Why Are Guild of Guardians NFT Trading Volumes up 480?

why are guild of guardians nft trading volumes up 480?
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NFTs

Sales count for Heroes up 35% following introduction of staking

Mobile RPG Guild of Guardians introduced a new staking program for its GOG token on November 7 and has seen the on-chain metrics for its NFT sales shoot through the roof. The token price is down, along with the rest of the cryptocurrency market. But the Guild of Guardians community is showing its commitment to the game.

Highlights

  • Daily traders for Heroes is up 11.84%, while the sales count is up 12.5%. Other collections in the Guild of Guardians range of NFTs have seen much bigger increases in their on-chain metrics.
  • Guild of Guardians introduced a new staking program for its in-game token GOG. The staking prize pool sits at $5 million worth of GOG tokens in rewards. Staking will run for six months. 
  • Early supporters will receive more rewards, as will people who hold GOG in an Immutable X wallet and stake their tokens for the long term.

Guild of Guardians staking

Guild of Guardians is a mobile role-playing game built on Immutable X. They kicked off their staking program on November 7 and stakers have already started accruing rewards. There are various criteria users need to meet and a few bonus rewards that stakers should be aware of to maximize their earnings.

Guild of Guardians staking announcement

To earn GOG staking rewards users need to have an IMX wallet that contains some GOG tokens and a Rare (or higher) Guild of Guardians Hero NFT. In addition, one of the three following things needs to happen during the reward period.

GOG staking eligibility criteria

Firstly, users can increase their GOG ‘balance by more than the previous staking reward received’. Second, they could cast a governance vote with their GOG tokens within the Guild of Guardians ecosystem.

The final option, and this explains the sharp rise in NFT sales over the past week, users who want to earn staking rewards can ‘buy or sell any Guild of Guardians NFT on the secondary market’.

Guild of Guardians NFT sales explosion

Looking at the 24-hour NFT sales for Guild of Guardians, we can see they’ve increased across the board. The Heroes, Pets and Avatar collections have all seen rises in their on-chain metrics.

Heroes NFTs are seeing a slight dip because holding them is one of the criteria for earning GOG token rewards. Everyone rushed to buy and sell them last week, and we’ve seen a subsequent fall off in trading now that most people have done this.

Data source: DappRadar

In the past 24 hours, the Pets NFT collection is up across every metric that we track. The average price has more than doubled and trading volumes are up by more than 183%. The number of traders and sales has also climbed appreciably.

The same is true for the Avatars collection. Again, the percentage increase is huge but it’s important to note here that the base numbers were quite small. So while there is a huge statistical increase, in real terms, there isn’t a huge change. Interestingly, trading in Guild of Guardians NFTs that don’t fit into one of these collections, the Other, has dropped off.

Some must-dos to increase your rewards

Here’s how you can maximize your earning potential with Guild of Guardians:

  • Set up a MetaMask wallet to purchase the various tokens you will need for staking. For example, you’ll need ETH to cover bridging gas fees and GOG for staking rewards.
  • Anyone with tokens deposited in IMX before November 13 will receive a double reward bonus.
  • Users who stake their tokens during the first week of the program will start off their staking streak at 12 months, instead of zero days. So it pays to get in early.
  • Your GOG must be deposited on Immutable X and you must own a Rare or higher Guild of Guardians Hero NFT to earn rewards.

One final thing: Guild of Guardians will send out the first rewards in December 2022.

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