In 20201, cryptocurrency (or “digital assets”) received tons of attention. Big names like Mark Cuban, Reese Witherspoon and Gary Vaynerchuck jumped on the train and became public advocates for the new asset class. Much of the world’s financial institutions were opposed to crypto at first, but now the same institutions are adding crypto to their balance sheets. It seems more are getting privy with crypto each day that passes in the crypto bull cycle.
There are a lot of cryptocurrencies. Cryptos are commonly called “coins” or “tokens”–which are similar to shares in a publicly traded company. They all have their own value proposition and proposed utility. However, there’s one crypto sector different from all the rest, and carries with it an enigmatic nature–NFTs.
A non-fungible token (NFT, for short), similar to a traditional crypto, is a token existing on top of a cryptocurrency blockchain. Though, unlike traditional cryptocurrency tokens NFTs can’t be replaced, and the “token” comes with an encoded image file. NFTs are unique. The typical Bitcoin or Ether token is not, and therefore replaceable. This non-fungibility feature is the primary value proposition within the NFT space, sort of like how physical art drives value.
But physical art can be faked. Duplicated. This is the beauty of NFTs: they’re generated on the blockchain with a unique set of code. Duplication becomes impossible. Because all of the data is coded on an open-source ledger, verification capabilities are already baked into the technology.
Some NFTs give holders access to special perks. For example, some projects “airdrop” free cryptos to their NFT holders after validating their possession on the blockchain. Other NFT projects have adopted a governance model where holders can influence the future of the project by “voting” with their NFTs. The perks, and a little speculation, has rocketed NFT prices.
Last month a digital spaceship was purchased for just under $2000. Vishv, the creators behind the digital space-cruisers, have spent the last few months building what they call the “Metaverse“–a virtual galaxy featuring planets, art galleries and a frozen tundra. In an industry where it’s commonplace for projects to create product before service, (which some call”vaporware”) Vishv is looking to deliver. Before the ships were released Vishv had a preliminary version of their Metaverse up and running already.
Yes. Building the game is our first priority.— Vishv | Metaverse (@Vishv_Space) October 11, 2021
More features coming soon over the next couple of weeks. 🚀🚀🚀 https://t.co/fY6S8fbwuL
The commitment and transparency of the Vishv team has proven effective in building trust within the NFT community. Vishv’s Discord group has 5000+ members where the developers provide frequent updates on the Metaverse and discuss where the project is heading. Along with rarity and novelty, trust is essential in the NFT industry. The Vishv developers recently donated some of the ships to scam victims of different NFT project called “Sol Cans”.
“That’s why this project is unique and different, it has made me to trust them more” one holder in the Discord group said.
There’s only 2553 of the spaceships in existence. Each ship is unique and comes with 7 random attributes. Some of these attributes are special–”rare” or “legendary”–and only a select few ships are equipped with them. One of the rarest attributes in the Vishv collection is a super weapon called the “Atomic Dismantler”. Only nine ships in the entire collection such a weapon.
“I have some, obviously not gonna sell.” one person commented about the legendary attributes. “I bought a legendary item … and feel that the item will easily appreciate in value.” another said.
Currently, anyone can play in the Metaverse and cruise around in a Vishv ship. Some may prefer the “survivor” mode and battle waves of oncoming enemy ships. Eventually the team will role out multiplayer mode, which many anticipate a bright future for.
Vishv gained has gained the attention of high-follower accounts on Twitter. But, some might not be familiar with the project’s humble beginnings. The spaceships were only selling for $30 at the debut, and it took nearly a month for the ships to sell out. Other projects were selling out within minutes. Fast sell outs are indicative of demand in the NFT space, so when the ships first hit the market it seemed the demand for them just wasn’t there.
Nonetheless, during a concerning lack of demand, the Vishv developers kept their heads down and built the Metaverse. Now that the selling price of the ships has increased several times over, other NFT projects are trying to get integrated into the Metaverse. Vishv secured partners Degenerate Ape Academy–a collection of digital monkeys selling for an impressive ~$5000 each. They’re adding more partners by the week into the Metaverse.
If the developers of Vishv keep up the pace, soon spaceship holders will be renting our their legendary ships in the Metaverse for in-game tokens. The Vishv team envisions a place where NFT enthusiasts across the world will fly around the Metaverse in a luxury space-cruiser, explore other planets and blast homing projectiles at each other.
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