In the world of cryptocurrency, GameFi and NFTs have continued to take the world by storm. It is no doubt that nonfungible tokens (NFTs) have come a long way since their humble beginnings when they entered the limelight with the launch of CryptoPunks, the first "digital art marketplace" in the world. At the time, NFTs meant very little beyond the community of blockchain enthusiasts. Now, it is estimated that upwards of 80,000 NFTs were traded in a given week in 2020.
But, where did this growth come from?
One of the major reasons for NFT growth is the industry's ability to transform value for creators, which is seen in new use cases such as video games, more commonly known as GameFi.
GameFi, representing the combination of decentralized finance (DeFi) and gaming, operates under a play-to-earn model instead of play-to-win. What truly differentiates these two gaming models is the concept of financial incentives being distributed through gameplay and progress through games.
Users can gain earning potential by dedicating time leveling up and improving their characters, with all the data being stored in the blockchain. For this reason, players have an added benefit in that they, not the gaming operator, own all assets. So any in-game assets are still in their possession even when a server is turned off. For these reasons, crypto games are more than entertainment. They can even be ways to earn real money while playing.
As a result, the platform Griffin Art seeks to further merge the NFTs and GameFi on the Binance Smart Chain (BSC). Griffin Art is a decentralized NFT marketplace and GameFi project. The team behind this platform shares their goal to build "a universal ground for various talented artists who can showcase their talent" and, therefore, "bridge the gap between mainstream and niche digital artists."
Where mainstream meets niche
Griffin Art has entered the market with the launch of an NFT marketplace on Sept. 14, 2021. This marketplace will provide users with the opportunity to generate NFTs and collect governance tokens for community improvements. By harnessing the potential of the Binance Smart Chain, the team behind Griffin Art showcases their ability to further provide accessibility, NFT sharing, creation and ownership.
Their team is creating the digital collectibles platform that will integrate with a mobile game developed by the Griffin Art project to achieve this mission. This integration will allow users to sell nonfungile tokens that can be used in the game. The first game released is called Griffin Land, based on themes from mythology and including fantastical creatures - as you guessed it - griffins. The game will include over 120 different creatures, 15 warriors, each with their own properties and enhancement opportunities from 200 different items.
Griffin Land will be closely integrated with the GART token and NFT Marketplace, allowing players to play, trade, use NFT items and earn tokens inside the games. The GART token operates with several deflationary characteristics, built with the intent to reward long-term holders. For example, 7% of GART transactions will be used in the buyback and burn program to continue reducing the token's supply over time. Uses of this token also include access to products created by the Griffin Art project.
The marketplace will provide users with a place to showcase their creations, in addition to minting NFTs to sell. In designing the NFT marketplace, the team shares that their focus was on "decentralization, a smooth user experience, cost-efficiency and universality."
According to Griffin Art’s team, their next focus will be on continuous innovation, as evidenced by their intention to further integrate their project, with NFTs with plans to launch it in the next six months.
The team will also seek out opportunities to continue updating and upgrading their marketplace and game platform while still adding new games, one by one.
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