NFTs construct virtual economies to stay relevant in 2022

As NFT projects prepare to embark into the Metaverse, it seems they are pivoting from their static imagery to integrating mechanics that provide utility.

Notably, Bored Ape Yacht Club has amassed over $1 billion in total volume and announced a mobile play-and-earn game, while fellow primate projects, CyberKongz and SmolBrains continue to announce and integrate new gamification features to their collections.

Investors seem to not only be searching for projects with strong communities and utility, but it appears technical capabilities rank high on the list too. This notion was made evident after Cool Cats’ Cool Pets collection experienced back-to-back hiccups with its launch, and has since been in a downtrend as holders await their reveal.

Perhaps NFT collections are maturing and focusing on delivering what is promised on their long-term roadmaps. It’s also possible that they are searching for ways to sustain value and relevance with their respective communities in 2022. 

Projects aim to lock in utility

Word on the street is, there is a new term to be aware of, “play-and-kollect,” a phrase coined by CyberKongz. CyberKongz is one of, if not, the first collection to integrate a token generating mechanism to its NFTs and a breeding mechanism. Its governance token, BANANA, was introduced as a way for users to personalize their NFT and breed BebeKongz. 

In a similar fashion, Franky Nines’ SupDucks PFP collection generates VOLT, the utility token that collectors use to purchase ingredients to spawn a MegaToad. By integrating a token mechanism and model, projects are also gamifying the experience of stacking and holding.

Where my @RealSupDucks family at… who still stacking $Volt to mint another MEGATOAD? #sup pic.twitter.com/ahDJIzL0Y3

— patrickjamesNFT.pcc.eth (@patrickjamesNFT) December 30, 2021

To incentivize BebeKongz holders and give them utility, CyberKongz announced that each genesis or BebeKong could be redeemed for a CyberKongz VX. CyberKongz VX are full-bodied, 3D pixelated versions of the collection. 

Since its release back in Aug. 15, 2021, CyberKongz VXs daily average price has increased by nearly 193%, sitting at a thin 2.4 Ether ($6,430.22) floor with a 7-day average of 3.5 Ether ($9,377.41.) CyberKongz VX have recently been given utility as they venture into CyberKongz in-game Jungle Adventure.

The Jungle Adventure will enable holders to put their CyberKongz VX to good use to collect Kongnium Ore’s (ERC-1155 token) that can be redeemed for exclusive NFTS and BANANA prize pools. 

The overarching theme with play-and-collect in the CyberKongz ecosystem, is that each piece in the collection is designed to play a key role in providing utility. No longer are pieces just aesthetically pleasing, they also have serviceability. CyberKongz is not the only collection honing in on gamification to give its NFTs utility; Cool Cats’ budding collection Cool Pets will be able to earn an in-game token GOLD. To claim the GOLD, users must have MILK, which Cool Cats will soon generate daily.

Beyond gamification, other projects have discovered that a community-collective is just as valuable as utility.