NFTs are one of the latest innovations to sweep the cryptocurrency world. They are blockchain-based digital assets and each one is unique, much like a work of art. In theory, almost anything that can be stored in digital file format can now be turned into an NFT. However, NFTs are primarily being used in gaming. Players can now truly own their in-game assets through platforms like Vulcan Forged (PYR).
Initially launched as an NFT marketplace, Vulcan Forged (PYR) has evolved into an NFT-based gaming ecosystem. This project, which runs on the Polygon blockchain, operates on a Play-to-Earn (P2E) model. This means that users earn rewards in the form of cryptocurrency by earning, selling, and upgrading in-game items. This means that you can earn digital assets with real-world value by playing games. If you are interested in the project, keep reading this article of Zatrun.com.
What is Vulcan Forged and How It Works?
Vulcan Forged is a blockchain project that focuses on community building and is based on Ethereum, Polygon, and BNB Chain. This project supports blockchain game developers and operates as a blockchain game studio through a single shared incubator and crowdfunding infrastructure. Its ability to work on multiple blockchains provides additional adoption and user interaction for the project. So far, more than 10 games have been released in its ecosystem, and all these games operate on a P2E model, rewarding players.
In addition to games, Vulcan Forged also has its own NFT marketplace. Through this marketplace, users gain the advantage of buying and selling valuable digital items in NFT format. All the games in the ecosystem work together, so when you purchase an NFT, you can also use it in other games. The platform also has its own decentralised exchange (DEX) and launchpad. All of this allows the NFT-based gaming ecosystem to operate independently.
Vulcan Forged has many NFT-based games, with VulcanVerse being its flagship game. This Metaverse-like P2E game is highly popular among players. The game, supported by fantasy-fight authors Jamie Thomson and Dave Morris, is a Massive Multiplayer Online Role-Playing Game (MMORPG). In VulcanVerse, players can earn cryptocurrency by discovering, researching, and building their own worlds.
The game is based on Greek and Roman mythology. Land, gods, items, and pets called Vulkanites are among the primary assets that must be owned in VulcanVerse. The gods bestow passive abilities that improve statistics such as speed and attack. Other in-game items include spells that give players different special powers temporarily. Digital items and landscapes in the game can be bought and sold as NFTs.
What is PYR Token?
PYR is the utility token of the community-based blockchain gaming ecosystem Vulcan Forged. This ERC-20-based token powers all DApps used in NFT games. Users can utilise the token for purposes such as marketplace settlement fees, upgrading game asset levels, and buying and selling NFTs on the Vulcan Forged marketplace. With PYR coin, users can gain P2E advantages and benefit from DeFi products and launchpads.
Vulcan Forged operates on a Proof-of-Stake mechanism, and users can stake their PYR tokens. The team achieved significant scalability by moving the platform to the Polygon network from Ethereum, reducing gas fees. This makes it easier for users to use the ecosystem and start playing games. Currently, token holders can earn profits by staking PYR coin. Additionally, the platform has a second token called LAVA, which is rewarded to users who stake PYR and can be used in games.
Is PYR a Good Investment?
Vulcan Forged, which is popular among Metaverse enthusiasts and gamers, rewards users to expand its user base. The project is currently building the new digital game economy along with its competitors, such as Axie Infinity, Sandbox, and Illuvium. The P2E gaming market is rapidly growing, and Vulcan is taking advantage of it. The project is ranked as the 273th largest blockchain platform on CoinMarketCap and has a market value of $83.4 million.
The gaming ecosystem, backed by Greek entrepreneur Jamie Thompson, like other projects, has fallen by up to 80% from its highest level. In December 2021, PYR coin was trading at $44.53. However, the asset can currently be purchased for a low price of $3.07. Despite the drop, the project is still developing. The crypto market is currently experiencing a severe bear market, and when this situation improves, PYR could rise to high levels again.