After launching the initial $ISLAND token utility update in the form of a V1 litepaper last month and sharing information regarding the play-to-airdrop distribution in September, the developers behind the 3D gaming metaverse Nifty Island are back with an exciting announcement. This time, they are providing a comprehensive overview of the upcoming play-to-earn (P2E) system that is set to launch following the Token Generation Event (TGE). Additionally, insights into future benefits for Palm NFT holders have also been disclosed. Let’s delve into the details!
Understanding Nifty Island’s P2E System
When the final phase of the ongoing Play to Airdrop (P2A) Campaign concludes and the TGE kicks off on November 1st, 2024, the P2E system for this user-generated content (UGC) gaming platform is expected to be activated, allowing the web3 gaming community to begin earning live in-game $ISLAND tokens.
How Players Earn $ISLAND Tokens
Players can earn $ISLAND tokens in-game by converting Blooms—a currency that can be obtained through gameplay, quest completion, and from visitors spending time on their islands. The more Blooms accumulated, the more $ISLAND tokens can be claimed every 10 days (subject to change). This process can be managed through the ISLAND Rewards Dashboard, accessible via the platform’s official website. The dashboard not only allows you to view and claim pending token rewards but also includes options for staking. By staking tokens, players can increase their Island Power Level (IPL), which in turn enhances the rewards from in-game activities, enabling greater earnings from Blooms.
Reward Distribution
Reward distribution is based on fixed reward pools shared periodically through established reward cycles (which could last 10 days or a different interval). The Blooms accrued in a cycle can be converted to $ISLAND tokens at dynamic rates influenced by staking. Each player is capped on their earnings per cycle, but this limit can be increased by holding higher-tier Palm NFTs. Furthermore, island creators who contribute high-quality quests and engaging content can receive bonus $ISLAND rewards for their initiatives.
The $ISLAND Token Supply Considerations
Given that the $ISLAND token has a capped supply, the current reward system is not intended to be permanent. As indicated on the official documentation, the development team plans to "gradually taper off" the token rewards, transitioning to a model that emphasizes engaging gameplay and prize systems. This approach aims to position Nifty Island as a hub for other projects to distribute rewards, fostering a sustainable long-term P2E experience through external rewards.
Exploring Legendary Palms
What Are Legendary Palms?
Legendary Palms are one of three types of Legendary Items in Nifty Island, designed to provide holders with exclusive privileges and enhancements for an enriched blockchain gaming experience. The other two types include Ultra Blades and Legendary Pistols, and all three varieties are interoperable, ready for use within and outside of the metaverse.
The Utility of Legendary Palms
Recent announcements on October 4th alongside the P2E system revealed various utilities associated with Legendary Palms that will enhance your play-to-earn experience:
- Earning Cap: Holding Palms increases your Palm Points, which directly influence your maximum $ISLAND earning cap per reward cycle. Greater quantities of Palms result in more Palm Points, ultimately allowing higher $ISLAND token earnings in each cycle.
- Cosmetic Benefits: Legendary Palm NFTs offer additional perks beyond financial gains, serving as a status symbol and granting curation authority. The first cosmetic enhancements will include a Legendary Island Badge and a PFP Border upgrade, which visually signify your Legend status on your in-game map and profile.
- Voting Power: Palm holders will have voting rights for selecting islands to be featured on the reworked in-game map, with plans for expanding voting power to include quests and marketplace content.
Future Prospects
Holders of Legendary Palms can anticipate further lore and content updates to the NFTs, alongside additional utilities such as access to exclusive in-game events, priority for future mints, and entry to VIP channels, including private forums.
Legendary Palms can be earned through participation in specific quests like the Solana Challenge or purchased on OpenSea via the Ethereum network, with a current floor price around 0.628 $ETH.
For more information, refer to the official litepaper detailing the Legendary Palms.