Prior jumping to the core of this article, let me introduce myself as a crypto enthusiast, DeFi user, NFT creator & collector, blockchain lover and a metaverse lurker.
I plan to write and post a couple of articles which aim is to dive into the metaverse projects that has cought my eye recently. Today we’ll dive into Blocktopia.
What is Bloktopia?
A 21-floor (for BTC’s 21mil supply) VR blockchain metaverse skyscraper built on the Polygon network. Each floor contains enormous space splitted on different lands representing ADBLOK and REBLOK NFTs. Those land NFTs grant you at least 10% APY guaranteed for life(once the metaverse goes live).
On the ADBLOK NFT owners can place advertising content, while on the REBLOK owners can build, ‘RE’ stays for real estate. In end of Q3 the team is expected to launch the Closed-beta of Bloktopia metaverse.
Tokenomics
native token: BLOK
There will be up to 38bn worth of BLOK Tokens in circulation once early investor token unlocks are complete. The total supply of BLOK is 200bn.
So far 5 floors’ land NFTs are sold, with the promise of go-live with 10 floors out.
Until now, 50% of the BLOK used to buy a REBLOK/ADBLOK NFT were locked up, and the other 50% were burnt. Ongoing, for the residual of 16 floors, the team has announced that all BLOK spent on the lands is going to be burnt.
Now, let’s dive into the utilities of the token, which actually are not less, given the fact that the actual metaverse is not launched yet.
1. Staking — you can stake your BLOK on the bloktopia website. There are different pools with various lock periods based on which the APYs vary. Currently, you get 10% APY for 180 days of lock and 20% for 360 days. Rewards are earned in BLOK.
2. JOBE — stays for ‘jointly owned block enterprise’, a JOBE basically represents an ADBLOK or REBLOK NFT splitted on 1000 lots(4800 BLOK each). There is no locking period, however in order to be eligible for rental rewards, you need to stake for at least 15 days. So participating in a JOBE acts like staking but with no lock period. Rewards are being paid in BLOK. Keep in mind that most JOBEs are usually full and you’d need to prowl for openings.
3. Blockpad — yes, that’s right, there is a blocktopia launchpad. The Blokpad has two versions/classes — VIP and Essential. In Blokpad VIP(operating on Polygon network), BLOK holders can participate in IGOs/IDOs of projects that will be present in the Bloktopia metaverse. Currently there is no APY for staking in the VIP launchpad, however the team had announced that soon they’ll incorporate a 25% APY with rewards in BPAD.
Now BPAD is the token needed for participating in the Essential Blokpad. It operates on the Binance Smart Chain and it acts as a normal launchpad where any project that apply on the platform can do an IGO/IDO. Also there is up to 40% of APY for staking BPAD(% depends on the locking period you choose) with rewards paid in BPAD tokens.
The two tokens will not affect each other in terms of price because actually those are two separated launchpad projects with different missions, operating on different chains.
Financials
Current market price at the time of writing is $0.00329 with market cap of $57.7mil. Now maybe the fully diluted market cap of $660mil(more than x10 of the actual mcap) would scare some of you, as usually such rate of MCAP/Fully diluted mcap is not healthy, but keep in mind the fact that all the BLOK spent on the upcoming ADBLOK/REBLOK NFT lands sale will be burnt. ATH is $0.177 back in 4Q21, with mcap of $1.15bil.
Community
The community is more active on telegram, there are 80k members in the Bloktopia group, while the Discord group lurks with less than 1K. But given the fact we’re in the depths of the bear market, it’s understandable that discord engaging is not that high. So far I’ve witnessed that the team is very helpful on both channels, so if you’re more of a discord person(like myself) you can freely engage with the community only there.
The Bloktopia team releases weekly development diaries where the team share some of the work they’re currently being focused on. Seems that the next months are going to be interesting for Bloktopians with the Beta 1.0 coming out very soon.
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