Genesis Staking — All you need to know!
Adding utility to NFTs has been a significant challenge for creators since the inception of this great technology. Initially, this trend was about gaining prestige in the Web3 community by owning NFTs, such as those from the popular Bored Ape Yacht Club collection.
However, the reality quickly showed that NFTs are largely a bubble and will not survive without real utility. Currently, the entire NFT market is in a major bear market, with the vast majority of collections down more than 97%.
This is not the case with SpaceCatch NFT. The Genesis Box NFT is currently up +1810% (18.1x) from its mint price. Additionally, these NFTs are only about 10% off their all-time high. The $CATCH Totem NFT is up approximately +110%. Given that this is a collection with 10,000 NFTs in circulation, these are great numbers in the current period. At SpaceCatch, we understand the importance of the word “utility.” This is also why our NFTs outperform the entire NFT market.
What is Genesis staking
Every holder of 5 or more Genesis Box NFTs is eligible to earn staking points. These staking points are automatically credited once every 24 hours.
The staking formula is as follows:
(X*1)*1,05^(X-5) where X = number of Genesis Box NFT
In practice, this means that the more boxes you hold in your wallet, the more exponentially your reward = staking points, exponentially grows.
How to stake
This is soft staking. This means you don’t have to do anything, and points will be automatically credited to your account once every 24 hours, always at 00:00 UTC.
If you want to see the number of your points, visit the SpaceCatch website and then connect your wallet.
Rewards
Staking points serve as off-chain currency to purchase various special NFTs — NFT Bonds. These bonds represent a form of bonus codes that you can apply in the game. Since our mobile game SpaceCatch is very complex to provide a great and high-quality gaming experience, you will find more types of in-game currencies — credits, XP, research points, etc.
Each bond has 5 levels of rarity — Common, Uncommon, Rare, Legendary, Mythical. Depending on the level of rarity, you will also receive a certain number of in-game currency units. It is up to you which type of bond and what level of rarity you purchase.
Since these are NFTs, you will be able to send, buy, or sell the Bonds. After use in the game, the NFT Bond will be burned, ensuring a deflationary component.
Players will have the opportunity to buy in-game currencies in advance and thus speed up their progress in the game, to gain more rewards and a better gaming experience. At the same time, box holders will have a stable passive income.
Details about NFT Bonds will be revealed later. In the current staking phase, it will not be temporarily possible to use the earned staking points to purchase NFT Bonds.
Conclusion
Genesis staking represents just one of many ways to integrate an open Web3 gaming economy into the game SpaceCatch. The primary goal of the SpaceCatch team is to ensure a stable passive income and maintain the value of our NFTs.
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