Whether you like it or not, metaverse will be the biggest technological play in this decade. It will introduce a new paradigm of how social interactions will happen on the web. The successor of the Internet, web 3, will allow users to retain ownership of their content and provide them with a platform like a metaverse to monetize.
With the rising popularity and global acceptance of crypto and NFTs, the number of opportunities and applications inside the metaverse are piling up pretty fast. Every major enterprise is trying to get into this space and make the most out of it. We have seen Facebook endorse the metaverse concept by rebranding their name to Meta.
The world’s most famous gaming company, Epic Games, is also fully exploring different growth opportunities to build an epic gaming-based metaverse. In Q2 2021, the company announced a billion dollars investment towards long-term metaverse plans. There are many other notable companies, including Apple, Microsoft, Nvidia, Ninantic, and Nike — that are extremely bullish on the idea of a metaverse.
In addition to new companies entering the metaverse race, we see many NFT projects create exciting 3D environments in the virtual world. For a metaverse to be successful, it mainly needs three things: strong community, utility, and sustainable revenue model. All three can be fulfilled by an NFT. NFTs form the foundational layer of any metaverse. So if you want to get some skin in the game, you have to check out NFT projects disrupting social experiences in the metaverse.
Among the existing players in the NFT space, the one that stands out in terms of team leadership, asset utility, and metaverse expansion is Ethereum Towers. This article would go in-depth about Ethereum Towers and understand how the team led by Brandon is trying to revolutionize metaverse experiences.
What is Ethereum Towers
Ethereum Towers is a dynamic metaverse with two megastructures in the form of apartments, owned by 4388 residents. The two towers inside Ethereum Worlds metaverse are designed by award-winning architects, who aim to introduce futuristic designs to each apartment and communal area.
This particular NFT project is dynamic because the owners can customize their virtual apartments and engage in different interactive metaverse experiences with other neighbors and visitors. The purpose of building Ethereum Towers is to bring together diverse NFT communities (form a community hub) and offer a shared living space with high utilities and limitless configuration.
Types of Apartments
Similar to every NFT-driven metaverse project, Ethereum Towers also considers rarity as an important factor to attract more communities and collectors. The rarity of ET NFTs comes in the form of different types of apartments and floor levels. The lower floors have more value because they generate more tokens as per the ET’s economy. We’ll get into that a bit later. Now, let us see the three main types of apartments inside Ethereum towers:
Standard Apartment
A standard apartment is the most common apartment inside Ethereum Towers. The total supply of these apartments is 1980, covering nearly 91% of the tower. There are 101 floors, consisting of 22 apartments. The first 20 floors are considered to be the most valuable apartments in terms of rewards and economy.
Luxury Apartment
Ethereum Towers is offering more square footage and extra membership perks with its luxury apartment. There will be only 198 apartments per tower. On top of its high rarity, luxury apartments offer so much more to owners in terms utility and access to early access deals.
Penthouse Apartments
The rarest of all apartments is the penthouse. There will be only 16 per tower, so 32 in total supply when the second tower is launched. According to the whitepaper, the surface area of a penthouse is two times that of a luxury. In addition, it may also feature multi-level apartments.
Architectural Designs of ET
The team at Ethereum Towers constantly modified their designs and went on to iterate multiple times before deciding the final metaverse environment. But they didn’t do it alone. They added a great pre-production partner in Argentics, a full-service design development studio based in Ukraine.
The Argentics team has a ton of experience in full-cycle development, from concept to post-production support. Some of their notable clients are Audi, Nike, Bacardi, and Volko. They helped ET team in building the technical architecture, web 3 wallet integration, and UI sketches of various screens. Let us go over through few architectural models and features introduced through this partnership:
Occupancy Map
A visual representation of the Ethereum Towers is shown by the occupancy map. It is interactive. NFT owners can choose towers and floors, and browse through all the available apartment information.
The first iteration of this map will directly leverage OpenSea’s API, meaning the ownership data will be plugged into the map’s interface.
Floor Models
Recently, the team added better textures and more natural elements to the apartments. As we can see below, the floors have an integrated structure for both community spaces and penthouse floors.
For the penthouse, there will be two floors, with a private garden and fully-covered ceiling windows.
Ethereum World’s Economy
If you want to be a part of Ethereum Worlds metaverse, this is probably the most important aspect you should consider. Though we don’t have complete details about tokenomics, we found some surface-level information from ET’s discord server. Here it goes:
The main purpose of introducing an in-world currency is to fuel the community-owned economy and fairly distribute incentives between developers and active community members. The team also mentions the token will be a tradable asset. It is most likely to be used in the ET marketplace for different items and actions in the metaverse. As we know the apartments are customizable to one’s liking, these tokens can be used to add new assets and decorate the apartment. One can also buy avatar assets using tokens.
Whenever a token is issued in the metaverse, it is important to have deflationary mechanics. Or else the value for holders goes down drastically. To tackle this, Ethereum Towers is going to use a buyback and burn mechanism to increase the demand. The team will use a fixed percentage of secondary sales and marketplace revenue to buy back tokens.
Now, the most important part of the economy: resident rewards. Residents of ET will have to actively engage in the metaverse to constantly receive rewards. It may be attending events or interacting with other apartment owners. The payout will be based on which type of apartment one owns. On top of the basic earning model, there is a level and floor multiplier. People with lower-floor apartments and luxury apartments get more rewards. That’s why they are more expensive on the secondary markets.
Few more possible earning opportunities:
- Staking and liquidity mining.
- Event hosting
- Renting
- Community challenges and giveaways
Recent Progress
The social media numbers may not speak volumes about the work going on behind the scenes, but the community members of Ethereum Towers certainly recognize the efforts put in day-in and day-out.
The biggest announcement made by Ethereum Towers is a collaboration with the best women-led NFT project, World of Women. The team has added many more projects, offering private deals and other giveaways to different NFT communities. Incognito and Doge Pound NFT are two other prominent collections to enter the tower 1 apartments.
The team is also impacting outside of the NFT world. They, along with some other projects, raised money for various charity organizations. Our investment dao, IBC DAO, is also a proud resident of Ethereum towers. The DAO genesis members own an entire floor, with 22 standard apartments and a luxury apartment. Along with partnerships, the team has done major improvements to the designs and migrated the contract with new NFTs.
Roadmap
The team has achieved a lot by putting development over marketing efforts. That is a very good sign in the NFT space. People usually want to see eye-popping numbers and crazy swings in floor prices. Well, that is not what you’re going to get with Ethereum Towers.
Here, you have a team, constantly executing and getting closer to bringing the metaverse to reality. Since concept inception, they managed to complete architectural assets, launch tower 1, and define all the necessary membership benefits.
They used private and early access sales to raise funding. It was an effective strategy because they don’t have to give marketplaces a share of the sale. The marketing strategies are now slowly starting to take off and we can expect so much more brand activation in the coming weeks.
The next phase of the roadmap is launching tower 2. After that, the team will focus on metaverse MVP production. In the roadmap 2.0, there will be more commercial partnerships, custom marketplaces, and resident programs.
Want to be a part of ET?
Ethereum Towers is finally ready to open doors to their newest tower in the metaverse. They will be launching in five phases, with 400 apartments in each. The mint price for the first phase will be 0.8 ETH.
I know what you are thinking: why buy a T2 apartment when T1 floor prices are lower? It is because you get a chance to buy the most valuable floors, i.e., floors #1 to #19. The distribution is also going to play a huge factor. Buyers can only purchase an apartment per address. So the number of unique wallets is going to be very high.
https://twitter.com/EthereumTowers/status/1494455096867966979
Is Ethereum Towers the NEXT BIG THING in virtual real estate?
It is undeniable how much the team has accomplished in such a short period. They are clearly skilled at what they do and packed with decades of experience. The secondary sales already crossed $2.5 million, considering most were private and early access deals. What matters the most now is the utility.
If the economy inside ET is sustainable and people want to actively participate and earn tokens, then the demand will increase significantly over time. We know the value of virtual real estate is only going to go up with the popularity of metaverse. So it is expected Ethereum Towers with prime real estate will play a major role in the metaverse landscape moving forward.
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Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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