The potential for blockchain-powered games is enormous, and NFTs like CyberKongz and Mutant Cats could be key to widespread acceptance of the technology.
The blockchain cuties reddit is a subreddit dedicated to the discussion of blockchain-based digital collectibles. It has over 100,000 subscribers and hosts discussions about NFTs, including CyberKongz or Mutant Cats— could be key to widespread acceptance NFTs.
Yield-generating NFTs, such as CyberKongz or Mutant Cats, may be crucial to NFT adoption.
The NFT industry is through a period of innovation that will most likely aid widespread acceptance. NFTs have managed to remain costly and illiquid without ever delivering significant utility benefit until a few months ago. That, however, has changed. We’ve seen a lot of projects use different methods to reward NFT holders and create a sustainable collection since Defi technology was introduced to the NFT market.
You can earn money in the NFT sector by selling your NFTs for a greater price, but you won’t be able to receive recurring revenue from it. This is where yield farming based on NFTs comes into play. Collectors may stake their NFTs for governance tokens in a similar way as staking. These tokens may not yet have enough liquidity to allow for rapid trading, but they are a step toward making NFTs more attractive to a wider audience.
Play-to-earn models like Axie Infinity have exploded in ways no one predicted. And it’s because gamers were able to supplement their income by playing a blockchain game based on NFTs. NFTs feature own-to-earn models with yield farming, which need no extra labor from the holders other than owning NFTs.
Will the token system now be applicable to all projects? No, this isn’t feasible. Each project has its own set of mechanics. It will not be deflationary if people utilize the tokens for items that have no utilitarian value. On the other hand, if the tokens are utilized to offer holders an advantage, it makes logical to include a yield farming strategy.
NFT projects may use these tokens to promote community involvement, and the team can choose to reward the most active individuals. There are a plethora of methods to use NFT staking, and we’re just getting started. CyberKongz, SupDucks, Mutant Cats, and Bear Deluxe are the most well-known projects in the NFT market that provide such a staking mechanism. Let’s take a look at each project individually.
($BANANA) CyberKongz
After CryptoPunk and BAYC, CyberKongz is one of the most important profile image initiatives. The price of 1000 randomly produced NFTs was just 0.01 ETH. It was early March 2021 at the time. At the time of writing, the genesis CyberKongs floor price is 9.8 ETH, with a trading volume of over 27k ETH. This demonstrates how popular the initiative grew on social media, despite the fact that there was no big marketing effort to promote it.
CyberKongz’s creators chose to broaden their world by releasing Baby Kongz and CyberKongs VX. Both of these ventures grew off in a similar fashion, with early backers receiving more than 10 times their initial investment. The opportunity to earn $BANANA every day is the difference between all three collections.
There are no tokens in the previous two collections. For the next ten years, Genesis CyberKongz will produce ten $BANANA coins every day. Holders of these tokens receive utility value by being able to change their Kong’s name and bio. Holders of the CyberKongz VX may mingle and engage in the online Sandbox environment while exploring metaverses. The $BANANA coins may also be used to get an incubator by breeding two genesis kongs.
The total amount of tokens in circulation is now 110,000, which is still a small quantity for a PFP-based NFT project. The price of each token is approximately 70-75 dollars, with a daily income of more over $750. Holders of CyberKongz may earn up to $270,000 in a year. Many additional projects have adopted this concept and are now using NFTs to implement it.
($VOLT) SupDucks
My affection for SupDucks is unending. I like the artwork, and the community is very supportive and kind. When purchased in several packs, the launch price for this collection was less than 0.1 ETH. Around the moment, the floor price is resting nicely at 2.25 ETH. Given that the price of ETH was considerably lower at the time, it’s a 25x return in less than two months.
The team launched a coin called $VOLT in mid-September. SupDuck holders received 100 tokens right away. SupDucks, like CyberKongz, offers 10 tokens worth a little more than 80 cents each day. So, if you simply keep a SupDuck NFT for a year, you can earn more than $3.5k. As the project develops and the majority of owners stake their NFTs, it may be much higher. Unlike other companies that establish a DAO and token system to just lure new investors, SupDucks is utilizing $VOLT to build its own ecosystem.
Members of Discord may use these tokens to express their gratitude to others. You’ll also get first access to content unlocks and drops. Although the monetary upside is still not there, investors should have greater confidence in this idea as time goes on. I also hope that future PFP projects may benefit from how well the $VOLT token was developed.
($HONEY) Bears Deluxe
The $HONEY token is introduced to all Bears Deluxe token holders in the second phase of the plan. After migrating from an OpenSea shared contract to their own ERC-721 smart contracts, this occurred. The Bears have done extremely well in terms of floor price in such a short time, owing to their wonderful community and devoted supporters. From 0.02 ETH to nearly hitting the 7 ETH floor price, the price has risen dramatically. The initiative is intended to provide greater benefit to its holders with a $HONEY token yield.
They may get access to exclusive content for holders and even play games to earn $HONEY tokens. The company is aiming to offer VX bears using the same tokens as CyberKongz VX. The project’s specifics have yet to be revealed, but with so many $HONEY use cases, it seems to be promising.
Mutant Cats ($FISH) is a game about mutant cats.
Mutant Cats is another excellent example of NFT-based yield-generating enterprises. Mutant Cats developed the first project that fractionalizes NFTs and compensates its holders with tokens indicating fractional ownership, based on the Cool Cats collection. Cool Cats are the NFTs that are utilized to distribute tokens. They’re kept in a vault and allow the team to distribute 10 $FISH tokens each day.
The technique incorporates both staking and fractionalization of NFTs. The utility value is present in both situations. As a consequence, the price of Mutant Cats shot up in a matter of minutes, reaching a floor of 2.2 ETH. The project’s future seems promising since the number of mutants staked is continuously increasing, reducing selling pressure and keeping the community flourishing. Not to mention DAO membership and unique access to NFT drops for Mutant Cats owners.
Final Thoughts
Greater initiatives using Defi and employing various methods to offer more value to the holders are needed for NFTs to become popular. Yield farming may just be the beginning of something bigger. Since a result, we expect to see more projects implement this staking model, as it will attract more customers and allow them to sell out their collections in a matter of hours. It will not survive long if those tokens are not linked to anything genuine and actionable for NFT holders. I anticipate a project similar to Mutant Cats to emerge. Tokens may be fractionalized and distributed by the blue chip or top NFT collections, resulting in considerable market demand.
Karthikeya Gutta, a crypto writer and freelance contributor for ItsBlockchain, was born and raised in India. With in-depth analysis and research, he covers different areas of the sector. His enthusiasm for blockchain and the crypto ecosystem stems from his belief that it has the potential to transform the world and benefit millions of people.
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