Expanding the Metaverse - New additions to MVI
As the potential of the blockchain powered Metaverse begins to reach mainstream, it’s fitting that today we welcome the addition of both $ILV and $ERN to the Metaverse Index. Both tokens meet the criteria for inclusion based on our current methodology, and we are happy to see two more quality projects as part of the index. For those that are unfamiliar, let’s take a brief look at what these projects are about and how they fit into the Metaverse trend.
Illuvium - ILV
Illuvium is a game that allows players to collect and battle mythical creatures while exploring the surface of a shattered planet. The game will combine elements of strategy and scarcity with high quality graphics, to create a fun and dynamic experience. Aside from the single player element there will be a Player vs Player battle arena, and even the ability for players and spectators alike to wager on these battles.
In terms of the token itself, ILV is used for governance (meaning anyone holding the token can vote on proposals that improve the game), yield (staking ILV gives access to yield farming pools), and distributions (as players spend ETH in the game those tokens are used to buy more ILV on the market and distribute them to the staked token holders). Both the tokenomics and the governance have been thoroughly thought out by the team and it’s great to see the path to a decentralised community is already underway.
We are particularly excited about the free-to-play and play-to-earn characteristics of Illuvium. The game has been designed so that anyone can get started without any upfront costs, but over time will be able to grind up to higher levels. Meanwhile, during normal play there will be elements that allow players to earn tokens through quests and competitions, something we’ve seen become hugely powerful with Axie Infinity. When the narrative of play to earn is combined with the high quality graphics and engaging gameplay, we expect Illuvium to be a bit of a breakthrough in NFT gaming.
More details about the gameplay, tokenomics, governance and technicals can be found at the docs page. You can also follow Illuvium on Twitter.
Ethernity Chain - ERN
Ethernity Chain is an NFT project with a difference, the artwork auctioned on their platform is verified and authenticated by the artists themselves, giving a level of credibility to the ‘aNFT’ that goes beyond other offerings in the space. The platform has already partnered with top artists and sports stars like Fernando Tatis Jr, all the way to their recent partnership with Associated Press on the original photograph, raising the flag on Iwo Jima.
What makes Ethernity Chain a metaverse project in our eyes is the blending of real and virtual realities. aNFTs auctioned on the marketplace often have unlockables or even real world items associated with them. The first of which was a custom designed baseball bat for purchasers of the ‘El Nino’ drop from Tatis Jr.
ERN as a token can be used to purchase NFTs, 75% of this income will be locked up in the Ethernity Chain Reserve Contract for 2 years before it begins vesting to stakers in liquidity pools. This creates a dynamic of organic scarcity, as more sales leads to fewer ERN in circulation. The second order effect of this is that the reward program can continue indefinitely! Interestingly, a portion of all funds raised from the endeavour will also be donated to charitable causes.
There is a second utility to the ERN token where it can be locked up to earn STONES, which themselves can be redeemed for certain NFTs and real world experiences. Between these two mechanism designs we find the ERN token to be both unique and compelling within the Metaverse space. Keep your eyes peeled for a deeper integration between MVI and Ethernity in the near future that makes use of this incentive design.
To learn more about Ethernity Chain visit their website or follow them on Twitter.
And that’s it! We are really looking forward to working with these communities in the near future, and are excited about the potential for collaboration across the Metaverse.
For more information on the Metaverse Index, visit;
Index Coop | TokenSets | Blog
For more information on Index Coop, visit;
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