Cosmic Condos NFT – All About NFT Avatars
Cosmic Condos are a collection of uniquely generated houses situated on Mars and powered by the Solana blockchain. Two collections have already been launched, Cosmis Condos (Gen 1) as well as Cosmic Condos (Gen 2).
Gen 1 is a collection of 3333 condos, which can be staked to earn $SPACEGOLD. Interestingly, $SPACEGOLD can be traded on decentralized exchanges for USDC, or $SPACEGOLD can be used to purchase Gen 2 Cosmic Condos or mystery boxes.
Gen 2 is a collection of 4444 condos, and these non-fungible tokens (NFTs) act as a key to the Cosmic Condos metaverse game. Those who own a Gen Cosmic Condos NFT will unlock the interior of the specific condo in the metaverse game.
It is worth pointing out that Gen 2 was designed to be a slow mint as $SPACEGOLD is slowly brought into circulation through staking Gen 1s. Besides, in the future, there will be a 3D Avatar NFT drop, and these avatars will be your characters in the Cosmic Condos metaverse game.
Are there any special features? Let’s check out!
Some rare NFTs in Gen 1, as well as Gen 2, are animated. We need to mention that Gen 1 Cosmic Condos earn $SPACEGOALD.
When it comes to Gen 2 Cosmic Condos, they unlock a 3D house interior in the metaverse. This will be an interactive experience where you can invite other avatars over to speak, listen to music, customize some house items, as well as display NFTs from your ETH/SOL wallets in picture frames on the wall via the cross-chain NFT gallery.
Avatars give you special privileges in the metaverse game, such as the ability to invite friends over to your condo and listen to music. You can also change the name of your character in the game.
Gen 1 Cosmic Condos utility and Gen 2 Cosmic Condos utility
Earn passive income – Gen 1 Cosmic Condos can be staked in exchange for $SPACEGOLD, which is tradable for USDC on decentralized exchanges, also known as DEXs.
The amount of $SPACEGOLD you can redeem each day will differ depending on what region on Mars your Condo is situated in.
Cosmic Condos situated in rare regions will generate more $SPACEGOLD per day compared to those situated in common regions.
$SPACEGOLD utility
It is possible to use $SPACEGOLD in order to mint Gen 2 Cosmic Condos or purchase mystery boxes.
Collect 9000 $SPACEGOLD in order to mint a Gen 2 Comic Condos NFT.
Mystery boxes contain prizes such as NFTs or $SPACEGOLD; nevertheless, the possibilities are endless.
It is important to consider that $SPACEGOLD is the only currency accepted for purchasing Gen 2 Cosmic Condos or mystery boxes.
$SPACEGOLD is also tradable for USDC on decentralized exchanges.
People should remember that $SPACEGOLD is the native currency of Cosmos Condos metaverse. You need $SPACEGOLD to purchase new items in the metaverse game. It is used to purchase raffle tickets, where various prizes are given away.
Gen 2 Cosmic Condos serve as a key into Cosmic Condos’ metaverse. People who own a Gen 2 Cosmic Condo will unlock a 3D replica of the interior of that specific Condo in Cosmic Condos’ metaverse.
This means that if you want to participate in the above-mentioned metaverse, you must own a Gen 2 Cosmic Condos NFT or an Avatar NFT.
Furthermore, Gen 2 Cosmic Condos secondary market royalties are 8%. 37.5% of Gen royalties is recurrently added to the $SPACEGOLD liquidity pool to stabilize the price of the token.
Avatar NFT and its importance
It is desirable to remember that the Avatar NFT you own is the character you appear as online. You can burn $SPACEGOLD to set/change the name of your avatar in the game. Don’t forget that the name of your avatar is displayed above the characters head in the game.
You can change between different avatars that you hold in the game. Besides, owning an Avatar NFT will enable you to invite other avatars to your condo. Moreover, owning an Avatar NFT will enable you to speak to other avatars in the game via voice chat.
Avatar NFT holders have the opportunity to play music in their condo via the Spotify integration. For example, play your Spotify playlists to anyone who visits your condo.
One interesting fact: avatars can dance. Notably, three different dance moves can be unlocked by burning $SPACEGOLD.
In order to gain the full Cosmic Condos experience, it is recommended to own both a Gen 2 Cosmic Condos NFT and a 3D Avatar NFT. Gen 2 Cosmic Condos NFTs serve as a key into the metaverse game, and owning one will unlock its holder, a 3D interactive condo interior in the metaverse.
What you should expect from Cosmic Condos
NFT owners gain access to the Cosmic Condo Club, an exclusive member-only zone, where members of the Cosmic Condo Club can purchase mystery boxes and download exclusive Cosmic Condos Twitter banners.
Members will also receive secret airdrops and access to future mints. They will also receive other exclusive benefits in the future.
Also, verified holders gain access to exclusive giveaways on Discord, and a verified holders chat.
Token details
You can see below the amount of $SPACEGOLD tokens received per day in relation to specific regions.
As you already noticed, there are four regions: Nuclear Glacier, Acid Jungle, Space Mountains, as well as Barren Land.
It is worth noting that People who stake 1/1 Gen 1 NFTs can redeem 900 $SPACEGOLD tokens per day.
What is a USD Coin?
As stated above, $SPACEGOLD can be traded on decentralized exchanges for USDC. Some might ask: “What is USDC?”
First of all, USD Coin (USDC) is a digital currency that is fully backed by U.S. dollar assets. It is a tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar. We need to mention that the value of USDC is designed to remain stable, making USDC a stablecoin.
Some people may be unaware that stablecoins are commonly backed by reserve assets like U.S. dollars or euros in order to achieve price stability. The price stability of USDC contradicts sharply with the notorious price fluctuations of other cryptocurrencies.
In spite of its name, it is worth mentioning that USDC is not issued or backed by the federal government. Let’s not forget that USD Coin is an open-source project, meaning that anyone can view as well as contribute to the project’s code.
Also, USD Coin is a digital currency that is fully supported by U.S. dollars or dollar-denominated assets like U.S. Treasury securities.
Its reserve assets are held in segregated accounts with regulated U.S. financial institutions. The accounting firm Grant Thornton oversees the above-mentioned accounts and provides monthly attestation reports.
You may be wondering about how the USDC maintains the 1:1 peg with the U.S. currency. For example, if you initiate a transaction to buy one USD Coin using fiat currency, then the fiat currency is deposited and stored as one U.S. dollar, and the new USDC is minted.
Furthermore, if you sell a USD Coin in exchange for fiat currency, then the USDC is “burned” when the fiat money is transferred back to your bank account.
Main findings
USDC is compatible with a number of blockchains, including:
- Solana
- Ethereum
- Algorand
- Stellar
- TRON
USDC Coin is managed by Centre, a consortium co-founded by the crypto giant Coinbase and Circle, a financial technology company. Centre wants to change the global financial landscape by connecting every person, merchant, financial service, as well as currency around the world.
As a price-stable digital asset, the above-mentioned digital currency can be used in several ways:
Option number one: Investors with exposure to other cryptocurrencies can reduce their portfolios’ volatility by strategically buying a stablecoin like USDC.
Option number two: Digital assets listed on cryptocurrency exchanges can be priced in fiat money using a stablecoin like USDC.
Option number three: The price stability of USDC enables the stablecoin to represent equity ownership or fund investments. The above-mentioned digital currency can also be used to represent liabilities or debt.
Option number four: Non-U.S. investors wishing to gain exposure to the U.S. dollar can add USDC to their cryptocurrency investment portfolios.
Decentralized exchanges
In the article, we mentioned decentralized exchanges several times. They are peer-to-peer marketplaces where cryptocurrency traders make transactions directly without handing over management of their funds to an intermediary or custodian.
One small reminder: These transactions are facilitated through the use of self-executing agreements written in code called smart contracts.
Decentralized exchanges were created to remove the requirement for any authority to oversee and authorize trades performed within a specific exchange.
They allow for peer-to-peer trading of cryptocurrencies. Decentralized exchanges are typically non-custodial, which means users keep control of their wallet’s private keys. You need to remember that a private key is a type of advanced encryption that allows users to access their cryptocurrencies. They can immediately access their crypto balances after logging into the DEX with their private key. Users will not be required to submit any personal information like names and addresses, which is great for individuals who cherish their privacy.
Innovations that solved liquidity-related issues, such as automated market makers, helped attract users to the decentralized finance (DeFi) space as well as largely contributed to its growth. DEX aggregators, as well as wallet extensions, fueled the growth of decentralized platforms by optimizing token prices, swap fees, and slippage, all while offering a better rate for users.
