Pteria: A New DAO Will Change the Gaming Industry
Pteria is a new DAO built on top of the Ethereum blockchain. This DAO was launched only about 10 days ago but it is already changing the gaming industry thanks to its NFT system.
The DAO created 21 million ERC20 tokens called PTERIA which can be used as a governance token or to play inside the Wallem app, or the first game application entrusted to use this token.
In fact, the DAO is independent of the gaming application that will use the token; it simply decided to give PTERIA to legitimate and interesting projects for their games.
What’s Wallem?
Wallem is a mobile app available for both iOS and Android. To better understand how it works, we can say that it is similar to the well-known game Pokemon Go but allowing to redeem cryptos and other items in real life such as iPhones, Amazon gift cards, Armani Exchange watches, and so on.
Krakatoa, in fact, the Swiss company that owns Wallem closed very interesting deals with internationally famous companies to put special products on the 3D map so users can catch and redeem them by playing.
Wallem can be downloaded for free but there are in-app purchases since PTERIA tokens are required to join events and customize the avatars.
Why their NFTs are changing the industry
In the game, every user has a skin to play.
Each of them has their corresponding NFT, so those who buy the non-fungible token on OpenSea will receive 10% of all the rewards a gamer collects by playing. Also, the buyer will receive 100% of all the PTERIA spent in the app to buy the corresponding skin.
Why a PewDiePie NFT?
And this is the reason why the PewDiePie NFTs have been sold for about 60 Ethereum each, which means about 22.500 dollars at the current ETH price.
In total there are 6 PewDiePie NFTs only but on OpenSea there are other NFTs too, such as the one called Pug Dog and many more. OpenSea allows users to purchase these NFTs by using ETH, DAI or USDC.
As you might understand, this is a new era for NFTs as people can monetize even without directly playing the game.
However, every NFT has its own rule but the concept is that if a user buys it he/she will earn from the sale of the skins in the Wallem app.
For example, in only a few days, the first owner of the PewDiePie NFT received more than $1000.
But PewDiePie is also directly involved in the project: a few days ago, for the Wallem launch, in fact, PewDiePie published a video on YouTube showing the game.
PewDiePie currently has more than 100 million subscribers on his YouTube channel so he is the greatest influencer related to gaming.
And he is not the only one who promotes the app, as his wife did some Instagram stories about the game too, since her brother Davide Bisognin is Wallem’s founder.
The burning process
The PTERIA DAO also decided to burn a part of its tokens so the total supply of 21 mln tokens will decrease. The tokens to be burned are the PTERIA used in the Wallem app to join Wallem events or unsold NFTs. As we speak, Pteria has already burned 31257 PTERIA ($157.000 ) tokens a few days ago.
PTERIA for governance and staking
As said before, PTERIA is a governance token, so it is needed to vote on proposals made by the DAO. Anyone can vote by having at least 100 PTE in their wallet: 1 token is equivalent to 1 vote.
Also, in order to increase the number of tokens, a user can decide to stake PTERIA. These rewards are earned by users after they have staked their tokens and have also participated in the voting. By doing so, users will receive a 25% reward in PTE tokens. There will be votes every 15 days (era). If the user does not vote, the reward will not be unlocked for that vote.
OhNoCrypto
via https://www.ohnocrypto.com
Guest Author, @KhareemSudlow