What is Potential of Alchemy World under NFT Boom?
What is a NFT?
Before we understand Alchemy world, we need to know what is NFT?
A non-fungible token(NFT) is simply an unique digital asset. Assets like bitcoin are fungible, meaning that all bitcoins are the same and completely interchangeable. An example of a non-fungible token would be a piece of art. I can have two of the exact same pieces of digital art but each one is entirely unique.
Before CryptoKitties become popular, the concept of NFT has appeared, and produce a lot of experimental projects, such as consisting of small denomination COINS Colored Coin, maybe someone will say, “Colored” is the earliest emergence of NFT, because the Colored symbol “can be a variety of assets, and with a variety of use cases, including: property, coupons, to issue its own encryption currency, issuance of shares, subscription, access tokens, digital collections, etc.
In fact, not only Colored Coin, but also Counterparty, Rare Pepes, CryptoPunks and others have made some attempts in the FIELD of NFT. However, they all left the field in the end. It was not until the emergence of the CryptoKitties developed based on the Eethum ERC-721 protocol that the concept of NFT was brought to the mainstream.
CryptoKitties is a blockchain-based virtual game that allows players to adopt, raise, and trade virtual cats. Cats, on a blockchain! This incredible project was seemingly on every news station, from CoinDesk to CNN. Perhaps it was because the game was clogging and slowing down the Ethereum blockchain or because people were making crazy profits trading them.
2018–2019 — NFT Cambrian Explosion
2018 and 2019 have seen massive growth within the NFT ecosystem. There are now 100+ projects within the space and more in the works.
NFTmarketplaces are thriving, led by OpenSea and SuperRare gaining ground. The trade volumes are small in comparison to other crypto markets, but they are growing at a brisk pace and have come a long way. On-boarding into the NFT ecosystem has become easier as Web3 wallets, like Metamask, continue to improve. Dapper Labs has also recently launched a Dapper wallet which requires no gas payments. Additionally, there are now websites such as nonfungible.com and nftcryptonews.com (shameless plug) which dive into NFT market metrics, gameplay guides and provide general information on the space. This graphic from The Block does a good job illustrating the current ecosystem.
What is Potential of Alchemy World under NFT Boom?
Since CryptoKitties has become a hot topic, more and more NFT with game attributes has appeared, and this phenomenon has gradually been summed up by the industry into a new segment — GameFi. As a new NFT game, Alchemy World will bring different experience to players through innovative gameplay and mechanism.
At present, there are two understandings of GameFi. One is GameFi=NFT+DeFi, that is, the mortgage of NFT introduced in DeFi, such as Aavegotchi, Meme and Whale ; the other is DeFi gamitization, which turns users’ assets into equipment and gets rewards for completing tasks by means of mobile mining, such as ARCx project and DEGO project, which exploded recently in popularity. An air throwing activity attracted 48,000 people to Telegram group within 3 days. The “scratch music” game of block chain makes many players addicted.
Alchemy World, as a project that combines DeFi+ blockchain game +NFT, will enter the GameFi market at the early stage as a hot spot, which will have great potential. In the Alchemy World, players can participate in the game as alchemists and receive the NFT forged by the Ethereum ERC-721 protocol. (The image of NFT will exist as the magic Key to unlock the blockchain world, therefore we call it rich-key).
The deflation model of token is specially set in Alchemy World.To exchanging Rich Key through the destruction mechanism players can destroy or consume the Fire as the alchemy magic element and alchemise out of Fe. At the same time, players can destroy Fe and cast Rich Key. It always revolves around Fe in destruction system, which makes Fe continue to generate value in the later market circulation.
The alchemy system is a major feature of the project. Players can obtain NFT, earn corresponding certificates through the economic model and gain profits in the secondary market. At the same time, due to the constant quantity of NFT, the value of NFT will gradually increase when the demand for NFT becomes more and more strong and the amount of NFT in circulation becomes less and less.
Where To Next?
The history of non-fungibles is much longer than most people realize. The first attempts at NFTs were in the 2012–2013 Colored Coin era, but I believe now in 2019 we are still exceptionally early. Despite the massive growth we have experienced in the past two years, the space is still extremely young and growth will only continue. In fact, I believe the growth of the NFT ecosystem will accelerate as more people and companies realize the impact that NFTs can have and implement them more. Developers will continue to create innovative uses and interoperable items will be a complete game-changer. I suspect within five years the NFT space will look radically different than it is today, in which case I will have to write yet another update on the history of the ecosystem!
