Twitter Handle Ben Fortune Teller: Some of you may have noticed that Waves has started dipping a toe into the NFT world. Attached is a photo of my 100% rarity Waves duck, who is currently ‘nesting’ (AKA staked) and generating 6.63 Egg per month.
Current spot price of egg today is about $143 USDN meaning the yield of the NFT staking is about $948 USDN per month. Basically, Waves has taken some of the early crypto kitties components and paired them with DeFi mechanics. The rarity of each duck correlates with the emission of egg with the 100% rarity ducks generating the most yield. Eggs are required to hatch genesis ducks and purchase ‘perches’ which allow users to stake their ducks. Ducks with different genetic can breed together to make new duck combinations with variable rarity.
Genesis ducks are not necessarily rare, and you will see their rarity fluctuate as more users chose to mint. Likewise a 100% rarity duck can lose its rarity as more breeders use similar combinations to make alternate versions. In other words, it’s in your best interest to breed new combinations of ducks and maintain your high yield status. Ducks can only breed once, so you’ll want to think through who will give you the best combo. Jackpot ducks will occasionally appear that will offer fixed APY at 100% rarity.
You can either claim eggs on the Waves_Exchange or complete certain tasks outlined in the TG group with egg rewards. I think this project is particularly interesting because it truly has blended the DeFi and NFT worlds.
The complexity of the game makes you really think through the optimized yield farming components. Likewise, the devs are conceptualizing new ways to use ducks in the broader waves ecosystem. It’s pretty exciting to see this as Waves foray into the NFT market.
We’ve seen a lot of projects start to blend DeFi and NFT components. AaveAave and Useteller are both experimenting with NFTs as collateral. Likewise, pancakeswap issued their first NFTs as rewards for the top-traders on the BSC network.
I expect this trend will continue as we explore ways to gamify DeFi and many projects will use NFTs to incentivize new participation. Defi mechanics are historically difficult to grasp, and using NFTs offers a fun way to explore this world.
If you want to check out the game, follow me and retweet this thread. Drop your Waves address in the comment section and I’ll randomly select 1 person to receive 3 Egg, enough to get you started with your first duck. I’ll select on June 25. Also make sure to follow Waves ducks.
