PieDAO and NFTX Launch $PLAY
Are you ready to Play? 👾👇
A product of love and labour from the PieDAO and NFTX communities, PLAY is your ultimate touch point with the entire Ethereum gaming and NFT ecosystem. Comprised of 14 carefully hand-picked assets, it gives you easy exposure and liquidity in the rapidly expanding Metaverse in just one ERC-20 token.
Read on to understand why we wholeheartedly believe in the Metaverse thesis, why we partnered with NFTX to deliver the PLAY Pie, the methodology behind its composition, and a deep-dive into the assets included. 👇
Pre-deposits for $PLAY are now LIVE via the PieDAO Oven — for the next 48hours (until 5pm UTC on Thursday, 25th March), you can mint your $PLAY gas free. After the initial 48 hours, you’ll still be able to save gas on your $PLAY but will need to share a small portion of the costs with other community members.
*EDIT: gas-free minting has been extended to 5pm UTC on Thursday, 26th March*
Oh, and head over to Twitter to participate in the PLAY meme contest, the top five creations will win a limited edition NFT! 🔥
Welcome to the Metaverse.
“This Metaverse is going to be far more pervasive and powerful than anything else. If one central company gains control of this, they will become more powerful than any government, and be a god on Earth” — Tim Sweeney
The Metaverse is an ever-emerging virtual world that transcends the boundaries of the physical, revitalising the creator economy and questioning the foundations of identity
In different shapes and formats, the Metaverse has existed for some time: from basic video games with more immersive experience involving AR and VR most recently.
It is, however, the advent of crypto and sound money that is taking it to a whole new level, providing its inhabitants with the means to govern, transact, create, own, invest, and build in an unstoppable way. It is the ‘unstoppable’ aspect that makes the open Metaverse attractive, as it cannot be controlled by any central government, individual, or entity.
The Metaverse thesis posits that cryptocurrency will in fact play an essential role, creating a new economic system, independent from the physical world, yet capable of creating value transferrable into the physical world.
NFTs — or Non Fungible Tokens — play an important role in this, as they are able to capture the unique identity of digitally created items that cannot be interchanged. Unlike a 5 dollar note (or even a 1 BTC), that are exactly alike to the 5 dollar note or a 1 BTC your friend owns, NFTs have a unique value that derives from scarcity.
NFTs have been gaining increased attention not just in the crypto circles, but also beyond, revolutionising the art industry, collectables, sports fandom, and much more. They go even further than that, however. NFTs have the potential to turn upside-down almost every industry, from academic certification to real estate, licensing, and proof of attendance. Proving unique ownership is game-changing.
The Metaverse and NFTs are a big part of the future we envision where anyone, no matter their economic status or geolocation, can accumulate wealth while playing, living, and creating in virtual worlds. Financial freedom can finally become accessible for the 99%. For this reason the Metaverse became the latest focus of the PieDAO community’s mission to spread accessible wealth creation tools globally, and create PLAY.
The Love Story of PieDAO and NFTX ❤️
PLAY is the product of collaboration between the PieDAO and NFTX communities. NFTX is a DAO producing ERC-20 indices of NFT assets, providing easy exposure and liquidity for the growing NFT markets. Following on our initial pure-gaming index proposal for PLAY, NFTX has made it possible to give our users a complete exposure to the Metaverse, including leading ERC-721 NFTs like Crypto Punks and Hashmasks.
PieDAO have been long-time fans of the NFTX community and products, and the collaboration had been brewing for a while, so we couldn’t be more ecstatic to be able to finally announce PLAY to the world.
To celebrate the launch we took the opportunity to immerse ourselves in each game and why the community felt it was essential to include in our gaming product. Dive in 👇
NFTX
Token: $NFTX
Market Cap: $87M Allocation: 6.4%
NFTX is a community DAO building ERC-20 funds backed by pools of ERC-721 NFTs. Users can deposit their NFT and receive a fund token that can be freely traded, is divisible for partial ownership, and can be used to provide liquidity and earn yield.
Cryptopunks, Hashmasks, Avastars, Auto Glyphs and more can all be traded using NFTX funds, and the protocol’s opensource ethos has allowed funds to emerge on the same day an NFT project is released (Waifu’s, Bastard Gan Punks and more).
NFTX is the governance token, allowing community members to participate and shape this fast growing protocol.
Currently PUNK and MASK are included in PLAY, giving exposure to the floor price (cheapest) Crypto Punks and Hashmasks.
More NFTX funds can be added to PLAY via governance as and when the liquidity becomes available.
Axie Infinity
Token: $AXS
Market Cap: $273M
Allocation: 8.23%
Axie Infinity has been taking the ecosystem by storm, spear-heading the Play to Earn revolution.
The game takes place in the magical world of Lunacia, where players battle, breed and collect digital monsters who are as cute as they are deadly. Axies are ERC-721 NFTs that have their own identity and genetics on the Ethereum main chain.
Game play itself includes PVE (Player vs Environment) exploration, as well as PVP (Player vs Player) battles that culminate in tournaments. Thanks to Axie’s in-house sidechain Ronin game play is affordable and lightning fast.
Players can choose between mobile and desktop versions of the game.
Play To Earn. The concept might sound too good to be true, but yes, you really do earn money playing Axie. Battling monsters yields Single Love Potions, the necessary ingredient to get Axies in the mood for breeding. SLP is freely tradeable and a highly sought after asset by breeders meaning that even casual players can earn. The community is growing rapidly and having a huge impact in the developing world, especially during the COVID outbreak. Users from the Philippines have reported using their SLP to buy food for their community and even set up their own businesses!
Axies themselves are deep and mysterious, with multiple body parts that come in a flavour of different rarities. The most powerful features are mystics, and axies with multiple mystic parts have sold for as high as 300 ETH!
Aavegotchi
Token: $GHST
Market Cap: $76M Allocation: 3.53%
Aavegotchi is part digital tamagotchi, part DeFi saving powerhouse.
Connect your digital fren with an Aave aToken to earn while you play. You’ll have to take good care of your Aavegotchi, giving it regular attention. Activities include mini-games and meeting friends in the digital world.
All Aavegotchi’s come with a full spectrum of rarity traits, but interestingly there’s no best or worse. Both ends of the spectrum for each rarity are valuable for different purposes. A 10 score for Energy might make your fren the fastest, but a 0 would excel in a meditation game.
Aavegotchi’s can be freely traded, equip wearables, and all activities are fast and affordable thanks to the scalable Polygon (Matic) sidechain.
Hashmasks
Token: $MASK
Marketcap: $1.17M Allocation: 0.90%
Hashmasks are an evolution of the collectable art market. 16,383 unique masks were released. Each has it’s own explicit rarity traits, including mask type, character type, eyes, and held item. The real innovation comes from the depth of rarity, with many subcategories. Animal masks might be a common type, but there are only 12 unicorn masks and 48 dragons, making them highly sought after by collectors. There are many other hidden rarities, such as hidden glyphs.
Masks were sold using a bonding curve mechanism that increased in price as the sale progressed.
Hashmasks was an experiment in artistic collaboration, inviting the community to play an active role in the work by naming their mask.
Naming requires burning NCT tokens, which are streamed daily to holders. After ten years the supply will be exhausted, and at some stage the final renaming will take place, at which point the work will be finished.
MASK is a tokenized ERC-20 redeemable for any random Hashmask ERC-721 held in the NFTX fund. The price tracks Hashmask floor price, and provides easy exposure and liquidity for anyone, no matter their knowledge.
You can see all the Hashmasks in the NFTX fund here.
PUNK-BASIC
Token: $PUNK-BASIC
Market Cap: $4.3M Allocation: 0.9%
CryptoPunks were the first ERC-721 NFT and have become a highly established benchmark for collectors and creators alike.
Punks come with a range of features known as attributes, as well as having base character type. There are just 9 alien punks which have recently sold for over $7M.
Punks have become a highly-regarded digital status symbol and in our community’s opinion an essential asset for anyone looking for exposure to the NFT ecosystem.
Just like MASK, PUNK is an ERC-20 index fund from NFTX providing a floor price.
You can see all the Punks held in NFTX funds here.
UniSocks
Token: $SOCKS
Market Cap: $29M Allocation: 1.68%
If holding UNI is an investment in the financial success of the Uniswap DEX, holding SOCKS is an investment in the cultural success of the protocol.
SOCKS is an NFT that can be redeemed for an actual pair of socks, limited edition from Uniswap themselves.
There will only ever be the 315 pairs initially created, and the value of the SOCKS NFT has skyrocketed reaching an all time high of $168k.
The Sandbox
Token: $SAND
Market cap: $397M Allocation: 12.28%
The Sandbox is a protocol for building and trading 3D games as NFT assets, as well as the virtual world that gamers inhabit. LAND is digital real estate in the metaverse, with a maximum supply of 166,464 ever available.
In this ecosystem SAND plays a vital role, the ERC-20 used for staking, governance and transfers.
The Sandbox has rocketed to gain widespread attention following a successful Binance Launchpad.
Platformer Mushroom Mania, fantasy RPG Viking Fjord and gummy bear collector Sweet Village are all upcoming games in the Sandbox metaverse.
Decentraland
Token: $MANA
Market Cap: $1.2B
Allocation: 18.53%
MANA is the token underpinning the Decentraland Metaverse.
With MANA users can own land in the virtual world, which can be used for anything from digital art galleries, to casinos, to lecture hall’s to sports stadiums. Imagination is the only limitation.
MANA has recently been adopted as part of Grayscale’s trust.
Red Fox Labs
Token: $RFOX
Market cap: $370M Allocation: 9.06%
Red Fox Labs is an incubator building and promoting digital assets and services. The Vietnam based project recently announced a blockchain agnostic NFT marketplace. The RFOX token will power the market and an innovative cash back model.
Atari
Token: $ATRI
Market Cap: $122M
Allocation: 4.31%
Who doesn’t remember classic Atari arcade games? Thanks to Decentraland Atari is entering the metaverse, unlocking a whole new universe of gaming experiences.
Atari partnered with Decentral Games to build a virtual casino, which will include games, NFTs and more.
Ultra
Token: $UOS
Market cap: $348M Allocation: 10.05%
Ultra is a next-generation PC Game distribution platform.
All games, DLC, and virtual items are on-chain NFTs that you actually own.
Ultra provides tools that make game developers’ lives easy.
Enjin
Token: $ENJ
Market cap: $2.14B
Allocation: 18.53%
The Enjin protocol powers a staggering 2 billion NFTs.
Users need ENJ in order to mint NFTs, a reversible process as NFTs can be converted back into ENJ. Using ENJ means that all NFTs have a base value. Enjin believes that virtual worlds will be connected, and puts forward it’s platform as a go to resource for the metaverse.
Enjin have laid out a roadmap to have carbon neutral NFTs by 2030.
ComETH
Token: $MUST
Market cap: $18.6M
Allocation: 1.18%
ComETH is a DeFi powered space game featuring yield-generating NFTs. Players can stake their MUST to earn spaceships. The game uses an optimistic rollup L2 to keep playing fast and affordable. A scalable sidechain DEX on Polygon is also featured.
Players control their spaceship and try to mine passing asteroids.
Methodology
The PLAY construction follows a Correlated Risk-Adjusted Market Cap methodology based on the 30 days-average Circulating Market Cap of the underlying assets with capped allocation for large exposures, which also factors in for each underlying its liquidity available on DEXes.
PLAY shines from a risk minimisation perspective, given the overall very low correlation of the assets represented. The matrix below clearly demonstrates this, giving a score to each asset pair, with the lowers (or negative) indicating negligible correlation. The MCTR analysis (Marginal Contribution to Risk) highlighted zero apparent risk concentration around specific assets.
Performance
A backtest performed over the past 30 days shows how PLAY would have outperformed the majority of underlying assets, providing a staggering 188.39% return (over 30 days) with reasonable Standard Deviation, forming a beyond excellent Sharpe Ratio of 4.04 for the period under scope.
Conclusion
The next generation of immersive gaming experiences, feature-rich tooling for game developers, backbone assets of the emerging metaverse creator economy, the most recognised NFT collectables. PLAY has it covered.
So what are you waiting for?
You can get hold of PLAY from the PieDAO exchange, mint your own tokens from ETH, or use the community Oven to mint with greatly reduced gas savings.
Like all PieDAO products, PLAY is fully backed by the underlying assets held in reserves.
PLAY will continue to expand to include more NFTX funds over time via governance, so make sure to join the community Discord and forum to be a part of the conversation.
We’d like to take this opportunity to thank NFTX for their work with us on PLAY, this truly was a team effort to make the most exciting product possible!
PieDAO is a decentralized organization dedicated to bringing market accessibility and economic empowerment to anyone with an internet connection through Pie Protocol. Anybody in the public community may support these efforts by completing bounties, making feature requests, or proposing new Pies. DOUGH token holders are the DAO’s decision-makers, governing which proposals are accepted. If you want to know more about PieDAO:
👉 PieDAO website
👉 PieDAO on Aragon
👉 Discord
👉 PieDAO Forum
👉 Github
