The recent big hit of GameFi has set off the Play to Earn(P2E) boom and made countless crypto enthusiasts rush to this area. However, the surge in the number of participants in the GameFi field caused its participation threshold to get higher and the cost recovery cycle to become too long, which makes most crypto enthusiasts shy away from it. Compared with the madness of GameFi, EMIT is quietly getting established and growing.
I. EMIT is a multi-metaverse that reflects the reality
1. EMIT has infinite growth and expandability
EMIT is currently like the Big Bang singularity, with infinite growth and expandability. In the multiverse depicted by EMIT, infinite scenarios can be created with accumulative economic structures. Different scenarios will have different economic behaviors and structures, and they will interact with each other to form an economic ecology, which is larger than the real society.
2. Workers can make real wealth in the EMIT-Epoch ecology
The multi-metaverse of EMIT is mainly built in EMIT-Epoch, which is one of the three systems of EMIT. EMIT-Epoch carries all the economic behaviors in the EMIT multi-metaverse. Currently, the construction of the Altar scenario, Chaos scenario, Team Mining scenario and Non-Fungible Tokens (NFT) marketplace are completed in Epoch.
Participants in the EMIT multi-metaverse are free to create and forge their own production tools in the Altar scenario and use them to mine for revenue in the Chaos scenario. Each created tool is an NFT, with different levels, attributes, functions, rarities and values in the NFT market.
Therefore, participants in the EMIT universe can obtain real wealth through the labor production and trading behavior in the Epoch ecology.
3. Low participation threshold: everyone is eligible to participate in EMIT
Compared with the high participation threshold of GameFi (hundreds of dollars), that of EMIT is much lower. As EMIT is still in its early stages, only a very low cost is needed for participation. You can enjoy the upfront advantages of the EMIT multi-metaverse by joining EMIT now.
4. EMIT has achieved the simplest economic closure in the multi-metaverse
In the EMIT multi-metaverse, the Epoch ecology has completed the first stage of scenario building and achieved the simplest economic closure. In the future, EMIT will continue to build new scenarios and explore new fields, including but not limited to games, social networks, finance and artificial intelligence.
Ⅱ. The Ancient Relic Opens: EMIT NFT marketplace is officially released
Before the NFT market was released, community users used to trade NFT off-site. Among these NFT transactions, two three-star dark-attribute NFTs are known to have completed transactions, among which one had a single transaction of $999, and another had a single transaction of 3 BNB. In addition to these, several other NFTs with different attributes and grades were sold off-site at different prices among community users.
As one of the most important ecological sections of EMIT, the NFT market has attracted the attention of a wide range of community users, and until a few months ago, it had a very high reputation in the community. The EMIT team spent months of research and development, and it was finally officially released on September 22nd, 2021.
III. NFT in the EMIT NFT Marketplace
The existence of NFT assets in the EMIT form and NFT cross-chain
Since EMIT-Epoch is a cross-chain ecosystem, native NFT assets in EMIT have different forms of existence and different usage rules. Currently, the main NFT in the Epoch ecosystem is EMIT-AXE. As more scenarios are added in Epoch, different types of NFTs will emerge in the Epoch ecosystem.
1. Native-NFT form
AXEs can only be created through the Epoch-Altar scenario. When an AXE is created, it belongs to the Native-NFT form. Then, it can be forged and upgraded in the Epoch-Altar scenario and used to mine in the Epoch-Chaos scenario.
When the Native-NFT form of AXE is not used, it exists in the NFT-Device list, and Native-NFT cannot be directly traded in the NFT market.
Generally, Native-NFTs have energy properties, and their values change over time.
2. SRC721 form
To trade Native-NFTs in the NFT market, they should be converted to the SRC721 form in the NFT-Device list. Then, they will exist in the NFT-Relics list and can be traded in the NFT market and cross-chain operations.
3. ERC721 form and BEP721 form
The SRC721 form of NFT can be converted to the ERC721 or BEP721 form of NFT through the EMIT-CROSS NFT cross-chain function.
● NFT in the form of ERC721 can be traded on NFT marketplaces on the Ethereum chain (e.g., OpenSea).
● NFT in the form of BEP721 can be traded on the NFT marketplace on the BSC chain.
Diverse NFT assets in EMIT
When an AXE is forged in an Epoch-Altar scenario, the “health” of the AXE is raised. When the “health” of the AXE reaches 12.8, it generates 256-bit genes. According to the gene fragments that have been resolved so far, AXEs can be divided into different categories.
1. No-attribute AXE, light-attribute AXE and dark-attribute AXE
The AXE does not have any attributes until its health reaches 12.8, it then becomes light- or dark-attribute AXE. The different attributes are defined as follows:
● No-attribute AXE: No gene is generated, it only produces $LIGHT and does not have “rarity”.
● Light-attribute AXE: Has a gene and has gained “rarity”, can only produce $LIGHT, and has a 98.44% chance of being born with a Light NFT.
● Dark-attribute AXE: With genes and “rarity”, can produce $DARK or $LIGHT and $DARK, the probability of a dark-attribute AXE being born is 1.56%.
2. AXE “rarity”
Both light- and dark-attribute AXEs have different “rarities” as follows:
● Common: The probability of the AXE having “Common” rarity is 80.86%.
● Magic: The probability of the AXE having “Magic” rarity is 11.72%.
● Rare: The AXE has a 6.25% chance of having a “Rare” rarity.
● Legendary: The AXE has a 1.17% chance of having a “Legendary” rarity.
In the Epoch’s future scenarios, AXEs with different “rarities” will have different functions. Rarer AXEs are more powerful.
3. Unknown gene fragments
So far, only some of the genes of AXEs have been parsed out. As new scenarios are added to Epoch, more AXE genes will be resolved, giving the AXE new functions and values.
Energy properties of NFTs in EMIT
Every AXE has energy properties, and the energy of AXE can be replenished and consumed.
1. AXE energy replenishment
When an AXE is forged in an Epoch-Altar scenario, the AXE is energized and its “health” and “conversion rate” are increased. The higher the AXE conversion rate, the higher the energy it can withstand, and the higher the efficiency and profitability of mining.
2. AXE energy consumption
When an AXE is used for mining in an Epoch-Chaos scenario, or when an AXE is idle in an NFT-Device, the energy of the AXE is consumed and its health decreases, but the conversion rate does not decrease. When the health becomes 0, the conversion rate reaches the initial state, i.e., the AXE reaches the initial level.
NFT transactions in EMIT
Based on the unique rank properties of AXEs, when an AXE is converted from the Native-NFT form to the SRC721 form, EMIT will calculate an additional fee to make sure that the rank of the AXE does not drop. This fee does not need to be paid immediately (rather per cycle).
When an AXE is converted from the SRC721 form to Native-NFT form, this fee should be paid by the person who converted the SRC721 asset to the Native-NFT form.
The longer the AXE stays in the SRC721 asset form, the higher the additional cost when it is converted to the Native-NFT form. The higher the level of the AXE, the higher the additional fee, which is charged per cycle.
Ⅳ. EMIT’s next plans and future
1. Complete the development of EMIT Core
EMIT Core is one of the three major ecosystems of EMIT. The “EMIT Core Protocol Network” is a decentralized technology infrastructure, which can provide elastic and scalable TPS and cross-chain capability for mainstream assets. Easy development of the framework for complex smart contracts and diverse assets with privacy protection is an important infrastructure for EMIT to realize multi-metaverse.
2. Continued expansion of new scenarios in the Epoch ecosystem
Epoch will continue to expand adding new scenarios to increase the application value of tokens and NFTs. This will make every participant in the EMIT multi-metaverse able to implement richer economic behaviors and reap multiple benefits in the Epoch ecosystem.
If you want to know more details about EMIT, please check out the following resources:
Official website: https://emit.technology/
Parchment book: https://osf.io/xr8b6/
White Paper: https://osf.io/bymuk/