Hamster Game Is A Pace-Setter In The NFT Space — You Should Know This!
2008 was fraught with a global financial crisis as several national banks struggled to continue their operations. However, there was a light at the end of the tunnel and this came from little unknown quarters — cryptocurrencies.
The new financial ecosystem that is being developed and powered by blockchain technology cannot be properly documented without an allusion to Satoshi Nakamoto’s Bitcoin whitepaper during the precarious years of the world. Following series of financial misappropriations and bad policies by world governments and financial powerhouses, Nakamoto — an unknown character — brought about the idea of wealth redistribution to the masses through decentralized transfer of value.
From this singular standpoint, the crypto space was birthed as the Bitcoin network duly launched in early 2009 with little to no fanfare. The early pioneers labored silently to actualize the dreams of a new society with Nakamoto spearheading the decentralized movement till late 2014. From these humble beginnings, the Bitcoin network ushered in new technologies and solutions to the financial mess orchestrated by physical cash or fiat as we know it.
This push led to the development of smart contracts; self-executing lines of codes for a decentralized financial ecosystem. The Ethereum network led this front and the protocol has since become the poster child for the nascent sub-sectors of DeFi, NFTs, Metaverse, Play2Earn, and several evolving niches.
While DeFi is currently experiencing a slowdown in its growth, cryptographically-unique tokens or NFTs are only just getting started. Before we delve into our main discourse, what are NFTs?
Early History And Use Cases
NFTs stand for non-fungible tokens and they are digital representatives of real-world assets. They are units of data stored on a distributed digital ledger, called a blockchain. They can be sold or traded and are generically used for specific use cases. While we stated that NFTs are representatives of real-world assets, the fledgling ecosystem has also found a purpose in tokenizing digital assets alongside.
NFTs have strong affiliation with regular cryptocurrencies like Bitcoin and Ethereum however, there is a world of difference by their exclusive nature and use case(s). For one, NFTs are not mutually interchangeable, meaning one NFT cannot be exchanged for another due to their intrinsic difference in traits. This makes them non-fungible unlike fiat or Bitcoin that hold the same value across board.
Another thing is that NFTs cater to a broader scope of use cases. Principal network tokens like BTC and ETH are mainly used for transaction settlement in their respective platforms but this is not the case regarding NFTs. The cryptographic blocks of data have become useful in several key industries, including healthcare, gaming, music and arts, entertainment, real estate, and copyright sectors. This has led to a huge draw to the nascent sub-sector as key industry players look to flourish in the newfangled space.
But NFTs were not so popular when it launched in 2014. In fact, the first one by Kevin McCoy, called Quantum, received little publicity. The NFT video file registered on the then Namecoin blockchain was duly sold for a meager $4 to his then business partner Anil Dash.
NFTs began to get the needed publicity in 2017 following the launch of blockchain game CryptoKitties on the Ethereum blockchain. Built around breeding cat NFTs, CryptoKitties became so popular that the Ethereum network could not perform optimally due to its reliance on the energy-guzzling proof-of-work (PoW) consensus algorithm. This has since spurred the principal smart contract protocol to move towards an updated proof-of-stake (PoS) consensus mechanism.
While NFTs may have broken through with CryptoKitties, it took the nascent sub-sector an extra 4 years before it hit the spotlight. This happened in 2021 following remarkable digital illustrations of NFTs by world-renowned digital creator Beeple, real name Mike Winklemann. His 5000 Days NFT artwork sold for a mouthwatering $69.3 million making the beanie-looking digital artist the third most valuable living artist.
NFTs have since come far from those early days and have seen more expansive use cases. However, what are the likely pitfalls and solutions?
Hamster Game — A Redefinition For NFTs
Despite the luster and glow around them, NFTs are not perfect. They come with their own set of issues and a growing number of people are realizing this just like the issues around the Bitcoin network.
One of the principal pain points around NFTs is their apparent lack of real-world value metric. This is very apparent in the NFT art niche where digital creations are largely determined by the popularity and acceptance of the brand. A NFT minted (process of making or creating new digital blocks for this sub-sector) could see its value plummet if the brand behind the project loses public appeal. A clear instance is the subsequent fall from grace of the CryptoKitties project.
Another crucial bottleneck is the issue of liquidity. The DeFi space has been able to overcome this issue with the development of decentralized exchanges (DEXs) which are tasked with the responsibility of attracting funds for the fluid running of the ecosystem. These platforms enable the creation of liquidity pools by users making it possible for anyone to contribute their digital assets in return for a stake in the pool.
NFTs lack this mechanism and this makes the space immobile and hinders its growth. What is the solution? The creation of an entirely new sub-sector within the NFT fold.
Our solution is in two folds — the facilitation of liquidity for NFTs and a means to reward NFT holders for their services.
Hamster Game is built on the Polygon blockchain and runs on the precipice of the Trade2Earn concept. The NFT project runs on a gamified flow enabling players to trade NFTs in order to earn newly minted tokens.
The overall arc of the Hamster Game is simple — players get to flip or sell either of its Pump or Dump NFTs in order to unlock trading powers. Each Hamster NFT traded rewards players with new tokens. This way, NFT enthusiasts do not need to hold their digital assets with the hope they would become valuable with time. They can easily generate more income while trading them.
Hamster Game is also working on propelling liquidity into the NFT space. Through its upcoming DEX platform, players would be able to create liquidity pools where other users would lock up their tokens for rewards. The Hamster Game Token would be tradable against the WETH token pair. This is the ideal solution that the NFT space needs if it intends to reach its highest potential in the coming years.
Every significant point in human history is always heralded by a ground-breaking and innovative solution. If you intend to tap into the Hamster Game, then visit OpenSea to flip Hamster NFTs here. You can also go through the Hamster Game website to connect your wallet, monitor your NFT trading activities, and do several other fun things.
You can also follow all our social network platforms to learn more about the Hamster Game and its progress.
Platform: https://hamster.game/
Collection: https://opensea.io/collection/the-hamster-game
Discord: https://discord.gg/hamstergame
Twitter: https://twitter.com/HamsterGameNft
