- 16 Mar, 23
UFO Gaming (UFO) 101: A Blockchain Platform for GameFi
The gaming industry has undergone a radical transformation in recent years with the emergence of a new sub-market. Next-generation games, which operate on a blockchain-based and decentralised system, have a significant share in the industry. These games use a model called “Play-to-Earn.” Projects that use the P2E model remove players from being mere individuals who play the game and acquire virtual items. UFO Gaming, launched in 2021, is one of these platforms.
The blockchain-based UFO coin is managed by a Decentralised Autonomous Organization (DAO), which provides decentralisation to the ecosystem, enabling players to trust the platform more. The platform hosts many games, and the number of games continues to increase. Additionally, it allows players to earn rewards while playing. Thus, it aims to bridge the gap between blockchain and traditional games. Keep reading this Zatrun.com article to learn more about the project.
Table of Contents
What is UFO Gaming (UFO)?
UFO Gaming is a decentralised gaming platform that hosts various P2E games and DeFi products. This platform was built on the Ethereum blockchain but was later integrated into Immutable X. For those who are unaware, Immutable X is a layer-2 scaling solution for the Ethereum blockchain. UFO hosts digital assets such as NFTs in its games. Therefore, the Immutable X integration provides speed and low costs in transactions such as moving NFTs on the platform. Additionally, the platform is managed in a decentralised manner through the DAO.
The platform operates through Dark Metaverse, a game ecosystem and DAO. Metaverse contains multiple games within it. Users play these games on this virtual planet, completing tasks to earn rewards that have real-world value. These rewards include cryptocurrencies and NFTs. The leading game on the platform currently is Super Galactic, which works with an NFT collection of automatically evolving warriors, and players need to mint a warrior NFT to participate in the game.
How Does UFO Gaming Work?
Being entirely community-based, UFO Gaming operates with a community-first architecture by its nature. Players can use multiple options to earn money on this decentralised gaming platform. However, they have complete control over the ownership of their own content such as NFTs. The platform also prioritises interoperability and allows assets supported by UFO to be moved to other platforms. Among these platforms, exchanges such as Gate.io, ShibaSwap, and Uniswap stand out.
UFO is managed as a completely decentralised platform based on DAO principles. Owners gain the advantage of voting for community decisions in Dark Metaverse and become part of the UFO governance system. However, the best owners gain the right to offer proposals to the community within the DAO. So far, the project’s smart contracts have not been subject to any attack, which makes the project safe. To participate in the platform and play Super Galactic, you must purchase at least one of the warriors named UFOeps.
What is UFO Token?
Unlike other P2E games, UFO Gaming is attempting to create a complex gaming ecosystem using new-generation technologies such as GameFi and NFT. This ecosystem operates with its own native cryptocurrency, known as UFO coin. However, UAP and Plasma Points, which are given for rewards in Super Galactic, are also available on the platform. UFO coin is primarily used for governance and staking. This means that users who hold the token have voting rights on the platform. Staking allows token holders to earn passive income by providing their assets to liquidity pools such as UFO/ETH.
Users who stake UFO coin earn Plasma Points in return. These points allow you to mint warrior NFTs, also known as UFOeps, and you need these NFTs to play Super Galactic. UFO coin is also used as a payment method in situations such as NFT trading in the ecosystem.
Is UFO a Good Investment?
The play-to-earn industry has turned into a billion-dollar empire in less than a year, led by games such as Axie Infinity (AXS) with billions of sales and thousands of active users. Other games such as Alien Worlds and CryptoBlades have also become popular by benefiting from the P2E model. UFO Gaming is following the same P2E model for Super Galactic games, where players battle with each other and earn rewards. Additionally, the platform also conducts virtual land sales like a metaverse. These make UFO coin both a game and a metaverse token.
However, the cryptocurrency ecosystem is currently going through a tough time. Like other coins, UFO coin is trading well below the high it reached in November 2021. Currently, you can buy the token for $0.0000015. With a market value of around $39.03 million, it is the 451st largest crypto project. This indicates that the current decline is related to the market. In conclusion, UFO Gaming is still a strong game project and could rise when the market recovers.