A metaverse project is creating a new category of NFTs: Functional NFTs

A new gaming metaverse project called HODL Valley is creating a virtual tokenized city that is helping users manage their digital assets

Photo by Hans Luiggi on Unsplash

Get your daily recap of Bitcoin, DeFi, NFT and Web3 news from CryptoSlate

HODL Valley was built as a decentralized financial network that combines gaming, leveraging NFTs in an entirely new way.

Among its many other financial features, HODL Valley includes a cross-chain DEX for decentralized swaps, asset insurance, lending and borrowing, farming and so much more, there is also a marketplace for buying and selling NFTs.

HODL Valley features more than two dozen unique properties that each have a different utility and function. Some of these properties are NFTs which can be purchased by users via auction, allowing the owner of the NFT to earn revenue from the fees generated by that property in the ecosystem. These NFT properties have a protocol or DApp attached and are similar to real-world franchises. 

Think about how any real-world franchise works and you’ll begin to see the value of the franchise properties in HODL Valley.  When other users leverage the services of these franchise properties, like borrowing and lending, they become an income stream for the franchise owner. This franchise concept developed by HODL Valley is an entirely new category in the blockchain industry and is labeled by the team as Functional NFTs.

One example of the use of a functional NFT includes a bank property that provides asset lending and borrowing functionality within the HODL Valley ecosystem, allowing the owner of the bank to earn revenue from these transactions. 

Functional NFTs are just one of the features of HODL Valley. The metaverse utilizes its own token, $MONEY, which is a cross-chain utility token. This token enables citizens to execute HODL Valley smart contract code (including, but not limited to swaps, and atomic swaps), earn staking rewards, obtain fee discounts, make in-game purchases, exercise governance rights, and more.

The play-to-earn model features in-game achievements as players execute functions of the network and perform game challenges with other players. Citizens can even customize their playing environment and invite others to their own city.

The best of current technology from some of the most popular brands and applications in the world has been leveraged to heighten the user experience. This combination and familiarity make cryptocurrency and blockchain technology accessible to everyday people and crypto enthusiasts alike, enabling them to utilize the ecosystem, manage their digital assets, and earn while enjoying the game. 

As with any real-world city, HODL Valley leverages the interaction of its citizenry with its infrastructure to create an ecosystem that has the basics any community needs to function well.  The various roles within the game are divided between city officials such as the Mayor right down to its Citizens (end-users) and Tourists (visitors to the game).

Merging blockchain with gaming provides an innovative user experience in which citizens can absorb and understand functions more quickly.

Get your daily recap of Bitcoin, DeFi, NFT and Web3 news from CryptoSlate

It's free and you can unsubscribe anytime.

Posted In: GameFi, Metaverse, NFTs

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.