciting news, there may be potential in the future to see Somnium space partner with TESLASUIT for a boosted VR experience.
Nakamoto Games considers itself the play-to-earn revolution. Evident in its mission, Nakamoto seeks to give every person the opportunity to earn crypto and generate a sustainable income. $NAKA, the metaverse’s token, is necessary to access the ecosystem. Naka tokens can be entered into a weekly prize pool and players who rank highest on the leaderboard can win a share from this pool.
Anyone with a crypto wallet can enter this metaverse to play. However, if you consider yourself more of a developer, you can create and monetise games within the metaverse that can generate you a return. If you aren’t that tech-savvy, it’s worth noting that anyone with Naka tokens can contribute to the metaverse governance instead.
You can ‘be your own hero’ in Metahero’s which boasts Ultra-HD photogrammetric scanning technology to bring yourself and real-life places into the game. Within this metaverse, you are likely to encounter gaming, fashion, medicine, NFTs, social media, and VR/AR capabilities.
The $HERO token is the sole currency belonging to this digital ecosystem. Metahero is paired with Wolf Digital World (WDW), and together they define their partnership as two separate companies with one life-changing mission. This metaverse aims to allow its players to do anything in the digital world that they can do in the real world. You also get the ability to create NFTs that you can use to auction, trade, or sell as you see fit. However, it may be exciting enough just to copy yourself into a video game.
Conclusions
Whether it’s buying and selling virtual real estate, creating and monetising your own minigames, or playing to earn, metaverses provide many crypto-related opportunities.
The creation of NFTs, known as “minting” allows players to truly own any digital assets that they purchase within the game. Then, thanks to blockchain technology, these purchases and trades can be traced to verify their true ownership.
Metaverse projects are designed to create safe spaces for play and for financial transactions. With these various metaverses offering platform compatibility via smartphones, VR headsets, and computers, what these digital worlds can offer is extensive. It is likely that the future will only bring more versatility to this industry.
If you consider yourself to be a gamer or a crypto lover, it may be worth keeping up to date with this technology as it evolves.
