ZTX (ZepetoX), a web3 initiative of ZEPETO, widely recognized as Asia’s largest Metaverse platform with over 340 million registered users, has announced its Home NFT launch. Built on the Solana network, the project aims to create an immersive 3D open world where people can build, play, and earn valuable crypto assets and collectibles while participating in fun, exciting, and entertaining virtual experiences.
The project is an important one within the rapidly expanding Metaverse world. It promises to onboard new audiences and bring new users into the folds of the Web3 internet and the blockchain-based cryptocurrency space.
To turbocharge the initiative, ZepetoX is partnering with Magic Eden, which is the largest Solana-based NFT marketplace. Such launches are usually accompanied by a virtual land sale, but ZTX is bypassing that convention and has instead opted to offer virtual land for free to anyone who registers and claims land on the platform.
However, to ensure that early backers are fairly rewarded, ZTX plans to conduct a home NFT sale, in which 4,000 unique 3D-rendered home NFTs will be up for grabs. Each home will come with in-game utility and will provide its owner with boosts to their economic activity and asset production within the ZTX virtual world, along with priority access to new updates and features.
The sale is expected to go live on the Magic Eden marketplace in December.
All of this begs the question: Why home NFTs and not land parcels like all other Metaverse projects?
Unfortunately, although land sales are an effective way for Metaverse initiatives to raise capital and fuel growth, the speculative manner in which they are priced acts as a barrier to entry for the average person. This then limits the number of users who can join and participate in new Metaverse projects, leaving only institutional investors and large, well-funded companies as the ultimate owners and majority landholders of new projects – even though these projects are aimed at a wide, egalitarian user base.
To counter this issue, land will be free in the ZTX Metaverse. It will unlock core features of the platform’s gameplay and will serve as a base for home NFTs. Chris Jang, the Co-CEO of ZTX, while explaining the rationale for using home NFTs instead of land, said: “We are building a Metaverse for all. With mass adoption in mind, we must create a place in which users can participate without having to worry about the hefty price tag of speculative land. It should be a place that users can call home, so we made that a reality for them.”
Magic Eden’s Co-Founder and COO, Zhuoxun Yin, echoed these sentiments: “Powered by Solana and with access to our large audience of 10 million users, we are thrilled that ZTX is holding its genesis home mint on our launchpad. By providing ZTX players and homeowners with the ability to find artistic expression, connect with others, and play games, we are providing real value-added to all.”
Every genesis home NFT will be customizable and will come with immersive in-game assets that can be placed on land parcels owned by the user. Players will be able to enter homes, decorate rooms, use their homes as NFT galleries, and even host gatherings and virtual social meetups with their friends.
An added functionality of the home NFTs is that they will serve as a membership pass for access to one of ZTX’s four districts. Each district is a unique virtual world, covering the themes of arts and entertainment, fashion, finance, and gametech. Most of the social and economic activity that occurs in ZTX will occur within these districts, and these activities will be governed by homeowners and the community who own property in each district.
The ZTX blueprint and the upcoming genesis sale of ZTX home NFTs on the Solana-based Magic Eden launchpad are interesting developments for the Metaverse space as a whole, but they are also indicative of a more important trend: The focus of large, well-funded corporations such as ZEPETO on delivering value, improving accessibility, and ensuring growth and opportunities for players in the Metaverse. While Metaverse worlds have taken time to generate traction and onboard new users, perhaps the ZTX strategy of lowering barriers to access will be the industry-changing development we have been waiting for.
You can find additional details on the genesis home NFT sale on the ZTX website, blog, and the Magic Eden Launchpad over the next few weeks.
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