The cryptocurrency market is experiencing exciting growth as more projects than ever are launching with ground-breaking Metaverse-related concepts.
One such initiative is Silks, which uses blockchain technology to create a novel derivative gaming experience.
This article will go into great detail about the Silks project, highlighting what it is, how its in-world economy operates, and the intriguing development schedule.
What is Silks? A brief overview
A play-to-earn (P2E) metaverse game called Silks uses blockchain technology to enable players to interact with a variety of in-game nonfungible token (NFT) assets and fun gameplay mechanics inspired by thoroughbred horse racing. Due to the connection between each of the featured horses in the game and a genuine thoroughbred racehorse, it takes an original approach to P2E gaming.
The basis for how Silks players can earn rewards is laid out in the following links: The owner of the Silks horse that corresponds to the winning real-world equine will be awarded a prize in STT, the game's native transactional token. Rewards are also given out through other creative gaming mechanics like staking and breeding, giving Silks players the opportunity to make a steady living off of their in-game exploits.
Players can buy virtual land plots in the Silks Metaverse and build stables to house their Silks horses on them. Because they are all designed as NFTs, land, stables, Silks avatars, and horses can be traded by players through the secondary market.
The Self-sustaining Silks ecosystem
Owners of Silks horses receive rewards in STT that they can use to make purchases on the secondary market.
SLK, the game's governance token, is another. The white paper states that a decentralized autonomous organization (DAO) will run this metaverse, and SLK token owners will be able to vote on proposed platform changes. STT can be exchanged for SLK at a variable rate by players.
Mining is another foundational component of the Silks ecosystem: Decentralized datasets with data on each thoroughbred's bloodlines, development status, and racing outcomes are used to achieve the one-to-one link between Silks horses and their actual counterparts.
Through a proof-of-stake (PoS) consensus mechanism, miners validate data, and mining rewards are given out in SLK. The initial datasets for Silks will be centralized at launch, but as the Silks metaverse grows over time, these datasets will turn completely decentralized. Ultimately, this mining process can provide many community members with a steady income.
NFTs: A crucial element of the Silks Metaverse
Midway through 2022, the first batch of Silks horses will be released. However, succeeding crops will be issued yearly to correspond with the registration of yearlings or thoroughbred horses that are one year old, in the real world. A player will have the opportunity to acquire a high-value horse regardless of their financial situation because all horse NFTs will be sold through a blind sale.
Players can buy one-acre plots built as NFTs because the Silks metaverse will only have a limited supply of virtual land. This land, which is bought with STT, is required in order to build stables for Silks' horses.
The future of Silks
The Silks development team has elaborate future plans to expand the Silks Metaverse's structures and player roles, enabling the emergence of sub-economies among like-minded community members.
Plans for the public sale of Silks avatars during the second quarter of 2022 are described in the Silks roadmap. The first public sale of Silks horses will follow, and then in the third quarter of 2022, land and stables will be up for sale. In the fourth quarter of 2022, Metaverse registration and on-ramping are planned, enabling Silks players to produce racing and breeding rewards.
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