Waves is an ecosystem of innovative blockchain solutions that recently launched the NFT game Duck Hunters. Now, it plans to make DeFi concepts more fun and accessible, through an NFT gamification initiative.
Combining DeFi with NFTs
Although the market for NFTs has cooled off in the past month, innovation and experimentation combining NFTs with DeFi are heating up. Projects like Aave and Teller Finance are exploring the utility of loans via collateralized NFTs. Meanwhile, Uniswap is leveraging NFTs to represent the positions of liquidity providers.
Waves Founder Sasha Ivanov highlighted how crypto has gamified aspects of innovation, trading, and ecosystem participation. Now NFTs offer a means to better understand DeFi through gamification. “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,” Ivanov said.
Waves’ Ducks NFTs are somewhat unique among NFTs. They provide NFT collectors with additional financial utility beyond the strictly aesthetic appeal. This distinguished them from more traditional static collectibles like CryptoPunks and CryptoKitties.
Additionally, Waves set a record for the highest amount paid for an NFT outside of Ethereum. In April 2021, its first Waves Duck called “Perfection,” sold for $1 million. This led to the release of the first iteration of the NFT game Duck Hunters. Within weeks of its initial launch, the platform had 5,000 Ducks and a market capitalization of over $10 million for EGG tokens.
The current game includes the following mechanics, which will be upgraded regularly. First users can collect and hatch EGG tokens. These can initially be purchased on Waves exchange, or won by completing regular assignments on social media or inside Waves-based DeFi products. The tokens can be hatched to create genesis Duck NFTs.
Players can then breed these ducks with each other to generate new ducks. Each will have varying levels of uniqueness or rarity. Some even offer yields of 300% to 5,000%, APY. Players can also sell directly on the newly-developed secondary market, based on Waves smart contracts. Finally, players can further monetize their collections by staking their duck NFTs. Players who place their ducks on a perch can generate a passive return paid in $EGG Tokens.