StarryNift is the first large-scale Web3 co-creation platform that integrates gamified NFTs, NFT art collections and Metaverse creation.
StarryNift is the first large-scale Web3 co-creation platform that integrates gamified NFTs, NFT art collections and Metaverse creation.
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In today’s article, we will be discussing some important aspects of discovering NFTs that are able to sustain and even grow in value over an extended period of time. We will also be discussing certain aspects of StarryNift NFTs which makes them valuable.
Let’s first breakdown the NFTs into two different categories:
Type 1 NFTs are your typical Gamefi and Metaverse NFTs, which provides utilities to players and participants in the form of access to features that allows players to interact with the virtual world and to earn.
Type 2 NFTs are your community and social-based NFTs, which gives you exclusive membership to the community and exclusive access to real life events and more. Its focus is on real world connections, with more emphasis on collecting, and less emphasis on playing or earning.
Can the NFTs of these projects fall in both categories? Absolutely. However, one category will typically be more dominant than the other.
An example is the Bored Ape Yacht Club (BAYC) project, founded by Yuga Labs. The BAYC NFT is a strong example of a community and social-based NFT, whereby holders get invitation to exclusive events and gain access to membership within the community. In some sense, you are gaining access to the “rich club”, since the prices of these NFTs are valued exorbitantly, with the floor value being at hundreds of thousands of US Dollars.
Recently, Yuga Labs announced their debut into the metaverse space with a teaser of the “Otherside”. The BAYC is a dominant Type 2 NFT focus on establishing real world connections, while also gradually entering the Type 1 NFT space with the development of a virtual world.
For today’s discussion, we will be focusing on Type 1 NFTs, which are more focused on Gamefi and metaverse elements. Why Type 1 you may ask? Well.. that’s because StarryNift NFTs belongs in type 1 for now..
Many projects in the crypto space, especially Gamefi projects, fail to protect the value of their NFTs. This is largely caused by massive sales and distribution of similar NFTs, with not much economic planning and projections involved to understand how these distributions can impact the economy of the project.
If today you are going to issue 10,000 NFTs, with another 10,000 tomorrow and another 10,000 the day after, are you able to bring in that many new players or participants, to drive up the demand for these NFTs?
Many Gamefi and even metaverse projects in this space have teams which are greedy and less innovative. They try to recycle the current designs for their NFTs as much as they can by selling NFTs of similar kinds in different batches, and trying to create as much hype as possible during this period of time, hoping to sell as many NFTs as they can. This causes the price and value of NFTs to plunge rapidly as the supply of the same NFT types with similar utilities continues to increase rapidly, with insufficient demand to keep up with the supply.
And things are made worse if these NFTs can be used to stake into a reward pool as earnings get diluted if the reward pool is fixed but the number of NFTs farming that pool continues to increase.
Imagine this, if the reward pool is $1,000,000 and the number of NFTs farming the pool increases from 10,000 to 20,000, the earnings of each individual would be halved from $100 to $50.
A method to protect the value of certain NFTs, is to have a floor price pegged to each NFT. Such a move requires projects to have a **buy-back feature **🛍️ on their platform, which allows players to exchange their NFTs for a minimum value.
Should players or investors not want to participate in the project anymore, they will be able to exit anytime by turning in their NFTs to the project in exchange for a sum of USD tokens, without having to worry about the liquidity of their NFTs on marketplaces.
Introducing such a feature may have some drawbacks to the project as a portion of the funds they received from the sales of NFTs is used to guard the value of these NFTs. However, this can have some huge upsides:
The downside risk involved with investing in these NFTs is reduced drastically as the value of the NFTs would never fall below the buy-back price set by the project team.
If players need to sell their NFT immediately to raise funds for an emergency, they can immediately do so without needing to find another buyer. This feature helps to improve the liquidity of NFTs to some extent.
The fact that the project is willing to buy-back their own NFTs shows that the project team is confident in the long-term sustainability of the project and are willing to commit funds to protect the value of their own NFTs.
The team’s confidence in their own project can help to boost investor’s and player’s confidence on the long-term potential and growth of the project.
With that in mind, StarryNift has implemented a buy-back function for our recently introduced breeding system 🧬.
Players can exchange their non-matured eggs for 50 BUSD through the “Buy-Back” function.
If players have decided not to hatch their non-matured eggs, they can exchange it for 50 BUSD. This guarantees a minimum value for these eggs. Of course, there is always a possibility for the eggs to hatch into an NFT of higher tier with higher value, but there is also a risk of it hatching into a lower tier NFT with lower value.
When we implemented this function, we wanted to start off with an experiment to see if such a function has a positive impact on our project. In the mid to longer term, we have intentions to implement this buy-back feature across more NFTs to protect the value of them and to boost investor’s confidence in our project.
For the value of NFTs to appreciate, two conditions must be met:
The supply of such NFTs must be limited and scarce. If any player could easily mint an NFT, that NFT itself has little or no value as there are no barriers to owning that NFT. This is usually an issue for Gamefi and metaverse NFT projects, which allow players to buy as many NFTs (Type 1 NFTs) as they would like to, without any cap.
There is growing demand for these NFTs, which is usually the result of a strong, active and growing community, or a consistent introduction of new earning mechanisms and utility for owning these NFTs. Such examples could be staking to earn, being able to participate in games and features within a metaverse (Type 1 NFTs), having entry to exclusive events or having membership to exclusive groups (Type 2 NFTs) and much more.
Most Gamefi and metaverse NFT projects aims to meet condition 2, with less emphasis on condition 1.
At StarryNift, we try to achieve both conditions 1 and 2.
For higher rarity Gen-I Code Green NFTs, the supply is extremely scarce as these NFTs will never be sold or issued out to the community ever again.
For example, NFTs from the Meme Land Collection will never be distributed again. Players who are interested can only purchase it from the marketplace.
Instead, we had launched our Gen-II Code Green NFTs, which players can only receive through incubation within our new breeding system.
For players to participate in the breeding system, they would need a level 20 Gen-I Code Green, some trophies 🏆 (a currency equivalent to future StarryNift tokens), as well as a breeding barn.
Gen-II Code Green
So you may ask, what are we doing to limit the supply of Gen-II Code Greens? Well, we currently have a **strict control over the amount of breeding barns **that we distribute and issue to the community. Without breeding barns, players cannot incubate Gen-II Code Greens.
Players can earn breeding barns (or their fragments) in the future through participating in events and games within Starryverse. However, they will be extremely rare, valuable, and hard to come-by. So be sure to participate in events if you see them up for grabs!
Throughout these months of development, we have introduced many use cases to our Code Green NFTs. Besides being able to participate in seasonal tournaments, players will soon be able to use them for our upcoming spaceship play-to-earn game and earn some attractive rewards. This helps to generate more value for our NFTs that have already been distributed in this space.
Design of a mini spaceship in our upcoming game
We have also recently established many partnerships to help boost our visibility and player base. This includes huge partnerships with Good Games Guild and Infinity Force, a platform that helps to connect gamers to guilds and guilds to gamers.
Hence, as we continue to develop and market our products and features, the value of these NFTs can only appreciate as players will find more use cases for them over time. As demand for our NFTs goes up, we expect prices to soar in the near future.
The following details are just ideas for implementations to further increase the scarcity of our NFTs and to enhance their long term value.
In the future, to further increase the scarcity of our NFTs, we have intentions to introduce a merge function, in which players can merge two identical NFTs at maximum level to create a newer and stronger version of the previous NFT.
An example of how 2 Icy Queen SP Code Greens can be merged/evolved into 1 Frosty Queen SP+ Code Green. There is a further possibility for 2 Frosty Queen SP+ Code Green to be merged/evolved into 1 Blizzard Empress SP++ Code Green.
This NFT will have a cooler style and design, with significantly stronger attributes and may even possess certain special skills or abilities. This can help to drastically reduce the supply of certain NFTs.
Take for example, if a particular Code Green has a total supply of only 1,000, when we introduce this function, this amount can be reduced by as much as half, down to just 500. To make this function even more exclusive, we may introduce a window period for which this merge function can only be used on specific NFTs. Once this window period has ended, players can no longer merge these specific NFTs forever, making this a once in a lifetime opportunity to collect something truly valuable and scarce.
This function will only be introduced to higher tier NFTs, such as those of UR or SP, where supply is already scarce. For lower tier NFTs such as those in the L, N or R tier, players may be able to dismantle them and convert them into “Starry Dust”, which is a material that would be consumed when using the merge function.
Hence, regardless of whichever type of NFT you possess, you will still find use cases within Starryverse and will definitely help to improve your overall experience.
And with that, we hope you continue to support our project and follow us on our social media platforms to stay afloat on the latest updates and changes.
Our Spaceship game will be launching in April and we are currently full steam ahead in developing our own 3D metaverse, so stay tuned ~
Article written by: Yang, Research Analyst & Operation Manager @ StarryNift (Twitter)
Yang is a passionate crypto investor and writer. With over 10 years of writing and blogging experiences, and 4 years of experiences following the crypto space, he intends to give back to the community by sharing insightful experiences and knowledge that he has acquired over the years.
About StarryNift
The mission of StarryNift is to empower art by technology and democratize value appreciation as DAO. The vision is to enable the whole ecosystem to share the prosperity of the creator and token economy and unlock new ways to explore the metaverse by game+art+DeFi+NFT Ark.
In today’s article, we will be discussing some important aspects of discovering NFTs that are able to sustain and even grow in value over an extended period of time. We will also be discussing certain aspects of StarryNift NFTs which makes them valuable.
Let’s first breakdown the NFTs into two different categories:
Type 1 NFTs are your typical Gamefi and Metaverse NFTs, which provides utilities to players and participants in the form of access to features that allows players to interact with the virtual world and to earn.
Type 2 NFTs are your community and social-based NFTs, which gives you exclusive membership to the community and exclusive access to real life events and more. Its focus is on real world connections, with more emphasis on collecting, and less emphasis on playing or earning.
Can the NFTs of these projects fall in both categories? Absolutely. However, one category will typically be more dominant than the other.
An example is the Bored Ape Yacht Club (BAYC) project, founded by Yuga Labs. The BAYC NFT is a strong example of a community and social-based NFT, whereby holders get invitation to exclusive events and gain access to membership within the community. In some sense, you are gaining access to the “rich club”, since the prices of these NFTs are valued exorbitantly, with the floor value being at hundreds of thousands of US Dollars.
Recently, Yuga Labs announced their debut into the metaverse space with a teaser of the “Otherside”. The BAYC is a dominant Type 2 NFT focus on establishing real world connections, while also gradually entering the Type 1 NFT space with the development of a virtual world.
For today’s discussion, we will be focusing on Type 1 NFTs, which are more focused on Gamefi and metaverse elements. Why Type 1 you may ask? Well.. that’s because StarryNift NFTs belongs in type 1 for now..
Many projects in the crypto space, especially Gamefi projects, fail to protect the value of their NFTs. This is largely caused by massive sales and distribution of similar NFTs, with not much economic planning and projections involved to understand how these distributions can impact the economy of the project.
If today you are going to issue 10,000 NFTs, with another 10,000 tomorrow and another 10,000 the day after, are you able to bring in that many new players or participants, to drive up the demand for these NFTs?
Many Gamefi and even metaverse projects in this space have teams which are greedy and less innovative. They try to recycle the current designs for their NFTs as much as they can by selling NFTs of similar kinds in different batches, and trying to create as much hype as possible during this period of time, hoping to sell as many NFTs as they can. This causes the price and value of NFTs to plunge rapidly as the supply of the same NFT types with similar utilities continues to increase rapidly, with insufficient demand to keep up with the supply.
And things are made worse if these NFTs can be used to stake into a reward pool as earnings get diluted if the reward pool is fixed but the number of NFTs farming that pool continues to increase.
Imagine this, if the reward pool is $1,000,000 and the number of NFTs farming the pool increases from 10,000 to 20,000, the earnings of each individual would be halved from $100 to $50.
A method to protect the value of certain NFTs, is to have a floor price pegged to each NFT. Such a move requires projects to have a **buy-back feature **🛍️ on their platform, which allows players to exchange their NFTs for a minimum value.
Should players or investors not want to participate in the project anymore, they will be able to exit anytime by turning in their NFTs to the project in exchange for a sum of USD tokens, without having to worry about the liquidity of their NFTs on marketplaces.
Introducing such a feature may have some drawbacks to the project as a portion of the funds they received from the sales of NFTs is used to guard the value of these NFTs. However, this can have some huge upsides:
The downside risk involved with investing in these NFTs is reduced drastically as the value of the NFTs would never fall below the buy-back price set by the project team.
If players need to sell their NFT immediately to raise funds for an emergency, they can immediately do so without needing to find another buyer. This feature helps to improve the liquidity of NFTs to some extent.
The fact that the project is willing to buy-back their own NFTs shows that the project team is confident in the long-term sustainability of the project and are willing to commit funds to protect the value of their own NFTs.
The team’s confidence in their own project can help to boost investor’s and player’s confidence on the long-term potential and growth of the project.
With that in mind, StarryNift has implemented a buy-back function for our recently introduced breeding system 🧬.
Players can exchange their non-matured eggs for 50 BUSD through the “Buy-Back” function.
If players have decided not to hatch their non-matured eggs, they can exchange it for 50 BUSD. This guarantees a minimum value for these eggs. Of course, there is always a possibility for the eggs to hatch into an NFT of higher tier with higher value, but there is also a risk of it hatching into a lower tier NFT with lower value.
When we implemented this function, we wanted to start off with an experiment to see if such a function has a positive impact on our project. In the mid to longer term, we have intentions to implement this buy-back feature across more NFTs to protect the value of them and to boost investor’s confidence in our project.
For the value of NFTs to appreciate, two conditions must be met:
The supply of such NFTs must be limited and scarce. If any player could easily mint an NFT, that NFT itself has little or no value as there are no barriers to owning that NFT. This is usually an issue for Gamefi and metaverse NFT projects, which allow players to buy as many NFTs (Type 1 NFTs) as they would like to, without any cap.
There is growing demand for these NFTs, which is usually the result of a strong, active and growing community, or a consistent introduction of new earning mechanisms and utility for owning these NFTs. Such examples could be staking to earn, being able to participate in games and features within a metaverse (Type 1 NFTs), having entry to exclusive events or having membership to exclusive groups (Type 2 NFTs) and much more.
Most Gamefi and metaverse NFT projects aims to meet condition 2, with less emphasis on condition 1.
At StarryNift, we try to achieve both conditions 1 and 2.
For higher rarity Gen-I Code Green NFTs, the supply is extremely scarce as these NFTs will never be sold or issued out to the community ever again.
For example, NFTs from the Meme Land Collection will never be distributed again. Players who are interested can only purchase it from the marketplace.
Instead, we had launched our Gen-II Code Green NFTs, which players can only receive through incubation within our new breeding system.
For players to participate in the breeding system, they would need a level 20 Gen-I Code Green, some trophies 🏆 (a currency equivalent to future StarryNift tokens), as well as a breeding barn.
Gen-II Code Green
So you may ask, what are we doing to limit the supply of Gen-II Code Greens? Well, we currently have a **strict control over the amount of breeding barns **that we distribute and issue to the community. Without breeding barns, players cannot incubate Gen-II Code Greens.
Players can earn breeding barns (or their fragments) in the future through participating in events and games within Starryverse. However, they will be extremely rare, valuable, and hard to come-by. So be sure to participate in events if you see them up for grabs!
Throughout these months of development, we have introduced many use cases to our Code Green NFTs. Besides being able to participate in seasonal tournaments, players will soon be able to use them for our upcoming spaceship play-to-earn game and earn some attractive rewards. This helps to generate more value for our NFTs that have already been distributed in this space.
Design of a mini spaceship in our upcoming game
We have also recently established many partnerships to help boost our visibility and player base. This includes huge partnerships with Good Games Guild and Infinity Force, a platform that helps to connect gamers to guilds and guilds to gamers.
Hence, as we continue to develop and market our products and features, the value of these NFTs can only appreciate as players will find more use cases for them over time. As demand for our NFTs goes up, we expect prices to soar in the near future.
The following details are just ideas for implementations to further increase the scarcity of our NFTs and to enhance their long term value.
In the future, to further increase the scarcity of our NFTs, we have intentions to introduce a merge function, in which players can merge two identical NFTs at maximum level to create a newer and stronger version of the previous NFT.
An example of how 2 Icy Queen SP Code Greens can be merged/evolved into 1 Frosty Queen SP+ Code Green. There is a further possibility for 2 Frosty Queen SP+ Code Green to be merged/evolved into 1 Blizzard Empress SP++ Code Green.
This NFT will have a cooler style and design, with significantly stronger attributes and may even possess certain special skills or abilities. This can help to drastically reduce the supply of certain NFTs.
Take for example, if a particular Code Green has a total supply of only 1,000, when we introduce this function, this amount can be reduced by as much as half, down to just 500. To make this function even more exclusive, we may introduce a window period for which this merge function can only be used on specific NFTs. Once this window period has ended, players can no longer merge these specific NFTs forever, making this a once in a lifetime opportunity to collect something truly valuable and scarce.
This function will only be introduced to higher tier NFTs, such as those of UR or SP, where supply is already scarce. For lower tier NFTs such as those in the L, N or R tier, players may be able to dismantle them and convert them into “Starry Dust”, which is a material that would be consumed when using the merge function.
Hence, regardless of whichever type of NFT you possess, you will still find use cases within Starryverse and will definitely help to improve your overall experience.
And with that, we hope you continue to support our project and follow us on our social media platforms to stay afloat on the latest updates and changes.
Our Spaceship game will be launching in April and we are currently full steam ahead in developing our own 3D metaverse, so stay tuned ~
Article written by: Yang, Research Analyst & Operation Manager @ StarryNift (Twitter)
Yang is a passionate crypto investor and writer. With over 10 years of writing and blogging experiences, and 4 years of experiences following the crypto space, he intends to give back to the community by sharing insightful experiences and knowledge that he has acquired over the years.
About StarryNift
The mission of StarryNift is to empower art by technology and democratize value appreciation as DAO. The vision is to enable the whole ecosystem to share the prosperity of the creator and token economy and unlock new ways to explore the metaverse by game+art+DeFi+NFT Ark.
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