Genesis Worlds, the ambitious ‘100 year’ metaverse project from Game Credits, recently announced plans to open a staking program for their GENESIS token. Users earn GENESIS tokens by owning Mining Claims or by staking GAME tokens. Quickswap or other token markets also provide opportunities for direct token purchases. Stakers of GENESIS tokens receive passive, compounded income and eventually, a chance to guide the governance of Genesis Worlds.
After selling their first mining claims back in January, Genesis Worlds is ready to add a new option for earning GENESIS tokens. Owners of Mining Claims receive regular GENESIS payments simply for owning the NFTs. And beginning on February 24th, those GENESIS tokens can generate their own passive income through a new staking program.
GENESIS Governance Staking
The Genesis Worlds team calls GENESIS token staking, ‘Governance Staking’. This is because, once the governance layer is added to the ecosystem, the staked tokens will function as votes for community proposals. In the meantime, token owners who stake in the pool also earn more GENESIS tokens.
Paid on a daily basis, the reward pool is dynamic. Every day, the pool fills with tokens equal to half of the GENESIS produced that day from Mining Claims. This is not a small amount. There are currently over 9.5 thousand Mining Claims, each generating about 6.3 GENESIS daily, for a total of 60K tokens. So half of that, 30 thousand GENESIS tokens, will be filling the staking pool every day. And as players purchase more Mining Claims, the reward pool increases!
Staking GENESIS tokens does not require a lockup period. Owners can stake and unstake tokens at any time. All token rewards received are auto-compounded. So even if you don’t want to purchase a Mining Claim, simply owning and staking GENESIS tokens generates passive income and provides a chance to participate in guiding the future of the game!
There are currently Mining Claims available on six different worlds, with new worlds opening up soon.
What are Genesis Worlds Mining Claims?
Purchased with $GAME (Game Credits tokens), the Genesis Mining Claims provide passive income in the form of GENESIS tokens. Mining Claims exist for every World in the Genesis Worlds metaverse. Represented by a 3D model of the World , Mining Claims grant the owner first rights at the Land sale for that World. They also offer a chance to participate in World governance.
Mining Claims, called Liquid NFTs, are sold on a bonding curve. This means that every time a Claim sells, the next Claim becomes more expensive to purchase. Projects like Euler Beats and Gala Nodes use the same concept. It provides a soft limit to the number of Claims created based on what the market is willing to pay. Ten percent of each Mining Claim sale goes to the Genesis Foundation for development of tools for Genesis Worlds, such as clients, quest systems, map editor, etc.
With this bonding curve comes the ability to sell back your Mining Claims at any time, based on the current price for new claims.
What is Genesis Worlds?
Developed by the founders of the GAME token, Genesis Worlds bills itself as a “multicreator gaming universe”. In a ground-up approach, Genesis Worlds plans for the community to build out their metaverse. Though the idea and process are initially shepherded and built by the Game Credits crew, the goal is for true community governance and creation. Not only building the worlds and the quests, but also creating the very tools to build the worlds with, and the documentation to go along with it. And even managing how the governance system works! Once the initial setup period completes, the invested community will govern and monitor themselves as well as the individual Worlds.
Currently, Genesis Worlds are selling Mining Claims. Mining Claims generate GENESIS tokens on a daily basis. They will also have the chance to convert into a land NFT at some point in the future. Genesis Worlds runs on the Polygon network.