NFTeGG’ current status…
… and more plans for the future.
Dear citizens and friends of Clopia,
the last few days have unfortunately thrown us and our current plans into disarray. We are currently working on several solutions in the team but unfortunately can not yet present a final decision or development.
A short summary :
The planning as well as alpha phase around NFTeGG started at an ETH price of about $300. At that time one egg cost 0.1 ETH ($30) as well as about $2 — $5 fee. Short-term Gwei fluctuations could be compensated by the low ETH price.
Current Situation :
Due to the fixed price structure of the system NFTeGG as well as the price increase of ETH to ~$1200, the system has some problems to pick up the current value. One egg still costs 0.1 ETH but this is now $120 instead of $30 — $40 as planned.
With a very low value of 50 Gwei, the current values are as follows :
* Purchase : 300000 gas = ~$30
* Movement : 140000 gas = ~$9
* Approvment : 45000 Gas = ~$3
* Stake & Unstake : 240000 Gas = ~$16
* Claim : 70000 = ~$7
Since 50 Gwei are currently but rare, the standart rate is currently moving at about ~100 Gwei so double the above values.
Due to the fact that we are currently moving in this fee structure, we have decided to not hire more contract work at the moment because they are unfortunately not used anyway.
One plan was to use the values Fame and Power in a game and let them “compete” against each other in the classic duel mode. By the contract use would be due after our test about 240000 gas which in our eyes is not justifiable or fun.
The item would have to be taken out of the farm, then the new contract approved, the game executed and then the item sent back to the farm.
240000 + 45000 + 240000 + 240000 = 765000 Gwei
Unstake + Approvment + Game + Stake = ~$50
This process would entail a fee of about $50 per item and is unfortunately disproportionate to the value.
At the moment we have 3 big points on our roadmap and we will work on them bit by bit to guarantee a cost neutral possibility of further use.
1) Bridge ETH -> X
Several networks are currently building bridges to move ERC20 as well as ERC721 from ETH to other networks. We are currently looking at these solutions and trying to actively participate in order to find a solution for the whole ecosystem.
2) Signature contracts
There are different approaches to execute actions or commands only by a command signing instead of a transaction. This limits the decentralization a bit, but is an approach we are currently working on but actively.
3) Reward / Trade Shop
OpenSea presented last week a way to produce different NFT tokens cost neutral and manage them only by meta data. We are working with their system on a test basis and hope to present first successes in the short term.
Due to various influences of the last week it has unfortunately become a little quieter in Clopia because administration was very thinned out due to illness, Christmas as well as New Year and only the most necessary work could be done.
Because of the above mentioned problems and influences, it was not possible for us to present something “new” until now, because this cannot find a place in our ecosystem due to the price problem.
We will continue our way and can only ask for patience. Not that the ETH price will go down again, but that we will find a solution to position our ecosystem in the right place.
We are always happy to receive feedback, input or other suggestions and will keep you informed about new features.