The NFT market is not slowing down anytime soon. The same can be said about metaverse plays. People are starting to pay close attention to this fast-evolving, newly emerged asset class in non-fungible tokens (NFTs). It surprised the entire gaming industry when the play-to-earn concept was first introduced. Many projects seem to follow this trend and take full advantage of the offerings and utility that NFTs bring to the table.
Even major investors in the equity and crypto markets are starting to see the long-term value of NFTs. And how they can reshape the entire world with their innovative use-cases. Creator’s economy will grow multifold if NFTs are used as a medium of value exchange between fans and content creators.
We also see interest from top brands and industries to capitalize on this life-changing opportunity. But the current market for NFTs is limited to only virtual land, artwork, and access cards to communities. We have not seen real-world integration where users can transform real items into NFTs. While some offer the utility, the control is not given to creators and doesn’t follow a DAO mechanism.
MADworld is creating a distinctive NFT platform that helps creators seamlessly transform their art and real-world items into digital collectibles to fill these gaps and bridge the real world with the metaverse. In this article, we shall dive into the specifics of this platform and learn how it’s expanding the NFT ecosystem to the enterprise level.
MADworld is an NFT platform formed with the intersection of DAO, NFTs, DeFi, and near field communication technology (NFC). The NFTs created and traded on the platform create value for both artists as well as collectors. The decentralized autonomous organization (DAO) structure is beneficial in terms of defending quality artworks and time-tested artists in the industry.
The aim of creating such an all-in-one platform for NFTs and metaverse development is to democratize access to a creator-centric ecosystem where brand marketers can directly interact with IP owners through a branded digital experience. As real-world items and estates can be transformed into NFTs and traded freely, MADworld opens up numerous business opportunities for large brands and industries. Some of the big names already include Nike, Dior, LVMH, and Burberry.
The art or digital collectibles deployed on the blockchain are verified by DAO voting. Token holders of UMAD, a native token of MADworld, can claim the voting rights to decide and evaluate whether the NFT pieces pass the collateral mechanism. This mechanism gives creators control of using their community and popularity to drive the value of their art pieces. Also, this creates a capital-efficient model for collectors. As $UMAD can freely be traded and exchanged with other cryptocurrencies, collectors can put up their NFTs as collateral and borrow native tokens of MADworld.
The efficiency of the platform is not limited to the user’s capital. It also lies in the decentralized registry. MADworld plans to launch its own central registry to empower users and collectors to review token IDs and other metrics like file storage and cross-chain capability.
Down the line, we will also see NFTs launched on MADworld be acceptable on multiple platforms, allowing creators to tap into broader markets. Some of the current cross-chain platforms in partnership with MAD are Animoca, Ucollex, and Chargespot. We can see more being added in future because the multi-chain technology removes high entry barriers and allows transmission of NFT value across different blockchain networks.
Core Features of MADworld
Digital Art Battle
Never have we ever seen a battle between artists on a blockchain platform with the DAO members being the only judges or evaluators. MAD is introducing a very innovative style of art competition with “Limits.” In this digital battle, the artists are given 20 minutes to create compelling artwork according to a specific theme. The live audience decides who wins the grand prize. MAD tokens power all the battles.
Ucollex: A Toy Art Marketplace
Ucollex is a unique marketplace selling artwork created by the great comic artists from DC and Marvel, Pat Lee and Dan Fraga. What stands out about this feature is the incorporation of an NFC chip. People who buy the physical copies of an NFT can identify the collectible using the chip. It is also environmentally friendly, as it can be recycled in a sustainable way.
By using thousands of rental stands of Chargespot, MAD is aiming to display NFTs and bring more people into this industry. It is an interactive feature and helps create a wider market for creators and collectors. All of this is done by infusing AR and VR technology. Users can view their NFT galleries by using VR devices like Oculus or Google Cardboard.
The NFT space is blowing up right now. Every major company is trying to get their hands on these rising projects that could see significant market demand in the near future. So, the competition is going to be tough for MADworld, but with its major differentiators and upcoming partnerships, the NFT platform will play a major role in bringing brands and industries into the metaverse play.
It is also going to be important to pay close attention to the creator’s economy. Many projects are already tapping into the roots of independent artists and content creators. So, for MAD to see sustainable growth for its DAO members and creators, we need to see more onboarding of top brands and celebrities, as it helps spread the word.
The name and ticker symbol of the governance token of Mad World is UMAD. It has a total supply of 10 billion, which are minted all at once. So, there is no deflationary or inflationary mechanics associated with this particular token.
The team reserved close to 10% for public and strategic private sales in terms of token allocation. This allows private and public investors to become a shareholder of Mad World. As it’s a DAO-centric NFT origination platform, artists and other creatives get 23% of the supply in the form of rewards for content sharing.
To fast-track development and drive innovation for the metaverse, Mad World allocated 8.45% for developers funds. The team plans to use these tokens to acquire licensing, publishing, and retail partnerships. The company holds close to 35% of the supply, i.e., distributed among marketing fund, company reserve, and team members.
The tokenomics of Mad World is designed so that it fosters future demand and does not fall short of liquidity in the short term. The highest spenders on the platform get to unlock UMAD tokens. They can contribute by being a market ambassador or increasing online engagement through offers and deposit referrals.
Investors see long-term value in NFTs, and most of them believe the metaverse is only getting started. So, a platform like Mad World holds a nice spot in gaming crypto with multiple use-cases and reward benefits for users. The team recently raised a grant totaling $6 million with the backing of Animoca Brands as a significant equity shareholder. The funding round also saw many veteran investors such as Master Ventures, IBC Capital, SMO Capital, Libra Capital Ventures, Chiron Partners, Lotus Asset, AC Ventures, and ZBS Capital.
The Mad World team is making great progress after raising money through the private sale. At the start of November, they have announced a one-of-a-kind NFT collection called MADminds will be released based on the eight greatest minds in history. There will be a total of 8,888 NFTs with unique features and traits.
In the 2nd week of November, the partners at MADworld onboarded a new content creator for their memorabilia NFTs related to the Xtreme Pong Event. They decided to conduct a tournament where the winner takes home USD 120,000. The entire coverage was streamed on Airrack’s Youtube channel, which has over 2.5 million subscribers.
The MADworld NFT platform is still in its early stages. But it is important to highlight the things they have achieved so far and what we can expect next year. After the private sales and strategic presales in Q1 2021, they launched the token generation event. Also, the NFT platform is fully functional. This year, we will mainly see the team build a passionate community around the platform and run social media campaigns.
In 2022, we will see the real utility of the token and asset tokenization come into play. The Ucollex vertical integration and UMAD staking rewards will be available in the first half of 2022. Then comes digital brand galleries. We are going to see many brands enter this space, and at that time, MADworld would likely be the go-to platform to transform the real world and digital assets into NFTs. Finally, in 2023, we will see the cross-chain collaboration between metaverses and a separate B2B platform for enterprises.
A dynamic NFT platform serving both creators and collectors is something the NFT space needs now more than ever. MADworld can do just that and more. We see tremendous potential in this project, not only because it has many features with staking and marketplace, but it also has a DAO structure. We have seen over and over again that communities drive value for any NFT. So, it will be huge for any creator trying to monetize their art and real-world items. Also, we see a growing trend in DeFi around capital-efficient models. Well, the MAD has one of the most efficient collateral borrowing mechanisms that very few platforms adopt. So, MAD, Multiverse Artist Defender, can be a leading player in the metaverse game and expand the ecosystem as a whole with new use-cases and value generation methods for stakeholders.
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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