Kuala Lumpur, Malaysia, January 19, 2023 /PRNewswire/ — Footiverse, a fantasy league football metaverse, recently marked its entry into the NFT space with the launch of the FootiverseNFT Collection on New Year’s Eve. A utility-focused NFT, Footiverse seeks to create a sustainable NFT ecosystem driven by the continuous addition of practical features and benefits, rather than mere hype. In pursuit of this mission, Footiverse aims to launch its Game-fi platform (the intersection of gaming and finance in an environment focused on the use of blockchain and NFTs) in the third quarter of 2023.
A digital asset that lives on a blockchain, NFTs are popular for their uniqueness and community empowerment nature. While incitement and popularity can greatly increase the value of hype-driven NFTs, it also means that they generally have an extremely short lifespan compared to their Web 2.0 counterparts, as they run on the resource unsustainable from the hype. The focus on hype in marketing and value creates a void in thinking about long-term planning in building a thriving NFT ecosystem and community.
For example, while the average holding period of NFTs increased from 30.9 days to 47.9 days between the first and second quarters of 2022 – this is still a relatively short period compared to more traditional investments such as stocks which have an average holding period of 5.5 months. Footiverse aims to achieve holding parity and redefine NFTs as a long-term investment by making their value less dependent on hype cycles and market fluctuations.
“Footiverse’s main strategy to maximize user engagement is to gamify NFTs. Web 3 games open up new opportunities with play-to-win systems to further encourage user activity. However, many web 3 games use predatory practices such as locking rewards and progress behind hours and hours of play to produce artificial activity and demand. To counter this, Footiverse instead focuses most of its usefulness and value on passively generating with simple, interactive systems that won’t require daily user input.,” said Alvin Leongco-founder of Footiverse.
A feature that allows users to earn passive rewards is the Footiverse Dream Coach, where participants can also accumulate points based on the performance of their dream team players. These points are calculated based on individual player statistics in each game, such as number of goals scored, assists made, passes completed, etc., with final scores tabulated and updated weekly, as summarized below. – below;
Participants compete with their team in leagues to win prizes or participate in the Footiverse fantasy league.
Participants complete a set of players for additional bonuses or trade with others to complete sets or build teams.
Earn royalties by being the first to own an NFT or by creating an NFT.
There will be two royalty systems that will reward players for productively engaging with the market. The first stream rewards users for being the first owner of a player card and gives them royalty rights on all subsequent transactions. The second stream allows users to generate their own NFTs which can then be sold and traded with all transactions earning royalties to the original creator with Premium NFT sales starting on the 18th January 2023.
Also available as an alternative investment stream for participants are Footi tokens. Footi tokens, just like its counterpart NFT, are utility crypto. The token sales will begin on January 28, while the initial decentralized exchange (DEX) offering the initial dex offering (IDO) will take place on February 8, 2023. These tokens provide a simple and streamlined experience for users, serving as both in-game currency and convenient crypto that can be used for external purchases. This eliminates the hassle of trading and finding buyers for in-game currency and allows users to instantly convert crypto to fiat at any time, as summarized below;
Pay Gas Charges
Make in-game and global purchases
Spending on multiple platforms (licensed gaming networks)
Perform crypto to fiat conversions (Savvixpay)
Do Web 3.0 commerce or convert pre-existing Web 2 businesses to Web 3
Participate in the vote of the Decentralized Autonomous Organizations (DAO)
For more information on Footiverse, please visit www.footiverse.com.
Footiverse is a Singapore– Fantasy football league metaverse creator with NFT launches that focus on the entire APAC region. The platform publishes avatars in collections based on real football leagues, including La Liga, Bundesliga, etc., the first and latest being the world cup collection currently available on the largest NFT market, OpenSea (opensea.io/collection/footiversewc2022).