Updated: Sep 30, 2021
I've heard the term "productive asset" thrown around quite a bit on Crypto Twitter lately. When people use this term they are generally referring to the utility that comes from holding an asset. Example: xSUSHI gives holders governance rights and earns trading fees from SushiSwap.
The creators of Etherfishing have innovated on this idea and plan on using their in-game NFTs as a profit share mechanism. The virtual world collectible game will run on Enjin and include asset-backed fish NFTs called Etherfish.
The first 1000 Etherfish currently being released on OpenSea are considered Premium Etherfish which were made specifically to benefit early collectors.
How does it work?
Each Premium Etherfish entitles its owner to 0.09% of the game's profits.
For example - if someone owns 11 Etherfish, they will receive a monthly airdrop of 1% of the game's profit.
[0.09% x 11 = 0.99 --> ≈ 1%]
Once all Premium Etherfish are sold, founders will receive 10% of the game's profits while the community will receive the remaining 90%. This is a great because it incentivizes users to collect fish and hold them for the long run instead of immediately flipping them for profit.
Not much information has been released about the gameplay at this time so I'll do my best to summarize and speculate on what is known.
The game will feature a cast and reel system
Etherbait increases your chance of catching an Etherfish
Etherfish can be combined to increase rarity
Traits & Species will influence aspects of the game
Fish tanks will be used as in-game displays
Premier Etherfish owners are rewarded with a different fish tank for each background set they hold
Background sets will also be sold separately as part of the game
Enjin platform allows for a gas-free marketplace
It looks like Etherfishing will generate a majority of its revenue through the cast/reel system and purchases of Etherbait. This leads me to assume there will be a small fee for casting your line with the chance of reeling in an Etherfish. It will be interesting to see how traits & species influence gameplay because it will effect the rarity of each fish. Combining fish is another factor to consider in determining the NFT's rarity and will probably also be used to generate revenue.
I've already aped in and am adding to my collection but always remember to do your due diligence before making any purchases - especially on a project this young.
Buy an Etherfish: https://opensea.io/collection/etherfishing
Official website: https://etherfishing.com
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