Friends and community,
We are excited to share the details of the Genesis Worlds Mining Claims NFT launch happening on Tuesday, January 18th! We know you want to be prepared when the first three Worlds go on sale. Keep this message at your fingertips in case you need to reference it during the sale. (And feel free to share with friends)
Genesis Worlds Mining Claims are the founding NFTs that allow you to participate in individual World governance, while Mining the tokens that power the Metaverse economy.
Here are the details you will need to successfully participate in the Mining Claims sale. All times are listed in PST. You can use a time zone converter tool to find out when sales occur in your region, or you can look at the page for the mining claim. The individual mining claims pages also list the launch time in your local time zone along with a countdown timer to the launch.
Date:
Tuesday January 18, 2022
Time(s):
8:00 AM PST – Nexus
9:00 AM PST – Treasure Planet
10:00 AM PST – Neo Tokyo
Here are the preparation steps we believe will best lead you to success:
On the page for the Mining Claim you want to purchase, click BUY CLAIM and follow the prompts to complete your purchase.
World Mining Claims are liquid NFTs. They can be bought and sold from the Mining Claim contract at any time, for the current market buy or sell price. This is a massive improvement over traditional NFTs, which can be hard or impossible to sell. The buy and sell prices are calculated automatically using a bonding curve, based only on the number of Claims that exist. As you can see below, the curve is very gentle, to allow a good number of Claims to be purchased. For example, when:
500 Claims exist, the next Claim will be priced at 508 $GAME
1000 Claims exist, the next Claim will be priced at 873 $GAME
1500 Claims exist, the next Claim will be priced at 1391 $GAME
2000 Claims exist, the next Claim will be priced at 2139 $GAME
2500 Claims exist, the next Claim will be priced at 3195 $GAME
3000 Claims exist, the next Claim will be priced at 4633 $GAME
Note that when Claims are sold back, they are burned, thereby reducing the number of Claims in existence and potentially lowering the sale price for new Claims.
The first launch will provide us with info to help us continually improve the experience as we launch future Mining Claims. Our team members have all participated in launches where we were unsuccessful purchasing NFTs we were hyped to collect, and we understand that pain. We expect to have a lot of demand the first day, and want to remind everyone that the sale doesn’t end the first day. The price will eventually settle at a market price, and you’ll be able to buy your World Mining Claims at that price.
The team at GAME Credits cares deeply about our community. We are privileged to be able to connect daily with truly wonderful and collaborative people. We are working diligently to ensure a fair launch and we are excited to have you along for this big step in building the 100 year Metaverse!
We love the creativity of our community and thought it would be fun to see what art you create inspired by our 3 launch Worlds. In fact, we are making it a contest where you can win $GAME!
The 3 reference Worlds to choose from are: Nexus, Neo Tokyo, & Treasure Planet. In addition to exploring the links to each World to learn more, we’ve added some reference photos below to help with your inspiration.
Draw, paint, sculpt, 3D render, tell a story, make a video.. whatever you want, just be creative! DM entries to @gamecredits on Twitter or email to [email protected]
Deadline: Monday, January 31st 12midnight PST
With Genesis Worlds, we’re building a decentralized Metaverse that’s going to last for 100 years. That’s a massive, ambitious goal, and it’s only possible through the application of blockchain technology. Each of the four concepts within that phrase have their own technical requirements and tradeoffs. As we’ll see, there are no easy answers to the question “what tech should we build on?”, and in fact the answer that’s closest to right today may be wrong tomorrow, as the underlying technologies change.
Decentralized: “Decentralization” can in some circumstances mean “100% trustlessness,” but that’s not our goal here, as it significantly impacts other parts of the Metaverse and game we are building. Instead, our measure is that community members can and do contribute directly to the project, and make changes to the fundamental nature of the project.
Metaverse: There are thousands of different opinions on what a Metaverse is, but for us, it’s a 3D multiplayer environment, created and built on by users, owned by the users, and with strong interoperability across different platforms.
Game: It has real gameplay woven through the Metaverse environment, made up of shared user-created experiences. It’s fundamentally multiplayer, and it’s not a collection of mini-games and disjointed experiences.
100 years: We’ve seen major technological jumps roughly every 10 years – from the personal computing revolution of the 1980s to Web 1.0 of the 1990s to Web 2.0 of the 2000s to smartphones in the 2010s to Web 3.0 in the 2020s. That pace of change is likely to continue. The platforms and technologies used in 30 years from now will be vastly different from what we’re used to today. And this has a big impact on our tech stack and the considerations we make during our development process.
So what does the tech stack look like? Firstly, there’s some pretty standard components needed:
The “Metaverse” and “game” requirements don’t have too much of an impact here – while there will be some differences on the depth of experience, or quality of graphics, we can achieve them with almost any tech stack choices. “Decentralized” and “100 years” are far more impactful, especially where it comes to front-end tech.
The biggest unknown is clearly future hardware. We have absolutely no clue about this, and the impacts could be profound. It’s entirely possible that in 50 years, quantum computing will make current blockchain technologies obsolete. Also, the blockchain tech that exists today is 3-6 years old, and has gone through massive upheavals and changes. What this tells us is that we need to ensure that we plan for flexibility to adjust to newly-evolving tech stacks.
But… we also know that the world will also adapt to changing technology stacks, and we can use that to our advantage. That brings us to possibly the biggest choice, and a controversial choice: Choosing an engine to drive the front end. The first Metaverses (Sandbox, Decentraland, others) all picked home-grown engines. This was a choice that maximized decentralization. But, the tradeoff for that choice is reduced agility, and much reduced flexibility. You’ve taken something that isn’t really a core part of your value proposition – making a 3D game engine, and you’ve taken it on as a core part of your business. Now, when the world changes tech platforms, as it will many times in the future, you have to do all the work to support that new tech platform, or risk going obsolete.
So really, you don’t want to be writing your own game engine, you want to use a commercial engine. This feels like it’s a big step back in terms of decentralization. But is it? I’d argue it isn’t, or at least not in a meaningful way. The only commercial game engine that has flat-out died in the last 20 years is Flash (and for good reason). Every other engine is either going strong, or has transitioned to open source. There is a AAA-level open source game engine out there: Amazon’s Lumberyard. There’s also Unity and Unreal. Unity is mostly a no-go, as its licensing terms don’t play nicely with open source projects. That’s sad – in many ways, it would be the perfect engine; we even did our initial Genesis Worlds prototypes in Unity. So it comes down to the open-source Lumberyard vs the closed-source Unreal. This, as it turns out, is a no-brainer. Unreal wins by a landslide.
Wait – is that really right? Yep. Open source in this case is worth very little, for two main reasons. One: The future will be different, so it’s probable that we’ll be rewriting the client several times in the future. Two: Lumberyard is a cost center for Amazon, not a profit center. If Amazon pivots away from gaming (and it will at some point), Lumberyard effectively becomes an in-house engine. Three: People. Way, way more devs are highly skilled in Unreal than Lumberyard. And people are the most important factor here; even more so for a community-driven project like Genesis Worlds than for a corporate project.
So, our selection for the front-end client becomes the latest version of Unreal Engine, Unreal 5.0.
Usually when you’re specifying a game platform, you think of back end server tech and storage tech at the same time; they interact closely with each other, and are managed by the same people. Building a decentralized game, you’re in a more complex world.
Luckily, it’s a world that helps you in many, many ways. Firstly, your core economic transactions have a clear place: On chain. We’ll have to pick the right chain, but we’ll come back to that. Secondly, you need storage for user-generated assets (and source code etc). Again, there’s existing solutions here. IPFS for UGC is great for the most part; open source repositories handle the source code.
For the actual gameplay logic, it’s unrealistic to attempt to do that on a traditional chain – with millions of transactions per second and required response speeds measured in milliseconds, the only real option is a traditional server. It’s possible to decentralize those servers, at least for small player counts – Decentraland handles 2,000 concurrent players in this way. That’s several orders of magnitude smaller than a traditional game’s user base. And there’s a lot of traditional functionality you have to compromise on. So, the majority of modern blockchain-powered games instead rely on more traditional game servers. For now, we’ll stick with that trend, and run on traditional servers. But… the future will likely look different here, and we can set ourselves up to take advantage of it.
Up until now, we’ve assumed that our decentralized Metaverse is going to run on a tech stack that’s similar to traditional games. But… that doesn’t have to be the case. What if we could make decentralization work for us in terms of efficiency and resilience, rather than against us?
Here at GameCredits, we are building a large-scale multiplayer game where players will be connected for significant amounts of time. That gives us access to a massive amount of connected, readily-available storage and compute power: Every device that’s live and running the game. The technology to turn that mass of computing and storage into a live gaming network doesn’t yet exist, but it’s within our grasp to create it. Once you’ve got that built and running, you no longer need servers, and you no longer need storage for in-game assets. You still need storage for downloadable content, but that’s already solved in a decentralized manner. You do still need some centralized touchpoints – all the app stores require a true business entity, and someone still has to provide analytics & telemetry analysis to a scale that couldn’t be stored in a decentralized manner. Those two points, however, could be replicated by other teams, so the project at this point would become forkable.
In summary, I don’t know what the future holds. But I do know that it will be different than the present. And just knowing that is a massive help in making tech stack decisions for Web 3 and the Metaverse.
Friends and community,
Like many around the world, the Game Credits team is celebrating all we accomplished despite the challenges of 2021. We are also incredibly excited to jump right into 2022! Here’s a brief recap of the past year. You can always review our full monthly updates on the Game Credits website.
– Enabled the ability for NFTs created on the GAME Credits platform to be bought and sold on OpenSea
– Expanded our team and established a US corporation with payroll and benefits for all US staff
– Began production on Genesis Worlds, the 100 year Metaverse
– Developed bonded curve NFT smart contracts for Genesis Worlds Mining Claims, which are NFTs with utility
– Launched Weekly Twitter Spaces through GameCredits Studio
– Increased the size of our audience on social platforms and welcomed new members to our community
– Increased participation in and leadership of live virtual events including demos, podcasts, Twitch, clubhouse, and more
– Created support materials and documentation for GAME Credits and Genesis Worlds Metaverse
– Launched the $GENESIS token, farming and liquidy pool
– Built and launched the Genesis Worlds website and GENESIS farming functionality
– Developed the Mining Claim NFTs sale infrastructure
– Built dozens of 3D World models and their associated sales and marketing assets in preparation for the sale of Genesis Worlds Mining Claims
– Built prototype 3D art gallery world
2022 is going to be HUGE — for us, and for you! This year our community will grow and we’ll collaborate with you on the future of the Genesis Worlds project. Community members in Discord are already championing their favorite Worlds, and exploring ideas around World-themed experiences, events, and games. By the end of 2022 we expect to have early playable RPG World experiences available for community testing, feedback, and iteration. Here are some of our plans going into 2022:
– Launch Mining Claims initial 3 Worlds on January 18 and additional Worlds every few weeks
– Conduct and attend more frequent live virtual sessions on Twitter Spaces and Clubhouse
– Add enhancements to our Discord server, including adding channels for each World, and custom roles for trusted community members
– Create more opportunities for community members to earn $GENESIS for community participation and creative contributions
– Recruit new team members to support the project in operations, engineering, marketing, design, including expansion of the Ambassador program
– Establish GENESIS Worlds governance structure and voting process
– Launch GENESIS Worlds land sales
– Expand marketing for Genesis Worlds, $GAME, & $GENESIS
– Form Genesis Foundation nonprofit
– Attend and sponsor more online & in person events and conferences
– Launch early playable World Experiences
To keep up with our progress and connect with the team and community, join us on:
– Telegram
– Discord
Dear friends and community,
We are excited to share with you the date the Genesis Worlds Mining Claim NFTs will be available for purchase.
SAVE THE DATE:
January 18th, 2022
On January 18th, 2022, we will list the mining claims for three new Genesis Worlds! Between now and then, we’ll be sharing more details about the sale, the technology, the project and the tokenomics, so you can be fully prepared. We also hope you get some time to rest at the end of the year and time to celebrate an extraordinary 2021!
Discover The Worlds
These worlds will come to life through the creative ingenuity of each world’s community of Mining Claim holders. Together you will develop a vision for your place in the 100 year metaverse. Mining claims offer the power to influence your world’s land sale philosophy and strategy, the in-world game mechanics and reward systems, and the quantity and purpose of community-held land.
Each Mining Claim NFT features a Creative Commons licensed 3D concept model of the world that will inspire your community to dream big. Mining Claims holders also receive:
– A vote in governance and decision making for the world represented by that NFT
– Mined GENESIS tokens proportional to the number of Mining Claims held
– Instant liquidity should you decide to sell back the NFT
– Future utility that will be determined by the community of stakeholders
Nexus
This is where it all begins. The Nexus is the central hub for the Genesis Worlds Metaverse, a starting zone for new players, a hangout for the OGs, and headquarters for many Genesis community organizations.
Neo Tokyo
The ultimate Cyberpunk mecca; low life meets high tech. You won’t find a more wretched hive of hackers, punks, and tech-heads… and we wouldn’t have it any other way.
Treasure Planet
Build your own ship and sail the high seas battling pirates and sea monsters. Quest to find Davy Jones’s legendary treasure, or just steal your trusted mate’s hard-earned gold. All in a day’s life on Treasure Planet.
Stake Your Claim
Genesis Worlds Mining Claims are the founding NFTs that allow you to participate in individual world governance, while mining the tokens that power the metaverse economy. The longer you hold your Mining Claims, and the more Mining Claims you own, the more GENESIS you mine. The more claims you hold for an individual world, the more influence you’ll have on world governance. Here are some launch details to help you prepare for the sale on January 18:
– Mining claim holders are entitled to 1 land parcel per mining claim held. (Parcels will be distributed during land sales in 2022.)
– The base price for each world is 500 GAME, which will start to increase along the bonding curve after 400 have been sold. (Here’s how to get GAME)
– You will be able to purchase 1 claim per transaction, and there is no limit to the number of transactions per wallet.
– GENESIS emissions begin on week after the first mining claims go on sale – January 25th.
We are excited to have you with us on this journey. To meet more community members, hop in our Discord. (Most of them don’t bite!) For live, fast-paced audio conversation with our team, follow us on Twitter and keep an eye out for our scheduled Twitter Spaces announcements. And if you really want to get ahead of the game, get your GENESIS farm up and running and reap while you sleep!
Thoughts from GAME Credits CIO Matt Quirk
“The only true voyage of discovery, the only fountain of Eternal Youth, would be not to visit strange lands but to possess other eyes, to behold the universe through the eyes of another, of a hundred others, to behold the hundred universes that each of them beholds, that each of them is.” – Marcel Proust from Remembrance of Things Past
Innovation is birthed at the frontier of technology and business. Often people will pair innovation in their minds with tech only, but in some other ways business innovation is harder. The negative space of new business models is where opportunity lies. It also tends to be riskier. This is the state of the gaming industry as we know it today. It is ripe for disruptive innovation brought about by blockchain technology. The cost of making a quality game is expensive, risky, and failure laden. Blockchain helps decentralize the process and distribute the fundraising of system utility through fungible or non fungible tokens. NFT’s are the straightforward way as they are easily transferable and can easily represent THINGS digitally. But success in this space is more of a challenge than just selling NFT’s with promised functionality. Tokens in the metaverse, like money in the real world, grant stored up trade power. This trade power exists both as an in-game currency and funding mechanism as people pay it forward. Similar to when Ethereum first went live and people bought tokens, few envisioned how it would be the instantiator of so many DeFi projects. The funding mechanism is geared toward varied utility with incentive-steering behaviors beneficial to the project and community. Smart contracts are the tool of the game theorist, to motivate the groups into what is of the best interest of all parties and the growing community. It is the systematic organization of these components in an innovative way that will disrupt the existing gaming industry dominated almost monopolistically by the few large players. This is the white space of opportunity beyond NFT’s. Toward the heart of this negative space traverses a thriving and growing community engaged by the option of participating as a funding agent, a creative agent, a steering agent, or just someone enjoying a solid game experience.
The business models of the existing gaming industry are well known. Generally speaking, those models fell into two modes. The first is the more traditional mode of console gaming, the predominant model for years, where one pays for content beforehand, and publishers and developers license their content to players and may pay a license fee or app store fee to make the game available on a particular platform. Financial risk for this model falls on developers and publishers, and this very much mirrors the movie industry. With the advent of a ubiquitous internet and low cost mobile and tablet apps that go for volume sales, a new model emerged. The second model that has taken hold is the free to play model. This grants players a large amount of playability within the game, but requires payment to unlock additional content that might be expressive, more powerful, or a unique experience. This new model has emerged and taken over many games released today. It has proven quite lucrative and the likes of Fortnite and League of Legends have perfected this model. Both of these models are completely centralized, with strict control of licensing, content purchases and platform fees centering on the big companies in the gaming industry. They have perfected the free to play model, building a great game, massive following, and then sell the most exclusive content to those with the deepest pockets. It is extremely difficult to compete with these large games directly with the same business model. In fact, it becomes almost impossible with lottery-like odds of having something that breaks through to compete.
The free-to-play model doesn’t translate well with NFT content. The sheer potential volume of transactions and need for scarcity to drive interest makes it difficult. When we at GAME Credits first began developing our own games and working with blockchain games that partnered with us, we thought about this free-to-play model, and how it might be done with NFT’s. As we worked on Nova Blitz and thought about it more, we realized it likely wouldn’t work. Part of the benefit of NFT’s is the secondary market capabilities of buying and selling. And if as a developer, content is being sold directly to players, and they are selling the same content on the secondary market at likely lower prices, one must have a continual flow of new content and really strong analytics to understand and respond to the market dynamics. The benefit of secondary sales to owners, in a free-to-play model, where volume of players is everything, just didn’t make sense. Prices would remain the same from a direct sale standpoint, but they would start to drop as people would see just how many existed. This can actually be seen today in some blockchain games. Furthermore, much of the blockchain tech would not be able to scale to the sheer number of transactions that would result especially if the game really took off.
Meanwhile, we watched business model innovations occurring in some of the blockchain indie games where NFT scarcity was embraced as a new business model. One game that joined our rewards portal, and had created an Eve-like demo, where starships cost significant ETH to purchase (thousands of dollars), had begun innovating with a new model. They embraced the higher cost and built around it. If there were enough buyers of these ships, then a significant funding level would be achieved and the project could continue. Non-starship owning participants could band together and rent time on a starship to complete missions, while battling or competing with other “bands.” It created an interesting dynamic. Starship owners were able to earn a passive return on their large expenditures while renters could pay a small amount and potentially play-to-earn or enjoy the experience. The Game developer could then develop the game with the funding they had made to a degree it was playable, and then decide on whether more starships that were potentially different, unique or added new dimensions of game play could be sold in the future. This model was very much a kickstarter approach but it was more decentralized in that Kickstarter as a company wasn’t involved. The game itself actually never took off, and the aspect of decentralization was that the project failed to convince potential starship buyers of its merit, or the project team never fully delivered on the game. In this kickstarter-like model, the studio making the game has a responsibility to convince potential players of the merits of their project. While there have been many failed blockchain games, others have succeeded experimenting with new models. In contrast, both Decentraland or The Sandbox could be considered a success in their decentralized funding approach. Instead of starships, these metaverses sold land. Their finite amount of land that can be purchased at a relative premium (for a game it was expensive, for blockchain it was inexpensive) was similar economically with the starship, land owners have an expanded in-world experience mainly economically as they are able to build on their land and sell experiences to users who might visit. The predetermined rarity and potential derivative benefit, it incentivized individuals to buy into it seeing not only the possibility of demand increase for the land, but the ability to take advantage of in-game economies for buying and selling . The possibility of getting your money back or even turning a profit seemed very real and eventually became real. It has proven financially lucrative for many of the early land adopters. In any case, these games are in many ways still being built. This model is very much a parallel to many of the crypto projects that have either a fungible token to raise money or NFT content to raise money. But they are also doing tokens as well. So beyond just buying and selling NFT’s is a white space of opportunity around a systematic approach to using tokens, NFTs, and existing web technologies to build new business models.
Disruptive
While adopting both a systematic approach to these economic building blocks is both powerful and potentially disruptive, that disruption is often slow at a macro level. An example of this is how NFT’s have not caused an immediate splash in the existing gaming industry, but are slowly ramping with new innovators willing to innovate and risk. Blockchain adoption is difficult for an individual user. It requires a mindset shift. Therefore the shift to a more decentralized approach will disrupt, but it will take longer than you might first expect.
Decoupled
The ability to decouple a financial transaction from local laws, payment systems and other typical challenges will create opportunities in places not previously seen. In the gaming industry, the play-to-earn mechanic will allow important financial benefits to countries that are developing economically. Meanwhile, the ability to invest in the project for its long term utility benefits is available to everyone. This gives a truly global benefit from a financial standpoint.
Decentralized (in its purest sense)
The ability for individuals to participate in a system at any level, without belonging to an organization, and still be a part of that project and community, to the degree they want, is one of the chief goals of a decentralized solution. This changes the entire dynamic of society and could potentially spread wealth wider and farther. It allows for communities, with a commonly held value system to actively do and accomplish more. One of the basic ideas behind game theory is just this, to think of the group dynamics and how individual incentive interacts with incentives of other actors. Communities that have been remotely interconnected and their shared value system can be brought together using financial incentives to both better each other and financially gain from those interactions.
Genesis Worlds developed by GAME Credits Studios is an arrangement of NFT’s, DeFi smart contracts, Governance contracts, and gaming tech in a systematic way that will inspire the imagination and creative bent of communities everywhere for many years. We planned carefully, taking into account the success of other early metaverses and putting our own creative spin on our plan. While some portions remain open ended so that the community can decide, the framework has been set for a great deal of innovation to happen in the foreseeable future. While not the only studio doing this, we are helping create a new way of doing business among gaming companies.
Follow @MattQuirk30 on Twitter
Dear friends and community,
As we near the close of 2021, we’re reflecting on all that has happened over the past year. These months have been life changing for many folks at the intersection of crypto, gaming, arts and media. Early in the year we saw the gaming industry cool toward crypto innovations, at the same time digital item ownership drew mainstream attention. When we look back at the state of the industry a year ago, it is fascinating to see we’ve come far enough that Collins Dictionary has selected ‘NFT’ as the word of the year!
As the crypto community and media focused attention on the explosive growth of NFTs, we added improvements to our NFT minting platform and began development of the bonded NFTs that will underpin the Genesis Worlds metaverse. Planning for Genesis Worlds began in 2020 and 2021 proved the perfect time to begin development. (Though we didn’t anticipate our $GENESIS token launch would occur on the same day as that other high profile metaverse announcement!)
In November we had the opportunity to support the $GENESIS token launch. $GENESIS is listed on QuickSwap and available to farm at https://genesis.game/farming. More than 39M $GAME is now locked in farming, and the GameFi community is loving the APR! We’ve been updating company and token info across token listing sites to make sure they’re sharing accurate information. With feedback from the community, we completed user experience updates on the Genesis website, and created new tutorials to help support the token exchange and farming processes.
Our community is growing and we’re meeting people with a broad range of interests and goals. We are implementing changes to our Discord server to better protect the growing community from scammers, and to provide relevant channels for discussion. In November we added several new language channels and will continue to evaluate requests for new channels as they arise. Long time lurkers are introducing themselves and joining the conversation. We can’t wait to meet more of you! Look for team members with the ‘Verified Staff’ role and introduce yourself.
Or come and talk to us directly – we’re spending more and more time participating in live, synchronous events. We host weekly conversations in our own Twitter Space, and have been presenting in Spaces hosted by other communities and organizations, such as Polygon. (Feel free to suggest cool Twitter Spaces we should check out!) We joined the SunGens Discord for a live AMA with their community and we presented at Demo Days with the Blockchain Game Alliance. This week we have team members making connections in Miami for DCentral Miami, NFT Basel, and Art Basel. To get more time with the team, you can find us on:
– Telegram
– Discord
– Email [email protected]
For first access to Genesis Worlds news, make sure you sign up for the email list at https://genesis.game/. In the coming weeks, we’ll be sharing the confirmed release date for the Genesis Worlds Mining Claim NFTs. Thank you for joining us on this exciting journey. We know you’ll love what’s coming next!
Liquid NFT’s (also referred to as Liquid Tokens by Simon de la Rouviere 1) is a term used to describe a bonded NFT where the bond curve is handled in the contract adjusting the current NFT pricing either up or down based on previous contract history and the slope formula in the curve. Some Liquid NFT have a very steep curve, while others are more gradual. The benefits of the bonded NFT are instant liquidity (both buying in and selling out), price discovery, and always available.
During the explosion of NFT’s last spring, there were several projects that sold NFT’s at price points to start that were unproven. The result of an unproven price point is that you won’t fully realize the sales numbers you might have given a balanced pricing. If you sell something for $10,000 as a drop price, and only 50 people purchased it, the question arises, what if you could have sold 1000 at a $1000 price point. In other words, they weren’t necessarily able to maximize their profits for the entire line of NFT’s. For the collector, rarity is prime, and so this unrealized pricing may not matter and the smaller print run turn out to be a good thing. But not everyone buys NFT’s as a collector. Some look for other utility and membership into a community with further benefits. With a liquid NFT, you can discover what the price is as demand grows. For some use cases, especially in the area of new tech, where the scope and scale is not fully understood, price discovery is really difficult.
As mentioned, not everyone is looking to only collect NFT’s. Collectibility can be a secondary use case as well. There have been plenty of real-life use cases where the utility was the primary purpose of owning and the relative collectibility was driven by utility. A Liquid NFT is not designed for the one-of-one collectible like a single instance of a piece of artwork. If you think about a Liquid NFT, it fits the case where you have many instances of something that are the same, yet still have a collectible value. For example, a vinyl record, a video game, a toy, a photograph, a print from an artist print run. For each of these there are many instances where the utility of each one is identical. In the physical world, physical condition may play a role in driving demand or price value, thus making these collectibles more like traditional Non Fungible Tokens. But, in terms of representing them digitally, the bonded NFT actually makes sense representationally. Having one of a collectible like a vinyl record, isn’t more useful than having two, as they both contain the same playable music. It may be worth having more than one for the purposes of value, but not necessarily for its use. Eulerbeats is an example of an implemented bonding curve contract where you gain ownership of the music. If selling NFTs directly, where the seller is a single entity, Liquid NFTs makes less sense, and so as more content comes out for Genesis, we will likely see many traditional NFTs that directly benefit an individual creator. But Liquid NFTs allow makers to develop a more defi approach to an NFT, where profit is not as much from the direct sale but more from the overall adoption and buy in communally.
Hearkening back in history, a mining claim entitled you to extract precious metals from the land, oftentimes depicted in events like the California Gold Rush, owning a World Mining Claim entitles you to certain Game Fi benefits. A World Mining Claim is a Liquid NFT. It is an implementation of the ERC 1155 standard that builds in a bond curve into the token itself. World Mining Claims grant their owners the specific right to participate in the funding, development, and benefits of the in-game World Liquid NFT they purchased. Furthermore, it allows them to World Mining Claims also grant owners future land when the land sale occurs in the future.
– Land Deeds – All World Mining Claim owners will get a relative amount of the world’s land parcels
– Genesis Token – earn derived Genesis tokens and benefit from community growth associated with the bond curve. This can be found further on the hub spot here in our tokenomics breakdown.
– Specific world governance by voting for world-feature priority. World features will include creative in-world content, quest implementation, and rules engines that controls quest completion, graphic intersections, combat etc.
– 10% of World Mining Claim purchase supports universe development of Genesis tools by funding the Genesis foundation. Universe development includes things like client (such as mobile client), tools(such as map editor or item editor) multiplayer systems, questing system, map viewer, star map viewer, etc.
Fig 1 Bond Curve for World Mining Claim (stake)
Commentary from CIO Matt Quirk
In becoming NFT-aware, after getting past the struggles of learning what an Ethereum wallet is, then wading through the philosophical debate of buying a jpeg image, and finally, burning way more in gas fees than you realize, illumination of the mind occurs, and new possibilities emerge. NFT Level-up is achieved. For me, as an engineer tasked often with coming up with innovative new ideas, I was asked to explore use cases of the blockchain for my daily nine to five and began to do a Google search back in late 2017 of gaming and the blockchain. This was really my first foray into the blockchain besides occasionally hearing about a coworker that spent $250 for one BTC a few years prior. This exploration led me to a fledgling community that was exploring gaming and the wondrous possibilities of NFT’s. As a long-time gamer, I couldn’t help but bring that view to bear on the use cases I was exploring. I had found the ideal use case in gaming, despite my domain focus being the Internet of Things. It was a pure software and data use case. From a system standpoint, this means no need to consider the hardware and the need for supporting standards. Exciting possibilities are revealed. Brave new worlds of cross-game economies, social interactions, new mechanics, and new kinds of games. One dives in even further. NFT Drops. An NFT that goes 5x. First game with true ownership. But soon, the disappointments of immature tech also come knocking and the honeymoon period of NFT’s ends. A nerve racking (did I just lose $1000 in that transaction I messed up?), wild-goose chase of unforeseen problems, user interface annoyances, workarounds, and unmet expectations further exacerbates the user. It’s not as exciting as it first seemed. This is often the case with new technology, an evolution doesn’t come immediately, but through many years and layers of good engineering and design. In many ways, Ethereum as a network, is at the beginning of this evolution. The term used to describe effectively making something ubiquitous and universal between disparate systems, is Interoperability, and it’s a term used often in the past by individuals and companies to describe the standards and protocols that would describe the integration between systems. Taking this further, interoperability, applied to gaming, is the ability of games to exchange, interface, and make use of information in a decentralized way especially as it applies to non-fungible tokens, and the result pushing the boundaries of gaming making it a revolutionary development.
In a similar way that the user experiences a set-back in, the developer does as well, and the typical challenges arise in software development, interoperability is often an issue when one is dealing with complex systems, with different development teams, differing priorities, and different schedules all conflicting with limited resources leading to a spattering of different implementations that don’t work well together. We can go deeper, where Operating Systems, Tooling implementations, and lack of standardization makes it difficult to achieve the simplicity needed. Well defined interfaces and more importantly standards have always been the best long-term approach to achieving this kind of software interoperability, and as a result the dream-possibilities of gaming. The challenge facing a ubiquitous Metaverse is one that requires the development of gaming standards and interfaces that are simple, useful, and at the right layer. If done right, gaming as we know it will be transformed, automating the economics, lowering the barrier of entry for designers, and allowing greater collaboration.
Standard interfaces are everywhere, so much so we take them for granted. This in part is because of their simplicity. Like the USB 3c cable, or North American electrical plug, these interfaces are energy and information transport interface standards; when they are adopted, make the overall experience to be more seamless and transferrable. These standards are critical to the internet, and in the future will be necessary for a fully immersive and interoperable gaming experience.
Xerox, and its research arm PARC, helped develop the Ethernet standard in the early 70’s. Later, a Stanford developed, and DARPA funded TCP/IP standard was implemented by MIT atop the earlier implemented ethernet, and working between the Xerox designed Alto and later the IBM PC, demonstrating that a workstation could interoperate with other workstations and large time-sharing supercomputers. (1) This early implementation of TCP/IP would later be the primary reliable packet transport mechanism of much subsequent network communication.
In 1991, with a world-wide web as the back-drop vision, HTTP was proposed as a new standard to enable this and implemented in a simplified proof of concept by Tim Berners-Lee. (2) From this transfer protocol, which still makes up a significant portion of the web-based network traffic, came HTML, and the browser developed rapidly now that a means of transporting that data in a simple and efficient way could be managed. Having lived through this period, I saw how the SOAP standard became the standard Request/Response pattern in building tech in the printing industry. Furthermore, as the web became more ubiquitous, RESTful HTTP interfaces became prevalent, which was less a standard and more a design approach to taking advantage of the existing simplicity of the HTTP standard. In both cases though, the evolution of these web standards became the foundation of the Internet of Things, and made management, data collection and large-scale analytics completely possible.
The emergence of blockchain standards on top of these network protocols has made new economies possible. Ethereum has really pushed these standards like ERC-20 and ERC-721 among others. Our hope is to evolve these for the gaming industry. For Genesis, well-designed interfaces and standards will be a critical component of our hundred-year Metaverse that integrates with the future of gaming. Standards will emerge that can be leveraged across the gaming industry and various blockchains. With the vision of Genesis to be decentralized, and open source, with the center of development being a foundation, it is uniquely positioned to avoid proprietary approaches, and embrace standards development. Furthermore, the tooling necessary to make development easier and more streamlined will also be built alongside these standards. Genesis looks to be Ethereum-like, as one of Ethereum’s strongest attributes is its openness and potential for interoperability, and the supporting tooling that developers can leverage.
1. Barry M. Leiner, Vinton G. Cerf, David D. Clark, Robert E. Kahn, Leonard Kleinrock, Daniel C. Lynch, Jon Postel, Larry G. Roberts, Stephen Wolff, “Brief History of the Internet” Internet Society, 1997, accessed October 2, 2021, https://www.internetsociety.org/internet/history-internet/brief-history-internet/
2. Ilya Grigorik, O’Reilly Media, Inc. “Brief History of HTTP” 2013, accessed October 2, 2021, https://hpbn.co/brief-history-of-http/
Dear friends and community,
October 2021 passed in the blink of an eye, and we will likely all look back on it as a vital turning point in the history of web3. We witnessed incredible project launches, innovative application of web3 technologies, the rapid emergence of new communities and the attempt by a massive corporation to turn the Metaverse into a walled garden. October 2021 was truly about the greater web3 community organizing to develop and sustain a more open web, and we want to acknowledge and celebrate that before jumping into the review of our own work. We know we are a part of something much bigger than ourselves, and that’s what drives our team and community.
Last month we saw mainstream media attention on crypto, DeFi, NFTs, the Metaverse and adjacent technologies, and markets responded to the hype. It is definitely an interesting time to be working on Metaverse projects! We have been sharing our Genesis Worlds Metaverse plans throughout the year and we’re grateful for the feedback we have received, especially from the new community members. If you’re just joining us, we welcome you and encourage you to share your thoughts and ask questions.
Check out these highlights from last month:
– GENESIS Token Launch – Woot! It’s here! Last week $GENESIS farming went live at https://genesis.game/farming where folks are currently staking $GAME to earn $GENESIS at 253.79% APR. You can also now access the $GAME/$GENESIS liquidity pool live on Quickswap. The Genesis Worlds White Paper includes details on the tokenomics of $GENESIS.
– Genesis Worlds Website Launch – Our new Genesis Worlds website is live at https://genesis.game/ with all the relevant project info. In addition to the token farming, this is where we’ll host the upcoming Genesis Worlds Mining Claims NFT sale. Bookmark it!
– Genesis Worlds Trailer – With the soft launch of the trailer, folks are getting a first look at the Genesis Worlds 3D models destined for Mining Claim NFTs. Please Like and Share with your network to help grow our Genesis community.
– Twitter Spaces – We’ve been hosting and participating in Twitter Spaces, and have found it a great way to communicate and connect with crypto and extended community across the globe. Follow us on Twitter to keep with where and when you can catch us live. Tag us whenever you stumble upon a Twitter Space you think we’d dig, and say “hello” if you see us in a Space – you never know where we will pop up!
As we head into the final months of 2021, our team is focused on preparations for launching the Genesis Worlds Mining Claim NFTs. With dozens of World models ready to go, this means internally we’re debating which Worlds to launch and in what order. (If you have a favorite, now’s a good time to let us know! We’ve been sharing some previews over on our @gamecredits Twitter). The Mining Claim NFTs will give holders rights to influence decisions around the development of the individual Genesis World represented by each token. Holders earn $GENESIS, which will have global and individual World utility. They also receive privileged access to land sales, which begin in 2022.
On the planning side of things, our product and engineering teams are exploring and evaluating technologies that will allow the Genesis Worlds core platform to include services that benefit the wider Metaverse community. Whether you’re questing through Worlds with a custom avatar, showing off your NFT collection, building a loot box or hosting a live event, we want to make sure we offer support for a variety of familiar Metaverse functions and on-chain items.
On the community side, we’re running contests and answering questions. We are working to add tools to help with moderation and we are building out more technical support resources. We expect to host some AMAs this month, so keep an eye out for announcements as well as some additional Twitter spaces. We are actively speaking to NFT communities and potential partners for interesting opportunities for the future of Genesis Worlds. If you would like to work with us, email us at: [email protected]. We sincerely love connecting with you.
You can find us on:
If October was a whirlwind, November will be a storm – preparing for yet another launch as Phase II on our Roadmap (Mining Claims NFTs), lots of live events, community outreach, and so much more. Join us for the 100 year Metaverse where you can dream, build, & discover.
