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Can NFTs Function as Utility Tokens? Why Not, Right?

NFTs are currently popular. Which is another way of expressing that NFTs’ time has come to an end. However, technical advancements have a habit of lasting much beyond their initial popularity.

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Andras Kristof, the founder of Galaxis, the no-code development platform formerly known as Ether Cards, says, “We’re inventing the post-hype NFTs.” “The dotcom boom burst, but the internet survived.” Although the ICO (initial coin offering) bubble burst, DeFi (decentralized finance) emerged. “The NFT bubble will burst, but our goods will survive.”

The company’s most recent release is a collectors set dubbed “Girls, Robots, Dragons,” or GRD. This self-explanatory deck of virtual cards by famous fantasy designers Zoltan Boros and Gabor Szikszai transforms 15 figures — five females, five robots, and five dragons – into a variety of two-sided things with 107,000 different combinations. However, the aesthetic appeal is simply one facet of GRD’s usefulness.

These aren’t just NFTs for the sake of art. They are designed to maintain their worth through adding value.

The importance of community

The key to appreciating art in any media is similar to appreciating online content: What type of community will form in its wake? Is it intended for a large or small audience? How much time will they devote to seeing, contemplating, and discussing it?

And how long will it last? Galaxis has opted to concentrate on this last question. The quickest way to keep someone’s attention is to turn it into a game, and Galaxis has done just that with GRD as a fundamental principle. Collecting the whole deck of cards qualifies the player to a portion of the money aggregated from 20% of total sales income and 25% of royalties.

A utility NFTs tokenomics

The difference between virtual and actual valuables is that tangible ones acquire dust. However, in the case of the GRD collection, the virtual ones collect DUST, the Galaxis-related cryptocurrency, which is now trading at around 0.001 ETH. The longer one keeps an NFT, the more DUST he accumulates; in other words, simply leaving it alone pays off monetarily. Because there is no lockup time, it is more like a steady, ongoing token drop than staking.

DUST allows Galaxis to “dust-proof” its NFTs, hence increasing their value. This is the procedure through which buyers of the first 3,000 cards would get a DUST refund over the period of a year.

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