A Simple NFT Avatar Maker Grows Its Own Tokenomics

A Simple NFT Avatar Maker Grows Its Own Tokenomics

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

NFT crypto art has taken the world by storm and is now the usual suspect across the headlines of every news publication on the web. Although, the current state of the NFT is not in its final form. Given the pace of blockchain development, the long-awaited dynamic NFTs are finally upon us. The NFT space occupies a whole new meaning, becoming the playground for the 8biticon NFT collectibles games. Here at 8biticon, you create NFT art that delivers constant rewards to its holders and grows in value as the demand for its elements goes up.

Continuous Rewards + Value Increase = Evolution of NFT

We dive into the first example of dynamic NFT art to figure how the company that pioneers the ideology sees its implementation and makes it possible. Meet the 8biticon NFT avatar maker, a crypto game where the rules of its own tokenomics govern non-fungible tokens.

8Bit Of History

The 8biticon pixel art avatar maker was launched back in 2012, with the purpose to let its users create avatars for their social media. Unexpectedly to its developers, who had no exaggerated expectations, the avatar maker grew in popularity and quickly became the go-to resource for the creation of pixel art. Then, as if by the book, the hero of our story acquired a huge following of loyal users who kept coming back and wanted to see this basic, at first glance, 8bit avatar generator to be something bigger. 

From now on, each pixel avatar that users create does not only turn into an NFT but also becomes part of the 8biticon economy. Unlike simple NFTs, our tokenization logic generates ongoing dividends and most importantly, drives the price of every avatar up as the demand grows!

Matvey Diadkov,

CEO at Bitmedia and founder of 8biticoin

Dynamic NFT Avatars And 8biticon Explained

With the rise of the NFT realm, came the notion of how simplistic the technology behind it is. After all, the NFTs that all the celebrities are raving about are just static, non-interchangeable tokens that store data of a specific art piece, right? Naturally, for the blockchain industry, the community soon realised that there is more that can be done with NFTs and this is how we got introduced to dynamic NFTs. These are also non-fungible tokens, with the key difference that their smart contracts can change state according to external to the blockchain events.

Making NFT art avatars price dynamic

8biticon pixel NFT avatar maker goes beyond the ideology that Cryptokitties and alike have introduced. Whilst letting its users create the renowned pixel avatars, each minted dynamic NFT gets linked to the 8biticon economy, rewarding the holders every time other users or the community purchases a similar avatar collectible. This, in turn, increases the price of each 8biticon NFT avatar, driven by the economics logic built into the smart contract. Think dividends, although this time, you don’t have to wait until the end of a financial quarter. 

NFT Collectibles That Constantly Grow In Price

If you find yourself wondering how this can be possible, it is the 8biticon NFT ecosystem that answers the question. Instead of just getting an NFT token tied to the artwork you create in the avatar generator, 8biticon segregates each collectible into elements. An element stands for a type of glasses, hairstyle and so on. Each element that makes up a full pixel avatar serves as stand-alone entities in the ecosystem and results in their different market values. This is what the final price of the 8biticon pixel NFT avatar is made of. Every time an element is purchased, its price goes up, whilst you, the original owner of the element, get rewarded from the price difference.

It pays to be the first!

Similar to how Beeple triggered his NFTs to reward him with 10% of the value every time the art changes hands, you too can now design an avatar and turn it into a rewards machine. Another ideological similarity to what the team behind 8biticon has created is the Ethereum 2.0 staking. Only this time, there are no deposit requirements and risks of being slashed for missing a transaction.

How To Get An NFT 8-Bit Avatar

Thankfully, we are long past the early days of bitcoin, and this means that creating a dynamic NFT avatar on the blockchain is as simple as sending an email to a friend. Once you log into your 8biticon profile with a Metamask wallet, create the next hit artwork and get the non-fungible token minted with a click of a button. Et Voilà! You are now part of the NFT movement and a holder of an avatar collectible that can be resold, gifted or kept for the demand-based value increase and the rewards.

Since the dynamic NFTs created in the 8biticon avatar creator are as good as the standard non-fungible tokens, showcasing and selling your artwork can be done on any conventional NFT marketplace like Opensea or others. Otherwise, there is always the 8biticon community that will be more than happy to snatch the collectible from the open market. 

A Breath Of Fresh Air

The NFT industry is flamboyant and continues to increase in size at an exponential pace. Day by day, we continue to see new artwork hit the market and new price levels being reached. Whilst a crypto avatar worth $7 million seemed impossible a year ago, it is now simply a question of who is next. And it may well be you!

Although 8biticon may be the new kid on the block for the NFT industry, it is not the case in terms of how established the platform is. Moreso, the team behind it, is known to be involved in other blue-chip crypto projects, and this can only push us to think that there is a bright future ahead for the dynamic NFT scene. After all, it is those projects that have a solid infrastructure and throughout tokenomics that make it large in the blockchain. Oh, and just like with everything else, it pays to be the first in the 8biticon economy because the earlier an avatar is created, the more rewards there will be for the taking.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Posted In: BitcoinCryptodigital currencyNFTPartner ContentTokenomicsCryptocurrencyStartupsMarketsTechMediaGeneral

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