All about Utilities

posted by
February 3, 2022
All about Utilities

How is the value of an NFT derived?

The value of an NFT depends on :

  1. Rarity of the NFT: How rare is the moment in the context of cricket history? Eg: A winning shot/inning in a crucial series finale will be more valuable than an average shot in a less important match. This factor will end up deciding the category (Common, Rare, Epic, Legendary) of the NFT as well. The rarer NFTs will have lesser copies than the common NFTs
  2. Status or signaling value of the NFT: The value of the NFT will also be dependent on the player in question along with the rarity. This allows fans to boast owning rare moments of cricket history and their favorite player’s NFTs
  3. Utility value of the NFT meta-data: All NFTs depending on their meta-data have certain utilities in the soon to be launched applications. The utility gained from an NFT in a game will also impact the value of the NFT

What are the different utilities FanCraze is building?

Our team is working on many cool ideas. Here are some of the utilities that we plan to release over the course of this year starting from next month:

  1. FanCraze XP: A system designed for special pack drop eligibility requirements. Special pack drops reward committed collectors with exclusive access to great content
  2. Collections: A set is a curated collection of your NFTs. Sets could be built around teams, themes, and collections. Users will be incentivized to collect and complete sets as this would unlock free rewards of limited edition and scarce NFTs. Think of potential themes that we may launch as you snag moments on the marketplace today!
  3. Gamification: We will be working with a range of players and teams to create new utilities and games like Flash Challenges, Play-to-Earn games, and many more using our NFTs
  4. Digital Land Ownership: All of this will be housed in our metaverse and fans can own a part of it through ownership of digital land NFTs

Meta-data: A set of attributes and characteristics for each NFT that are stored on the blockchain. Meta-data is linked to a particular NFT.

Play-to-Earn Game: A game where the core game mechanics and game economy are built around ownership and crafting of NFTs. Crafting is the process in which a user can upgrade an NFTs meta-data by spending in-game karma points which can only be earned via gameplay or engagement, or can be purchased from another user who has earned it through gameplay or engagement.

FanCraze has secured partnerships with multiple cricket teams, players, and other organizations which will be announced in the days to come

Come and snag your favourite moments on our Marketplace