Binance Smart Chain-based project Alchemy Toys, which harnesses blockchain technology to allow players to collect non-fungible tokens (NFTs) backed by its own ‘treasury,’ is tackling a major issue that’s sprung up in recent times: That of most NFTs providing little value to the holder apart from being rare, on-chain, digital collectibles.
The dApp allows users to mint unique TOY NFTs and “melt” them into more valuable ones, with each step bringing them closer to the in-game treasury.
All TOYs, in addition, are backed by real value and upheld by the growing game treasury, meaning every TOY can be used in the future to collect direct rewards (paid in BNB) and accrue value over time.
What does each TOY NFT do?
Every token symbolizes a piece of the treasury reward. Once you collect and sacrifice all 127 tokens, a big chunk of the treasury is paid out to you in base currency (BNB). Every token has thus an intrinsic guarantee of a future payout.
The payouts are directly in BNB, meaning users do not have to sell the NFTs to gain financial rewards from the activities.
As such, new unique Toy NFTs are minted during two-game actions (“worship” and “melt”). The corresponding fees (minus network fees) flow 100% to the ‘temple’s treasury,’ and thus prevents minting from diluting the token’s value.
Tokens are also irreversibly destroyed when used (during “melt” and “sacrifice” actions), increasing the intrinsic value of remaining tokens.
On the other hand, older tokens give a player a competitive advantage when the winner’s share of the treasury is determined. This incentivizes Toy collection and trade. A corresponding market is provided, but other markets can be used, too (as all Toys are ERC721-compliant ).
Getting drunk on ‘Minted Vodka’
Alchemy Toys boasts its own NFT marketplace—called ‘Minted Vodka’—for users to sell, trade, buy, and interact with other digital collectibles on the platform.
As per Alchemy, Minted Vodka is created as a flexible NFT Marketplace. Users can sell any ERC721-compliant NFT and are also able to ‘swap’ NFTs. In the near future, a proper minting will be provided, and all trading comes with a 2% commission fee.
Minted Vodka has a special relationship with Alchemy Toys. All fees gathered for trading flow automatically into the game’s treasury. This makes those NFTs even more valuable.
For more information, visit alchemy.toys
Disclaimer: This is a sponsored post brought to you by Alchemy Toys.
The post Here’s why Alchemy’s NFT TOYs are a valuable item to collect, play and trade appeared first on CryptoSlate.
Source: Here’s why Alchemy’s NFT TOYs are a valuable item to collect, play and trade