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Over the last few years, there has been an interesting intersection between blockchain technology and the metaverse. While blockchain has been widely used for roughly a decade now, the concept of the metaverse is much newer. Nevertheless, there has been significant overlap between the two, especially when it comes to gaming.
Metaverse games often incorporate some elements of blockchain such as cryptocurrencies and NFTs. While all this is good and fine, there are some issues that need to be resolved, specifically blockchain networks and their compatibility with the metaverse.
As we already know, most blockchain networks, even the best of them, were designed during a time when the metaverse wasn’t as popular as it is now. Simply put, many of them were not made with metaverse development in mind and this could prove to be an issue for metaverse game developers.
Addressing the issue is NELO, a blockchain network that allows its users to build on and connect to Ethereum-compatible networks. Just recently, NELO announced a rebranding and the launch of its new website with a renewed focus on the metaverse. More information on NELO and their tokenomics will be available in their upcoming whitepaper V1, which will be released after their rebrand.
NELO and the Metaverse Prior to this new development, NELO had focused mainly on the development of games. In fact, the company was working on the ‘Storms of War’ game when it came across an issue within the industry. This was when metaverse games had to adapt to existing blockchains as opposed to blockchains being built with the metaverse in mind.
It is this market gap that NELO is working to fix with its new suite of tools. The main focus of this rebrand is the new blockchain, the NELO Smart Chain (NSC). Once this chain goes live, its native token supply will be increased by 5 billion tokens to a total of 10 billion. Half of this amount will be in the Binance Smart Chain (BSC) while the other 5 billion will be held in the NSC.
Out of the tokens on the NSC, 3.75 billion tokens are pre-mined and locked on NSC for BSC holders to bridge their BSC NELO token into NSC NELO token while the remaining 1.25 billion are pre-mined and circulated in NSC.
The official website, www.nelo.network, was relaunched on March 21, 2022, after which the world was introduced to the new NELO. As a blockchain solution, NELO will work to allow GameFi developers to access the tools they need to succeed, including scalability and security.
As a gaming universe, the Neloverse, NELO’s very own metaverse, allows users to take the drivers’ seat in both the experiences and the monetization of creations. A big part of gamefi and metaverse gaming is the ability to profit off one’s own creation and the Neloverse allows for this extensively.
One of the ways that this is done is with the LAND NFT. As the name would imply, ownership of the NFT gives users a form of foundation to build experiences off of. This includes hosting games and playing games on LAND owned by other players.
Another issue that is being touched on by NELO is the customization of blockchain capabilities for the metaverse. For years, we have heard about how many transactions blockchain can complete in a minute and how low their fees are.
The problem with this is that those blockchains were not made to support metaverse gaming and as such, these benefits don’t always apply to them.
The Future of NELO With all these in the works, NELO has shed some light on its current roadmap. From March to August 2022, testnet activities will be taking place, including the development of the NSC Testnet Explorer Browser and the NSC Testnet NELO Wallet.
By September 2022, the NELO mainnet is set to be released as well as its CEX that will launch in October 2022. While the future of the metaverse gaming sector isn’t currently known, NELO does have some big plans ahead of it.
For example, a sub-chain deployer is in the works that will allow users to create their own chains using the NELO network. There will also be an ecosystem fund that will invest in games that have shown significant potential.
More announcements will be made by NELO as the various stages of the testnet and mainnet are unveiled.
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