Adventure game Space Misfits has decided to transfer its official currency called BITS into an ERC-20 token to be used within the ecosystem. The upgrade comes shortly after the blockchain game in space joined the NFT market by releasing its own collectibles.
What is the Space Misfits Native Currency (BITS) for?
Space Misfits, a popular space adventure game, is ready to change the game – this time literally – by turning its own BITS currency into a crypto asset.
BITS is the native currency within the SpaceMisfits ecosystem. The blockchain game requires BITS for in-game trading, as well as purchasing useful items and making upgrades.
From now on, BITS will become an ERC-20 token. Use these crypto tokens as a part of the the space-themed blockchain game’s ecosystem! Apparently, you may store these on Enjin’s Jumpnet, using the Enjin game ecosystem.
Governance Tokens for this Blockchain Game in Space
In addition to the BITS change, Space Misfits brings another upgrade: SMC tokens. These will become the governance token for the Space Misfits game. Accordingly, players will be able to use SMC to cast their vote or for staking; this secondary upgrade also aims to evolve the Habitats economy.
Jade Stems Studios, the company developing the Space Misfits game, made the announcement. She added that it involved plenty of ‘hard work:’
‘Of course, this kind of change doesn’t come without the hard work necessary to make it happen so we’ll be updating our documentation, working with Enjin on getting SMC and BITS listed on JumpNet and converging our development on these major tokenomics milestones.’
The future of Governance Tokens in Blockchain Gaming
BITS in the Space Misfits game, is certainly not the first token of its kind. Blockchain games and NFT projects release new native and governance tokens daily. This is just one of the exciting posibilities NFT tech and DeFi bring to the market. Enjin have already launched their own governance token for Efinity, ENJ. Plus, top blockchain game Splinterlands also released their own token SPS, earlier this year. Clearly, this is just the beginning for utility tokens for blockchain games and NFT collectibles. However, we look forward to the innovation and creativity these governance tokens allow.