Ending Hype-Driven Cryptocurrency and NFTs: Footiverse Launches New NFT Collection
KUALA LUMPUR, Malaysia, Jan. 20, 2023 /PRNewswire/ — Footiverse, a football fantasy league metaverse, has recently marked its entry into the NFT space with the launch of the FootiverseNFT collection on new year’s eve. A utility-driven NFT, Footiverse seeks to create a sustainable NFT ecosystem driven by the continuous addition of features and practical perks, rather than solely through hype alone. In furthering this mission, Footiverse aims to launch its Game-fi (the intersection of gaming and finance in an environment driven by use of blockchain and NFTs) platform in Q3 of 2023.
A digital asset that lives on a blockchain, NFTs are popular for their uniqueness and community-empowering nature. While incentivisation and popularity can greatly increase the value of hype-driven NFTs, this also means that they generally have an extremely short lifespan in comparison to their web 2.0 counterparts — because they run on the unsustainable resource of hype. The emphasis of hype in marketing and value creates a void in thought given to the long term planning in building a thriving NFT ecosystem and community.
For instance, while the average holding period for NFTs increased from 30.9 days to 47.9 days between Q1 and Q2 2022 — this is still a relatively low period when compared to more traditional investments such as stocks that have an average holding period of 5.5 months. Footiverse aims to reach holding parity and redefine NFTs as a long-term investment by making their value less reliant on hype cycles and market fluctuations.
“Footiverse’s main strategy to maximise user engagement is through gamifying NFTs. Web 3 gaming opens up new opportunities with play-to-earn systems to further incentivise user activity. However, many Web 3 games use predatory practices such as locking rewards and progression behind hours and hours of playing to produce artificial activity and demand. To counter this, Footiverse instead focuses the bulk of its utility and value to be generated passively with simple, interactive systems which will not require daily input from the users,” said Alvin Leong, Co-Founder of Footiverse.
One feature that allows users to earn passive rewards is the Footiverse Dream Coach, where participants can also accumulate points based on the performances of the players in their dream team. These points are calculated based on individual players’ stats in each game — such as the number of goals scored, assists made, passes completed, and more, with the final scores tabulated and updated weekly, as summarised below;
- Participants compete with their team in leagues to win prizes, or compete in the Footiverse fantasy league.
- Participants complete a set of players for extra bonuses or trade with others to complete sets or build teams.
- Earn royalties from being the first to own a NFT or from creating an NFT.
There will be two royalty systems that reward players for engaging productively with the market. The first stream rewards users for being the first owner of a player card and giving them royalty rights to all subsequent transactions. The second stream allows users to generate their own NFTs which can then be sold and traded with all transactions earning the original creator royalties with Premium NFT sales beginning on the 18th of January 2023.
Also available as an alternative stream of investment for participants are Footi Tokens. Footi tokens, just like its NFT counterpart, is a utility driven crypto. The token sales will begin on the 28th of January, while the initial decentralised exchange (DEX) offering initial dex offering (IDO) will be taking place on 8th February 2023. These tokens provide a simple streamlined experience for users, serving as both an in-game currency and a practical crypto which can be used for external purchases. This removes the hassle of swapping and finding buyers for in-game currency and lets users instantly conduct crypto to fiat conversion at a moment’s notice, as summarised below;
- Pay for gas fees
- Make in-game and in-world purchases
- Spend across multiple platforms (licensed gaming networks)
- Conduct crypto to fiat conversions (Savvixpay)
- Conduct Web 3.0 commerce or convert pre-existing Web 2 businesses to Web 3
- Participate in decentralized autonomous organization (DAO) voting
For more information on Footiverse, kindly visit www.footiverse.com.
Footiverse is a Singapore-based football fantasy league metaverse creator with NFT launches that focus on the entire APAC region. The platform releases avatars in collections that are based on real life football leagues, including La Liga, Bundesliga, and more, with the first and most recent being the world cup collection currently available on the largest NFT marketplace, OpenSea (opensea.io/collection/footiversewc2022).
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