This week, we have something very interesting for you. A quick crash course on web3. As you can see, foodverse is not just about fun & food but also a bunch of lessons.
In our Gameplay, we use a variety of technology & algorithms. Staking, trading, minting — these are technical terms you often hear in any conversation around web3, NFTs, or crypto. So we thought, let’s break down all these terms in simpler language for our foodies, using OneRare’s example.
Grab some munchies, this might get heavy.
Staking is a common term in DeFi/Decentralized Finance. It simply means locking some amount of money in a platform to become a system validator in a proof-of-stake blockchain network. When you stake and become a participant in this network, the platform rewards you with interest in your staked amount. You can also compare this to a traditional fixed deposit.
In the foodverse, when you are staking our native $ORARE tokens in the Farm, you earn Ingredient NFTs as interest. Instead of giving tokens as interest, we decided to go with NFTs to create a lossless tokenomics system. This helps the community members participate in the game with ease and safety assurance.
Trading has existed since ancient times. It is not a new concept and is also not native to web3. However, the way trade is done has evolved over time. Earlier, it used to be a barter. Then it became about stones and pearls. After that, financial and administrative systems got involved and trade revolved around that (still does).
In web3, everything from the traded assets to the trading platform is decentralized and on-chain. This empowers the common user of the platform and gives them a share of control in the form of a DAO membership or share of tokens.
Within our Game, we have a Farmer’s Market, which is primarily an NFT trading platform. You can come to the Farmer’s Market and trade your NFTs with other foodies. We, as a platform, will not interfere with the trade. All these transactions take place on the Polygon Chain which is a decentralized L2 platform. To do any trade, you have to pay gas fees to Polygon which assures that every transaction is safe & secure. This is also how the network incentives the nodes working in the network to ensure an error-free transaction.
This is probably the most used word in the web3 ecosystem. Well, maybe after WAGMI.
Minting is the act of bringing your NFT onto the blockchain network. Once you bring your NFT to the blockchain, you are then allowed to trade it in the marketplace. Every NFT artist or project has to mint their NFTs.
When we say minting in OneRare, what we mean is the act of bringing your Ingredient/Dish NFTs to the Polygon Chain. In our own gamified terminology, we also sometimes refer to it as “Cooking Dishes or Harvesting Ingredients”
NFT (Non-Fungible Tokens)
“But hey, why do these Ingredients/Dishes need to be NFTs.” You ask, “What’s wrong with simple JPEGs or something like other web2 games.”
That’s a very smart question.
So, NFTs are Non-Fungible Tokens. That is, something that cannot be duplicated. If duplicated or stolen, you will know immediately. This is the power of blockchain. You spend hours or weeks harvesting ingredients and then minting a Dish. You want this Dish to be safe. You want people to know that you are the owner of this Dish. You wouldn’t want somebody else to come and steal your French Fries NFT and show it as their own. Blockchain helps you keep your Dishes & Ingredients safe by keeping a record of each and every transaction. You cannot lie to the blockchain.
Let’s sum it up quickly. You stake $ORARE tokens in the Farm (network) to earn Ingredient NFTs (Interest on staked amount), and then these Ingredient NFTs appear on your dashboard (NFTs are minted on the blockchain). Now, you can trade these NFTs in the Farmer’s Market (NFT Marketplace).
You just finished a mini crash course on NFTs & Blockchain.
We hope this helps you learn something new about web3 and the OneRare mechanism. In case you have any questions, let us know in our Telegram/Discord community.
Wish you a Happy Harvest, Chef!
OneRare is the World’s first Food Metaverse, aka, Foodverse. We are creating the first-ever Virtual World for the global Food & Beverage Industry, that celebrates Food in Web3. With an immersive gaming experience, virtual restaurants, chef experiences and more, OneRare is all set to lead Food into the next era. Let’s foodify the blockchain !
🍩 Claim Dish NFTs from all across the world | Global Cuisines, Festive Menus, Vegan/Keto, Cocktails & more
🌿 Bringing Food Industry to Web3 | Collaborating with Celebrity Chefs, Iconic Restaurants, & Food Brands for their first NFTs in blockchain gaming
🍕 Food Partners to Web3 Projects | Special Menus for Web3 games & characters, Food Catering for Web3 events
🍉 NFT to Real Life | Swap NFTs for meals & deals from Top Restaurants/Brands
🍍 Action Against Hunger | Collaborate with Chefs & Projects to raise awareness against world hunger