Know your Benefits from The Citizen Finance

dawsonenzo (30)in #citizenfinance • 3 years ago (edited)

One of the most prominent problems in the traditional video gaming industry is denial of property rights when it comes to in-game assets. Players are not the true owners of their in-game assets even if they had purchased it with in-game currency which in turn was purchased with fiat currency. What they can do with the asset is limited to the utilities of the game. The player lacks true control of their assets, can not derive income from it, and also can not dispose of it.

In-Game Assets

Every in-game asset in Meta City is a unique non-fungible token. In-game assets are NFTs that are stored on the Binance smart chain which gives players full ownership. Players will be able to use them as in-game assets to play the action-packed game, trade them on the secondary market, stake them on NFT reward pools or use them as collateral to borrow other tokens.

Attributes

The most important attributes of in-game assets are it's DamagingPowa, Face Value and Rarity. The DamagingPowa is the strength of the asset, Face Value is the amount of token the owner will obtain after liquidation while the Rarity is the rareness of the asset.

Rarity

There are 6 basic Rarity which each in-game assets possess: Common, Rare, Epic, Elite, Legendary, and God. Each Rarity possesses unique damaging power and value in the game. God weapons are rare, players will have to try harder to obtain them.

Skin as a Virtual Commodity (SaaVC)

Weapon skins will also be represented as a non-fungible token. Since the introduction of weapon skin as a virtual commodity to traditional gaming, the market has continued to grow rapidly running into billions of dollars in market cap. Citizen Finance will also be introducing Skins as a virtual commodity into its economic model. Players will not just be able to purchase weapon skin from the primary market, they will also be able to create their own weapon skin and trade using the secondary market.

By introducing blockchain into the weapon skin economy, artists will be able to develop their own skin, mint it into NFT and sell directly on Citizen Finance secondary marketplace legally. The platform will be an open economy for weapon skin artists to earn an income doing what they know how to do best. Skins will need to be approved by the Citizen Finance team and the community through a DCC before it can be supported by Citizen Finance. There will be a number of guidelines in which artists need to follow when developing weapon skin for the public to avoid harmful content.

Citizen Finance will also be launching CifiPowa, a web-based editor that will enable an artist to create their own weapon skin, mint them to nfts and place on sale on the marketplace.

What is a Crypto Commodity?

Crypto-commodity is a general term used to describe a tradable or fungible asset that may represent a commodity, utility, or a contract in the real- or virtual-world through exclusive tokens on a blockchain network.

The term "crypto-commodity" can also refer to cryptocurrencies which are legally regulated as commodities, as opposed to securities. Both bitcoin and ether, the cryptocurrency of the Ethereum network, are considered to be commodities by the Commodity Futures Trading Commission. (For more, see SEC Chair Says Bitcoin Is Not A Security.)

Understanding Crypto Commodities

A quick dive into the evolutionary history of cryptocurrency platforms is helpful in understanding the concept of crypto-commodities.

As the bitcoin network evolved, it gained popularity for its ease of payment processing and its decentralized nature. Technology stalwarts were quick to realize that blockchain networks could be used for more than simple online payments. This is how Ethereum emerged, a unique smart contract based crypto-commodity system.

Although Ethereum works as a standard blockchain network and has its own virtual currency token (ETH), it offers a lot more functionality than the bitcoin network.1 On Ethereum, anyone can create their own digital tokens, which are easily tradable and can have valuations independent from ETH.

These digitized tokens can be used to represent any kind of virtual or real-world assets, such as in-game objects, rewards points or real-world commodities.For instance, an app developer could use a specific type of token to pay for platform hosting, a user could pay a different type of token to watch blockchain-based online media content, and another token could be used for online betting. Tokens can also represent real-world commodities, such as gold bars or barrels of oil.

Essentially, any blockchain-based platform that allows representation of a tradable and fungible asset through the use of unique tokens can be described as a crypto-commodity ecosystem. The rules for owning and transacting with these assets are enforced through programmable code in the form of smart contracts and decentralized apps.

Citizen Finance offers players full ownership of in-game assets. In-game assets are blockchain based non-fungible tokens in which players obtain rewards for playing the game and staking the assets on decentralized pools. With full ownership of in-game assets, users can sell it, gift it or use it as collateral.

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