Fight against other collectors for a chance to get generative battle scars
ChainFaces Arena is one of the latest Ethereum-based NFT projects to add a gaming element at the collection’s core. Each ChainFaces Arena NFT allows the collector to try their might in a battle for a chance to get generative upgrades to their collectible. However, there’s a catch – if you lose a battle, your NFT is burned and gone forever.
The collection attracted just under 7000 collectors in the past seven days, generating more than $3 million in trading volume. Currently, the floor price for a ChainFaces NFT circles around $218.
Given the fact that the collection launched just several days ago, ChainFaces is steadily gaining traction among NFT enthusiasts. The battle and burning mechanism the collection introduces through the Arena is an interesting twist that seems to be working in favor of ChainFaces Arena’s performance so far.
ChainFaces Arena and scarcity through play-to-earn gaming
ChainFaces Arena brings a revolutionary new mechanism for building scarcity. While initially, the collection consisted of 26.969 NFTs, as more players decide to try out their collectibles in the arena, the total number drops.
On one hand, this mechanism allows ChainFaces Arena NFTs to become more scarce, as more players lose their assets in the arena. On the other hand, this is a nice little gaming mechanic which proves entertaining for collectors who want to upgrade their NFTs.
Importantly, it is true you might lose your NFT in battle. However, there’s also a chance you’ll successfully win 10 rounds and get a random, generative trait added to it. Essentially, ChainFaces Arena also actively allows players to build up the rarity of their collectibles as well.
Aside from the cool battle scars, everyone who survives the Arena receives part of the Arena bounty. Depending on the number of faces locked in the arena, your share of the bounty can become higher. At the time of writing, the bounty pool for the current round is 654.36 ETH. This means that each warrior will receive about 0.04 ETH after leaving the Arena.
ChainFaces sounds familiar?
Those who’ve been active in the NFT space for quite some time might recall an older ChainFaces NFT collection. These were one of the first on-chain generative NFT collectibles. Just like the original one, ChainFaces Arena has been created by NFT investor Nate Alex. He’s been one of the early ones in the NFT space, collecting Cryptokitties, and launching NFT projects. Currently, he owns a wallet with a total net worth of $1.6 million.
DappRadar will continue tracking ChainFaces Arena. Especially, as collectors continue to face each other in battle, and the collection progressively becomes more valuable. If you want to take a look at the latest NFT stats for this collection, check out its official dapp page. Keep in mind that if you’re part of DappRadar PRO, you’ll get sales information from as little as the past 15 minutes. Check out DappRadar PRO to learn more about the benefits of being a member of this exclusive DappRadar community.