NEW YORK, March 19, 2021 (GLOBE NEWSWIRE) -- The blockchain industry has witnessed significant developments in the past decade. More financial products have been released that have transformed how we view finance. In recent months many crypto enthusiasts have turned to Non-fungible tokens (NFTs), with the sector experiencing massive growth during this period.
Artists of all kinds and enthusiasts have access a wide range of possibilities thanks to NFTs. It has enabled the tokenization of buildings, businesses, art, and music using blockchain technology.
Despite this growth, some significant problems persist. Most NFTs are built on the Ethereum blockchain network and although Ethereum is the largest smart contract network, its problems are well documented. The increasing number of users on the network has skyrocketed, leading to congestion and slow confirmation times of transactions.
This has caused a ripple effect with average transaction fees for NFTs at around $50-$80 per transaction. This makes it difficult for the average crypto enthusiast to create and purchase NFTs. It has also caused significant difficulties in developing NFT projects like games on the Ethereum blockchain.
NFT project, NFTWars is poised to solve this problem by utilizing a layer-two solution Polygon (formerly known as Matic) within its smart contract.
Blockchain -based game built on Layer-two technology
NFTWars is one of the first blockchain games built on layer-two technology to mitigate the Ethereum blockchain's limitations. The game is built on Polygon, a side chain on Ethereum that ensures quick and low costs transactions.
Polygon serves as a bridge between ethereum and the game, ensuring that gamers can process transactions within the game without the high transaction costs on the Ethereum blockchain.
NFTWars will initially develop a simple game using the popular "rock, paper, scissors" system to control a risk-like map. As the game expands, more features will be added to the ecosystem, including alliances and complex battle systems. Also, rewards will be offered by NFTWars to gamers for controlling territories within the game.
NFTWars will also enable other blockchain products like tokenized rewards for NFT owners. Gamers will be able to purchase in-game items, mint new NFTs, and access other customization options using the governance token WAR. The ERC-20 token can be staked for rewards and will be used to provide incentives to gamers.
NFTWars will deploy periodical burns of the tokens spent and funnel them back into the total supply to control WAR tokens' inflation and maintain its value. This feature is intended to keep the total supply of WAR tokens low and ensure the game economy's stability. As a blockchain-based game, gamers have full control of their in-game assets.
Key developments within the NFTWars ecosystem
NFTWars is led by CEO Manny Kohistani, a major stakeholder with extensive experience in the blockchain industry. NFTWars has made significant milestones with a successful private sale in February 2021. A total of 175,000 WAR tokens were sold out within eight hours of launch.
As part of its roadmap, NFTWars launched the presale of its native token WAR on March 5, 2021. The presale is expected to last for 14 days and offers early adopters the opportunity to purchase the token on the cheap.
According to NFTWars, the presale listing offers 1,000 WAR tokens for 1.3 Ether. The NFT platform also has a maximum cap limit of 9 ETH for individual investors. Simultaneously, there is a soft cap of 159 ETH and a hard cap of 402.5 ETH for the presale of WAR tokens.
Once the presale is over WAR is expected to be listed on multiple exchanges, including leading decentralized exchange Uniswap. These listings are planned to increase WAR's liquidity and enable more investors and traders to have access to the token.
The growing popularity of NFTs bodes well for NFTWars, which intends to expand the possibilities within the blockchain gaming sector. To learn more about NFTWars, visit its website: https://nftwars.io/
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67fb73ae-5f0b-463b-b8e4-ade0f0b8dec8
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