Although the cryptocurrency ecosystem has been lingering in a bear market in recent years, there are always some projects that persist in building and continually inventing some refreshing gameplay.
I have great admiration for such teams and have always kept an eye on them.
TokenWorks (https://www.token.works/) is one such team.
Years ago, I first paid attention to them because of the PunkStrategy project until now. The impression this team has left on me has always been very "geeky," very "out of place," very "rebellious," but also very restrained.
The various gameplay they have invented along the way has almost all revolved around NFTs in the Ethereum ecosystem, attempting to bring NFTs back into the spotlight of the ecosystem.
A recent new gameplay they invented has further revived those long-forgotten old NFTs in the Ethereum ecosystem.
In their newly launched FWA (Fake World Assets) project, they designed a game like this:
They selected a batch of NFTs qualified to participate in the game.
Users holding these NFTs can deposit their NFTs into a pool and also deposit a certain amount of ETH as collateral. The more ETH deposited as collateral, the lower the probability that the deposited NFT will be "selected," allowing it to stay in the pool longer.
The longer an NFT stays in the pool, the longer its holder can enjoy various transaction fees, token airdrops, and other rights accumulated in the pool.
On the other hand, players can pay a certain fee to participate in a lottery game to randomly select NFTs from the pool.
If a player selects any NFT from the pool, they have four choices:
- Take this NFT. Meanwhile, the original holder of that NFT takes back the deposited ETH collateral and all fees and token airdrops accumulated while the NFT was in the pool.
- Accept this NFT, but return it to the pool, deposit a new amount of ETH as collateral, and start accumulating various benefits again.
- Reject this NFT and directly receive the ETH collateral, but only 85% of the collateral amount, while the NFT is returned to the original holder.
- Reject this NFT and directly receive the collateral, but instead of ETH, receive project tokens equivalent to the deposited ETH, also only 85% of the collateral (ETH), with the NFT returned to the original holder.
(Detailed information about the project gameplay is provided on the official website; I am only giving a general introduction here, and there will definitely be omissions and incompleteness.)
For NFT holders depositing NFTs into the pool, if they deposit too little collateral, their NFTs are likely to be easily drawn away, and they will only accumulate very little in transaction fees and token airdrops; if they deposit too much collateral, although they can accumulate benefits in the long run, once selected by a player, their collateral will be taken away, or their precious NFT will be taken by the player.
For lottery players, their interest mainly lies in paying a small fee to gamble on winning a valuable NFT or snagging a huge sum of collateral.
This is a typical game of strategy.
The game has been online for less than a week, and one lucky player has drawn a CryptoPunk, becoming the biggest and luckiest winner of the game so far.
As this game unfolds and becomes popular, the project team is continuously expanding the supported NFT projects—besides classic CryptoPunks, Bored Apes, and Fat Penguins, they have also started to include a large batch of previously active but now quietly dormant NFTs.
Since these previously active but now dormant NFTs are now priced at extremely low levels, many users simply buy these NFTs to deposit them in the pool and participate in the accumulation of benefits and token airdrop games.
This has driven a resurgence of activity among a large batch of NFTs.
In my previous articles, I shared some standards I look for in project innovations. One of the standards is whether the innovation can serve already existing tokens.
However, at that time, I only thought of ERC-20 tokens and never considered that some nearly dead NFTs could also be revived by such gameplay.
Nonetheless, the NFT market is still too small in terms of scale and impact, and liquidity is also not easy to maintain. More importantly, broader application scenarios have yet to be found.
So, it is still hard to judge how long this gameplay can maintain the heat of NFTs.
However, inspired by this project, it has been reported that someone on the Robinhood chain is attempting to replicate this mechanism to revive some already "silent" ERC-20 tokens.
I hope this team can maintain its innovation and launch more novel gameplay in the future.
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