CoPuppy multi-elements of “DeFi+NFT” Metaverse
We are on the cusp of a blockchain-based AR virtual world
Only an NFT project with a complete deflation model that can integrate financial scenarios can maintain long-term healthy development.
Although the concept of DEFI has been proposed in projects as early as 2017, due to liquidity, DEFI has never achieved a real development. Until 2020, the concept of “liquidty mining” is put forward, and DEFI-decentralized finance has ushered in a huge development. We often discuss how to use cryptocurrency or DEFI to influence the physical world, and build a [Crypto-to-Crypto] blockchain world in the complex real world. The emergence of NFT builds a bridge for this. Since the popularity of CryptoKitties in 2017, thanks to the development of DEFI, the NFT, that has been silent for more than two years, has returned to people’s vision. NFT+DEFI is creating a miracle. The combination NFT and the incentives of FT promotes the encryption world to enter the stage of [connecting with the real world]. The “metaverse” is the ultimate manifestation of this ecosystem. Almost everyone is attracted by the “metaverse” and scrambles to build their own kingdom on the digital network, but ignores the necessary condition of the “universe” — a reasonable economic system. With the rise of countless “uninhabited islands”, these projects lacking “digital natives” eventually turned into historical bubbles.
The great journey is never done overnight. Before we try to understand why these projects fail, let us understand the characteristics of the metaverse.
Characteristics of the meta universe
✔ Sustainability: The world can exist forever without stopping
✔ Real-time: Able to maintain real-time and synchronization with the real world, and have all the forms of the real world
✔ Compatibility: It can accommodate group and things of any size, anyone can enter
✔ Economic attributes: There is a fully operational economic system that can support transactions, payments, and labor to create income, etc.
✔ Connectivity: Digital assets, social relationships, objects, etc. can run through various virtual worlds, and can be converted between “virtual world” and “real world”
✔ Creativity: The content in the virtual world can be created by any individual user or group user
Although NFT based on blockchain technology satisfies multiple attributes of the metaverse, the limitations of NFT itself are also obvious. Different from FT, the liquidity and value of NFT cannot support the most basic economic attributes of the metaverse. When an ecology lacks a basic economic model, then it is doomed to fail in the end.
The prototype of the “metaverse” based on DEFI
[NFT projects with a complete deflation mechanism built on the DEFI ecology will become the cornerstone of the metaverse]-Makus (CoPuppy core founder).
Facts have proved that the development of NFT is as expected. After CryptoKitties→Decentraland→Axie, NFT has evolved from a pure ERC721 protocol to DEFI and even GameFi. These projects build elements through NFT, use FT to transmit value, and build systems, which have become the prototype of the “metaverse” which is currently the closest.
Collectibles and DAO Governance-Indigenous People
CoPuppy understands that, in addition to introducing DEFI as the underlying economic system of the metaverse, NFT as the underlying support for collectibles is still the main application direction of current NFT.
CoPuppy attracts crypto art lovers as the first indigenous people of the meta universe through its collections. In addition, CoPuppy knows that the spirit of “decentralization” is part of the current Internet and cryptocurrency culture, and the emergence of DAO has also greatly promoted the cryptocurrency wave in 2020. This is why recently superstars like Jay-Z bought CryptoPunks. why? Because Ethereum is very interesting and contains opportunities, and one of the most profound and interesting things you can do on Ethereum is to buy a CryptoPunk and join the DAO to participate in community governance.
In CoPuppy, if you hold the Genesis Card (a kind of 3D-NFT card of CoPuppy), you have the right to propose and vote for “Puppy Word” (short for CoPuppy). This is a unique right. Combined with NFT DAO governance, it can guarantee the interests of the initial users, and can visualize the rights and interests of users in the project. After all, holding a Genesis Card is far more attractive than holding a large number of FT tokens. Isn’t it?
[Play to Earn]-Trailblazer
The sales performance of “$20 million in nearly 30 days” has allowed the blockchain game Axie Infinity to enter the vision of Chinese crypto-asset players again. This game is also the project with the highest transaction volume in the NFT market. As of July 8, its daily transaction amount exceeed 20 million dollars.
The success of Axie created the [Play to Earn] model. From buying pets to selling pets and their derived rewards, the entire turn depend on encrypted assets. The network Ethereum on which the game is built and its chain assets become indispensable part of it. The success of Axie lies in the ennjoyment through games, increased the viscosity of blockchain users, and cultivated a solid group of intermediate users, who are the pioneers of the “metaverse”. The rich links in the game increase the consumption of tokens and indirectly lock a large amount of liquidity, which is also the source of AXS’s continuous rise.
CoPuppy also absorbs the essence of [Play to Earn], “Puppy Battle” (the 2D card game in CoPuppy) allows users to choose different teams, buy their own NFT dogs, lock tokens, and wear gem pledges to gain income. Each dog has its own unique attributes, upgrades, mining, breeding and other links increase the circulation of $CP (CoPuppy’s native token). The game “blazers” not only can gain income by combining different types of 2D NFT cards, but also feed back to the “indigenous people”. 3D NFT holders can continue to receive dividends from the game. This design strengthens the relationship between different sectors.
Due to the lack of liquidity support for NFT, each NFT cannot be accurately valued, and therefore cannot be integrated with financial products, limiting its own development. Although, projects represented by DEGO and Treasureland are working on NFT fragmentation and a reasonable buy-out mechanism to convert the originally unpriceable NFT into a priceable NFT to solve the above problems, but this will be a long-term process.
CoPuppy is also actively participating in this, acting as an NFT innovator. Doggo Finance (CoPuppy’s financial derivatives platform) built a series of financial derivatives around CoPuppy NFT, and proposed two sets of valuation systems, the lowest reasonable value of 3D-NFT and the built-in lock value of 2D-NFT, which are used to evaluate the NFT in CoPuppy, and on this basis, launched the NFT lending platform.
CoPuppy also has a trading platform specially developed for NFT game customization services, so they can attract more projects to join the “Puppy world” metaverse.
CoPuppy has built a metaverse ecology conform to the current development of NFT+DEFI around collectibles, games, and finance. Relying on BSC (Binance Smart Chain), it will become the most anticipated NFT project on BSC.