Lost in the Metaverse – An NFT Collection Distributing Royalties to the Community
Investors' attention has been focused on non-fungible tokens (NFTs) as one of the blockchain's sub-niches. For every digital artist, NFT provides a virtual ownership certificate that may be used to keep and sell their artworks.
One of the newest initiatives in the NFT art craze, “Lost in the Metaverse,” will be discussed in this article. The project has created something new in the space: RNFTs, a royalty sharing mechanism that grants the minting wallet lifetime passive income. While previous collections offering innovations have often exploded in value, the market will ultimately decide the worth of this new endeavor, and our review will remain objective.
The Sci-Fi Story Behind the Project
The story revolves around ApeDad 2662, who begins as a hipster working at a computer business but eventually becomes lost in the metaverse.
At the end of the narrative, he decides to make free royalty NFTs to share the lovely feeling of oneness he felt while lost in the fabric of the metaverse.
According to the account, 2662 overheard a coworker talking to the Pentagon and sought to locate an experimental time travel device but was instead blasted with a de-materialization frequency.
The created 3D images in the collection show ApeDad 2662's voyage through the Metaverse, while the unique music is meant to create an aural experience. After being flattened into two dimensions and pixelated, the hero is reduced to nothing more than his basic black and white dots. He then passes through every imaginable version of himself before disappearing and being “lost in the Metaverse.”
When 2662 decides to create a new way to “share the bliss of Oneness” by giving top collectors free royalty sharing NFTs, his fate becomes a boon for NFT collectors.
The Key Functionalities of the Project
The team is currently focusing on the following areas:
Creation of a short comic sci-fi story to support the project's storyline.
Showcasing the project’s original soundtrack in three music videos
Realization of the minting of 1,111 3D NFTs via a React.js Minting Website.
“Royalty NFTs”: royalty and incentives for NFT collectors are a part of the project's structure.
In the next paragraph, we opted to focus on the Royalty NFTs process, which is a little more complicated than the other three elements we have just mentioned.
Distributing Royalties to the Community
According to the project's staff members, any wallet that qualifies as a “Top Collector” can manufacture Royalty NFTs (RNFTs) for free. A wallet must meet two requirements to join the “Top Collector” group.
First of all, a wallet needs to hold NFTs that have the terms “3D,” “OG,” and “pixelated” in the “Character” field. According to the researchers, “3D” NFTs are more abundant in the system than “OG” or “pixelated” NFTs.
Secondly, wallets need to have at least three of the NFTs from the team's initial collection (i.e., its first 1,111 NFTs on the market).
It will be impossible to move RNFTs once the minting procedure has finished, as they will be linked to a specific wallet. The mechanism's inventors said that a portion of all secondary royalties from the main collection of NFTs would go to holders of RNFTs.
Like many other NFT and crypto initiatives, Lost in the Metaverse is banking on the idea of scarcity to seduce investors. Only 101 samples will be available, accounting for 100% of the creator royalties (set at 11 percent on Rarible and 10 percent on OpenSea).
Holders can access their accounts on the project's website at any time to claim their royalties. Investors will be able to transfer their NFTs from the project's primary collection when the RNFT is minted.
You can only mint RNFT using an NFT from the primary collection once. After the minting procedure is complete, the system will set the technical variable “Can Mint” of an NFT to “No.”
Additionally, the team revealed that out of 1,111 NFTs, around 200 options exist for minting a free royalty NFT. As a result, not everyone purchasing and holding NFTs may be sure of gaining this minting privilege, as a wallet needs to meet the requirements above.
How the Project Will Advance in the Future
The team has several future developments on its plan to enhance its project profile to attract more investors.
Any wallet with an RNFT will be able to submit a proposal. RNFT holders must first provide their formal permission for any new ideas. All NFT and RNFT holders will vote on the issue if it is pre-approved by the community.
Eleven wallets will be able to join an automated pool simultaneously in a newly merged system. When gas prices are at their lowest point for 24 hours, these wallet owners will have the opportunity to claim royalties in a single transaction.
Bottom Line
Those interested in learning more about the initiative can join the project's social media platforms (Twitter, Discord, and Youtube);The whitelisting will be also announced soon. Several aspects of the NFT project titled “Lost in the Metaverse” were briefly covered in our fast overview.
The team behind the effort hopes to attract investors and collectors with a cool Sci-Fi story, 3D art, music, as well as a royalty-based structure.
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