MIT: The In-Game Token of Galaxy Blitz
Galaxy Blitz is the web 3.0 game which sees gamers build civilizations and compete for resources in remote galaxies.
Fundamental to the in-game economy is the MIT token. In the game, it can be used to speed up construction of and to repair/heal NFTs. It can also be used in the marketplace, for various NFTs or resources.
In this article, we’ll look at the token from the following aspects:
- Tokenomics
- How to obtain MIT (through exchanges and in-game rewards)
- Utility in the game (consumption on the blockchain and in-game)
- Staking
Tokenomics
MIT is a token on the BNB network, with a total supply of 100,000,000 tokens. There are plans in the works to expand to other networks, including ERC-20.
The below pie chart shows the total allocation distribution of tokens of MIT:
As shown in the above pie chart, 50% of the token supply is allocated to in-game rewards and the Galaxy Blitz game ecosystem. Let’s look at this in more detail.
How to obtain MIT
You can buy MIT through the following exchanges:
Decentralized Exchange (DEX)
Centralized Exchange (CEX) (using BEP-20 USDT)
Please note there is a minimum amount requirement of xxx to withdraw MIT.
More exchanges will be confirmed in the future, so watch this space!
MIT is also obtainable through in-game rewards. It can be awarded to players for:
- Early adoption and for inviting new players, with the exact amount being calculated based on the in-game achievements of new players.
- In-game achievements
- Outstanding DAO tournament standings (based on the number of resource planets accepted)
- Participating in promotional events.
New/modified rewards will be provided as the game evolves.
MIT can also be obtained through selling NFTs or other in-game resources to other players.
Utility
Blockchain consumption
- To increase the success rate of NFT merging
For each type of NFT, there are 5 grades of quality, i.e. N, R, SR, SSR, SL. Two grade NFTs make one Grade R, and two R-grade NFTs make one Grade SR, and so forth. Its probability of success can be increased using MIT.
- To cover gas fee for Star Coin transfers
When transferring Star Coins, both Star Coins and MIT will be charged for the gas fee.
- To pay taxes on NFT transactions
When trading in-game NFTs, players pay a transaction tax of 2% in MIT, which will be used
for MIT buy-back and burning.
- To mint in-game NFT items (ERC 721)
- To mint NFT resource planets (ERC 721)
For a player, the whole universe is his/her playground/battlefield. In the universe, there are numerous galaxies, and each galaxy has multiple resource planets. Each NFT resource planet is recorded in an NFT on the chain. NFT resource planets may not be taken over by other players. These can be minted as NFTs using MIT. Also, the owner of NFT resource planets may sell his/her NFT resource planets in exchange for MIT.
In-game consumption
MIT can be used in-game for various things, including:
- To accelerate time flow
This can mean either to speed up the production time of resources (such as the flight time of spaceships) or reduce the construction time of buildings on the main base.
- To activate more builders
To upgrade an item or build a new item (such as weapons, buildings, and spaceships), in Galaxy Blitz, players need builders. In the game, one builder is provided for free, but more can be activated using MIT.
- To build warehouses
MIT can be used to build warehouses. They are used in Galaxy Blitz to store resources. They are resource warehouses (five types) — used to store basic resources, and black hole warehouses, which have superior durability. In a black hole warehouse, resources suffer less loss when the base is attacked by enemies.
- To extend the attack immune period
Using MIT, players can extend the length of time in which they are immune to enemy attacks (up to 24 hours)
- To purchase skin NFTs (ERC 721)
- To repair in-game NFT items (ERC 721)
‣ MIT can be used to repair/heal NFTs, or increase the durability of NFTs
- To increase the probability of a successful NFT from upgrade
- To purchase resources
Staking
NFT holders will be able to stake their NFTs for MIT rewards, with APY up to 600%
Players will also be able to stake their MIT tokens to accelerate the production of basic resources:
- Star Coins (up to 20% more)
- Gas Mines
- Ice Ore
- Titanium Ore
Players will also be able to stake a certain amount of MIT to produce:
- Hydroxyl (This is the most special resource in Galaxy Blitz. It is a special DNA modifier to increase the proficiency of artillery, pilots, operators, and heroes. Players need to stake a certain amount of MIT to harvest from the Hydroxyl Collector)
As a blockchain game that is friendly to players of traditional games, Galaxy Blitz spends revenues from Apple Store and Google Play for MIT and Star Coin buy-back and burning.
For MIT generated from in-game consumption and deposit (of fiat currencies), 100% of them will be burnt in the first year; 70% will be burnt in the second year, while the remaining 30% will be used to cover part of operating expenses such as servers; starting from the third year, 60% will be burnt, and the other 40% will be used to cover part of operating expenses.
While MIT is the in-game governance token of Galaxy Token, there are other ERC-20 resources generated in the game that players can trade on the chain. As we’ve looked at, the basic resources are Star Coins, Ice Ore, Titanium Ore, and Gas Mine. There is also the rare resource of Hydroxyl. We’ll look at these in more detail in the next article. Stay tuned!
Follow us for more information!
👉Website:https://www.galaxyblitz.world/
👉Twitter:https://twitter.com/GalaxyBlitzGame
👉Discord:https://discord.com/invite/cfkcVjBDW8
👉Telegram:https://t.me/galaxyblitz
👉$MIT token: https://bscscan.com/token/0xe6906717f129427eebade5406de68cadd57aa0c0
