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HomeNFT NewsThe Metaverse calls: NFTs build virtual economies to remain relevant in 2022

The Metaverse calls: NFTs build virtual economies to remain relevant in 2022

As NFT projects prepare for their entry into the Metaverse it appears they are moving away from static imagery and integrating utility-oriented mechanics.

Bored Ape Yacht Club, which has a total of over $1 billion, announced a mobile game-and-earn system. CyberKongz, SmolBrains, and other primate projects continue to announce new gamification capabilities and to integrate them into their collections.

Investors appear to be looking for projects that have strong communities and utility. However, it seems technical capabilities are high up on the list. This was evident after Cool Cats Cool Pets collection suffered back-to-back hiccups during its launch. The stock has been in a downward trend as holders wait for their reveal.

Cool Pets 7-day avg. price / volume. Source: OpenSea Cool Pets

Perhaps NFT collections are maturing and focusing on delivering what is promised on their long-term roadmaps. It’s also possible that they are searching for ways to sustain value and relevance with their respective communities in 2022.

Projects aim to lock in utility

Word on the street is, there is a new term to be aware of, “play-and-kollect,” a phrase coined by CyberKongz. CyberKongz was the first to incorporate a token-generating mechanism to its NFTs as well as a breeding mechanism. Its governance token, BANANA was introduced to allow users to personalize their NFTs and breed BebeKongz.

In a similar manner, Franky Nines’ SupDucks collection generates VOLT. This utility token is used by collectors to purchase ingredients to create a MegaToad. Projects can also be gamified by incorporating a token mechanism or model.

Where my @RealSupDucks family at… who still stacking $Volt to mint another MEGATOAD? #sup pic.twitter.com/ahDJIzL0Y3

— patrickjamesNFT.pcc.eth (@patrickjamesNFT) December 30, 2021

To encourage BebeKongz owners and give them utility, CyberKongz announced the possibility that every genesis or BebeKong could now be exchanged for a CyberKongz X. CyberKongz VX is a full-bodied, 3D pixelated version of the collection.

Since its release back in Aug. 15, 2021, CyberKongz VXs daily average price has increased by nearly 193%, sitting at a thin 2.4 Ether ($6,430. 22) floor with a 7-day average of 3.5 Ether ($9,377.41.) CyberKongz VX recently received utility as they venture into CyberKongz Jungle Adventure.

CyberKongz VX 7-day avg. price / volume. Source: OpenSea CyberKongz VX

The Jungle Adventure will enable holders to put their CyberKongz VX to good use to collect Kongnium Ore’s (ERC-1155 token) that can be redeemed for exclusive NFTS and BANANA prize pools. The overarching theme of play-and-collect within the CyberKongz ecosystem is that every piece is designed to provide utility. Pieces are no longer just beautiful, but also functional and serviceable. CyberKongz isn’t the only collection using gamification to make its NFTs useful; Cool Cats’ new collection Cool Pets will soon be able earn an in-game token, GOLD. Cool Cats will soon be able to generate MILK daily in order to claim the GOLD.

Aside from gamification, other projects have found that a community-collective can be just as valuable than utility.

Built for the community, by the community

Built on the Treasure.lol universe and created by Treasure DAO, SmolBrains is the epitome of a grassroot project. This project is an NFT-game that was developed on Arbitrum, whose primary PFP changes dynamically.

The SmolBrain begins as a happy-go lucky monkey and, when staked it, starts to grow its intelligence. Each milestone in IQ unlocks a new feature in a user’s land. This incentivizes them to stake their NFT.

Unreal, my @SmolBrainsNFT just keep gaining IQ.

I joined Oct 15th the first day the discord existed. I was given a free Smolbrain and land, and the rest is history.

I need to know when Smol Party on Tropix Smol Brain Land! pic.twitter.com/4FYRPktnYN

— TropixMusic (@TropixOfficial) December 30, 2021

Smolbrains community figuratively and literally went to the moon, with its current floor price is 2,525 MAGIC ($10,065) and there are currently less than 180 listed out of 13,742, suggesting there are many collectors, gamers and DeFi pundits who believe in the Smolville ecosystem and its potential rewards.

BEEN PUTTING HEADS TOGETHER WITH SOME NFT LENDING AND FRACTIONALIZATION DEVS

GOOD NEWS INBOUND: YOU WILL BE HODL YOUR SMOL TIGHT LIKE THE PRODUCTIVE ASSET WE ALL KNOW IT IS#IFKYK

— Smol Brains (@SmolBrainsNFT) January 7, 2022

Pets appear to be in season. SmolPets also have arrived on the scene, for every SmolBrain or SmolBody holder. DeadFellaz just launched the DeadFrenz collection. This will be of great benefit to the horde ecosystem.

Strong communities often explain why certain collections are so popular and considered a success. Strong communities want to get some return on their initial capital investment.

For some NFT investors, purchasing art work is more than a capital investment. To maintain and increase the value of a project, community members put their time and talents into it. Development teams work with them to capture and sustain that attention.

The views and opinions expressed in this article are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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