NFT project The Metakey has announced the launch of its own virtual world, New Ganymede. The announcement has caused the floor price of Metakey NFTs and Metakrew to double in value at writing. The Metakey gives players access to premium rewards while the Metakrew is a PFP identity NFT.
The Metakey is an NFT project that puts interoperability at the core of its goals. The Metakey community gets access to whitelists and educational material, but above all they receive airdrops. Holders of the Metakey NFTs received Metakrew NFT characters a few months ago, with the promise of these characters getting their own game. This game became a bit bigger, as the team has now introduced the New Ganymede virtual world.
- Metakey released the New Ganymede virtual world on May 1
- Metakey and Metakrew floor prices leap 100% overnight
As mentioned, a Metakey gives holders access to premium rewards while the Metakrew is a player’s cosmetic identity. New Ganymede is described as a home for the brand and community, the proof of vision, and a bridge to the brightest worlds in the metaverse. Furthermore, in a move that signals the intentions of Metakey, any NFT wearables or items dropped in Decentraland or The Sandbox, or any other virtual world will be usable in New Ganymede.
Four Metakeys
There are four different Metakeys, each with its own price which escalates with each edition with the Genesis NFT being the most valuable. All a player needs is ONE Metakey, of any edition to access the Metakey community and New Ganymede.
Looking at trading activity since the reveal of New Ganymede on May 1, 2022, we see a sudden surge in floor prices. Before launch the average price of the fourth edition Metakey NFT had been hovering around the 0.2 ETH mark, or around $600. On May 2 it jumped to around 0.4 ETH or more than doubled.
At the other end of the scale, we see the Genesis edition NFT with an average sale price of around 3.3 ETH over the last few weeks suddenly shoot up to 4.8 ETH, or around $13,000.
Metakrew PFP avatars
The Metakrew is a collection of 9,750 PFP avatars randomly generated from a pool of over 200 traits that represent the identity of a Metakey community member. On May 1 the price of a Metakrew was less than 0.1 ETH, by May 2 the price had doubled to 0.2 ETH. You can also see that sales are buoyant in the last 48 hours.
Why New Ganymede is different
New Ganymede is a world in the Metaverse, but more importantly, it is intended to serve as a catalyst for interoperability by providing players with a truly interoperable virtual world. Moreover, Metakey states that they are not trying to go head to head with anyone. Rather, they want to support, elevate, and connect them through New Ganymede.
The New Ganymede Passport
Season passes have always been a stalwart of the gaming industry — players invest time in a game and receive rewards, with free and premium tracks for different user types. Metakey wants to innovate in this area by letting passport holders advance along their season pass by playing any game, not just Metakey.
The New Ganymede Passport is the first interoperable season pass — offering seasonal rewards for and from an ever-expanding list of games, apps, and communities partnered with the Metakey.
You can collect the Passport in New Ganymede at any point during the current season, and you can return to New Ganymede at any time to collect the rewards you have earned. The New Ganymede demo will launch with a proof-of-concept Passport Season 0, which will be interoperable with New Ganymede, Decentraland, and the Sandbox, closer to its full release.
There will be reward tracks for Metakrew-holders which will be cosmetic-focused, tracks for Metakey-holders focused on land, utility, and edition-specific rewards), and a free track for anyone interested in receiving rewards for exploring and engaging with the Metaverse.
True interoperability with Metakey
While many PFP projects tried to make their avatars interoperable by airdropping more NFTs compatible with different worlds and games, Metakey wants to take a different approach. One that places the economy at its center, and encourages fewer NFTs with higher values. Moreover, rather than launching across multiple networks, Metakey would rather provide a bridge to all from its central hub.
Airdropping Decentraland and The Sandbox versions of an avatar to holders only fractures the value of the original NFT and potentially destroys its future utility. If a receiver resells a PFP after receiving these airdrops, potential buyers know that the asset has already been squeezed for a substantial portion of its value. Metakey argues this is a short-term vision.
Instead, the entire Metakrew collection is being bridged to Decentraland and The Sandbox natively — Holders will be able to play as their Krewmates in these spaces without the requirement of additional NFTs. Additionally, things are just getting started, the Metakey and Metakrew collections will be bridged to more worlds, and other assets will be bridged to New Ganymede.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.
