Numerous token economy stabilizing mechanics will be introduced to the platform
NFT Worlds is one of the leading virtual world platforms at the moment, and this is partly due to its native WRLD token. The NFT Worlds ecosystem is one of the fastest-growing in the industry, and soon players will be able to stake their WRLD holdings to earn even more tokens as passive income.
According to a recent tweet from NFT Worlds co-founder ArkDev, the platform will introduce several levels of WRLD staking opportunities. Importantly, staking rewards will be tied to the performance of individual worlds. The more active, the more people can stake and the more players can earn.
NFT Worlds introduced the WRLD token through an initial airdrop in December last year and since then the token has had a stellar performance. Following the second WRLD airdrop in February, the token saw several consecutive weeks of price hikes, reaching an all-time high of $0.62 on February 19th.
At the time of writing, the price for one WRLD token is $0.26. Importantly, the token’s valuation increased more than 13% in the past 24 hours alone. This is partly due to the newly announced staking mechanics.
This stellar performance has brought a lot of attention to the NFT Worlds platform. Impressively, the game holds the highest floor price for land plots among all Ethereum-based virtual worlds at the moment. According to a recent DappRadar report, the platform also holds one of the highest average price rates for virtual land. With a limitation of 10,000 land plots against the 90,000 parcels in Decentraland and 166,000 in The Sandbox, these price differences aren’t a total surprise.
NFT Worlds pushes token economy stabilizing mechanisms
While land NFTs are a foundational element of the NFT Worlds platform, its native token also has a significant impact on the gameplay. This is why the team is looking into various ways of stabilizing the in-game token economy.
Individual staking is the first tool in these efforts. While more details regarding the staking mechanism will become available in the near future, ArkDev has shed some light. According to his post, there will be several staking funnels each requiring an increasing minimum amount of WRLD tokens. For example, to access the highest tier WRLD faucet players will have to stake over 4 million WRLD tokens for every world they own.
Aside from staking, the NFT Worlds team is working on implementing other WRLD burning mechanics in order to ensure a stable price. The in-game asset marketplace will use WRLD as the main economic facilitator. All purchases and transactions will be made in the game’s native token. Additionally, all upcoming community avatar mints will require WRLD tokens.
Burning mechanics and price stabilization tools are important for any successful play-to-earn economy. Impressively, NFT Worlds’ fast-paced development has captured players’ interest, and the valuation of the WRLD token has remained relatively stable. DappRadar will continue monitoring this rising metaverse star, as staking mechanics officially launch. If you want to learn more about NFT Worlds, check out the handy links below. Additionally, you can follow DappRadar on Twitter to get the latest metaverse news first.