Another NFT game gets a DeFi twist. Waves Protocol has announced that it is integrating DeFi yield farming mechanics into its NFT Game Duck Hunters. The new mechanics revolves around duck farming with an APY of 300% to 5,000%.
Duck Hunter’s NFT Journey
Waves have established credibility as a blockchain protocol that makes it easy to build Web 3.0 decentralized applications and launch smart contracts. Despite the presence of hundreds of different blockchains, it stands out for striking the right balance between accessibility, feature-set and usability. For example, the blockchain has high throughput, low transaction fees and easy smart tokens that can be launched even without a programming background.
Duck Hunters is an NFT game on the Waves Protocol. The game is focused on collectible digital duck NFTs. Players can collect ducks and share them with other players. Moreover, these ducks can breed to get unique and precious digital items.
Waves’ Duck NFTs distinguishes itself from more traditional static collectibles like CryptoPunks and CryptoKitties by going beyond aesthetic appeal. The Duck Hunters NFTs also possess financial utility.
As proof that Waves has the NFT formula suitable for Duck Hunters NFTs, it holds the highest amount paid for an NFT outside of Ethereum. In April 2021, its first Waves Duck called “Perfection” sold for $1 million. Within weeks of its initial launch, the platform had 5,000 Ducks and a market capitalization of over $10 million for EGG tokens.
Duck Hunters’ Pivot to DeFi
Now that Waves has drilled down the NFT Component. It is ready to move on to the next phase: to innovate and integrate DeFi products into the Duck Hunters NFT Game. To be precise, it will inject DeFi through an NFT gamification initiative which is more fun and accessible.
Waves Founder Sasha Ivanov how NFTs offer a means to understand DeFi through gamification better. She said, “Through NFTs, we can punch up the fun factor within our community, and our friendly duck characters can help usher novice users into concepts like yield farming, staking, and general smart contract functions combining them with a decent level of profitability.”
Introducing Yield Farming
The current mechanics revolve around players collecting EGG, the game’s currency. A player can collect and hatch EGG tokens. These tokens can be purchased on the exchange or won by completing regular assignments on social media or inside Waves-based DeFi products.
The EGG tokens can then be hatched into genesis Duck NFTs. It is a digital image that can be acquired in exchange for EGG. Meanwhile, a bred duck is a second-generation duck produced by “breeding” two “non-sterile” ducks.
The next phase is the DeFi aspect or farming EGGs. Players can breed the ducks to generate new ducks. Moreover, each duck will have a varying level of uniqueness and rarity and offer 300% to 5000% APY. These ducks can be monetized by selling them to the secondary market. Lastly, through DeFi, players can stake their duck NFTs. Players who place their ducks on a perch can generate a passive return paid in $EGG Tokens.
DeFi and NFTs
In the blockchain world, 2020 is the year of DeFi while 2021 is regarded as the year of NFTs. Hence, it is exciting to see projects combining NFTs with DeFi. Aavegotchi, a DeFi staked NFT Collectible, is moving up the Dappradar Charts. Meanwhile, Uniswap is leveraging NFTs to represent the positions of liquidity providers.
One thing’s for sure, regardless of market behavior, we’ll continue to see innovative experiments marrying NFTs and DeFi.
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This article is educational material.
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