The Text Based NFT Industry: An Introduction
Social media Vine founder, and passionate programmer, Dom Hofmann, led the popularization of text based NFTs by deploying a smart contract in the Ethereum blockchain that generated a list of 8 items.
These items are ones that would typically be seen at fantasy adventure games.
NFT marketplaces are filled with populate with unique, visually pleasing, works of art. However, the approach Dom followed generated simple text on a black background with the list of item names.
Dom’s idea challenged the meaning of a traditional NFT to the general public.
Cryptoodles will be starting a series of articles that details the emergence, development, and future of what we define, in its simplest terms, a Text Based NFT industry.
Cryptoodles will also be sharing its ideas to help advance the Text Based NFT industry within these articles.
Be sure to follow us on social media to know when the next article is published.
Measuring The Impact of the Text Based NFT Industry
Using the following points, Cryptoodles will generate a report called the “Toodle Text Index” to gain insight on the performance of the Text Based NFT Industry.
The qualities of Text Based NFT projects used to create this report will follow:
- Uses the Loot project’s vision of an open ended ecosystem
- There is metadata associated with the NFT to enable development of projects
- The NFT uses the blockchain as its infrastructure
- The text based NFT has attracted trading volume
This index attempts to analyze the impact of the Text NFT Industry within the cryptocurrency space.
What Exactly is Cryptoodles?
Cryptoodles is a Text Based Multiverse that is powered by the Ethereum blockchain.
Cryptoodles aims to connect Text Based NFT projects in a blockchain agnostic ecosystem. Within Cryptoodles, people will be able to join social clubs, play blockchain games, or just hang out to pass the time.
However, the Cryptoodle ecosystem specializes in being able to interact with other Text Based NFT projects such as Loot, Role for Metaverse, and even Heroes of Evermore. The Cryptoodle ecosystem is a way for people to use their collection of Text Based NFTs in one place.
Participants in Cryptoodles can be awarded new NFTs, TOODL credits, and even ETH by simply interacting within the ecosystem. This “Pay to Earn” model is similar to one used in Axie Infinity.
That Sounds Like Every Other Project, Right?
Cryptoodles is different than Loot and derivative projects because it aims to be the first to:
- Follow a “Play to Earn” model for participants in the ecosystem
- Act as a bridge for text based NFT projects, regardless of blockchain
Cryptoodles does not look to compete with Text Based NFT projects, but looks to unify projects in a seamless way. As of this writing, Cryptoodles is currently the only project designing and building a Text Based NFT ecosystem that can be used with other Text Based NFT projects.
Cryptoodles anticipates the Text Based NFT industry to become more fragmented as the industry matures in development.
What is the “Play to Earn” Model?
Popularized by Axie Infinity, the Cryptoodles Ecosystem will allow people to create value in a way that can be converted into a native blockchain token.
Cryptoodles envisions participants being able to generate ETH, BNB, SOL or native TOODL credits when interacting with the Cryptoodle ecosystem.
Furthermore, achievements within the Cryptoodle ecosystem’s could also generate new NFTs that only one specific wallet address in the world can ever create.
Positioned to Bridge and Collaborate
Cryptoodles plans to enable cross project integration among text based NFTs, regardless of blockchain, through the use of the Toodle Linking System (TLS).
The TLS allows Loot and derivative projects to interact seamlessly with each other in an interconnected space.
One can imagine using a Loot NFT to access content within the Cryptoodles Ecosystem, and smart contract enabled blockchains such as Solana, Binance Smart Chain, and Cardano.
Participating in the Cryptoodles Ecosystem
What Do I Need to Participate?
Loot derivatives such as More Loot, synthetic loot, and even Bloot can be used to participate in the long run. However, this will not be possible until the Toodle Linking System is live in Cryptoodles.
In the meantime, the fastest way to participate in Cryptoodles is to hold an original Loot NFT or a Toodle Loot Bag.
What Are Toodle Loot Bag NFTs?
Cryptoodles made its first step into bridging text based NFTs by releasing 10,000 free NFTs available for anyone to redeem.
No fees are collected and sent to Cryptoodles when minting these. Any fees associated are simply gas fees.
The average gas price on Ethereum to mint 1 Toodle Loot Bag is .01 ETH.
At its core, Toodle Loot Bag NFTs acts as generational seeds to jump start the Cryptoodle ecosystem, and acts as a “fast pass” for early content. Toodle Loot Bag holders may also receive additional items as the project matures as a way to award early particpants.
This may include free NFT’s or even TOODL credits to use in the Cryptoodle ecosystem.
Cryptoodles will create the “Toodle Text Index” to try to monitor the growth and development of the Text Based NFT Industry. Cryptoodles aims to establish itself as a bridge to connect Text Based NFTs across blockchains, into one Text Based Multiverse that can easily be accessible for people. 10,000 Toodle Loot Bag NFTs can be redeemed for free now as a way to access early content for Cryptoodles.
The Cryptoodles Ecosystem is at its infancy, and should be treated as a conceptual idea.