GM Foodies!
We hope your tummy is full and you are already looking forward to your next meal. Many of our foodies ask us, how does the Farmer’s Market work?
Why are Dishes listed at a certain price?
How to know the right price of an Ingredient/Dish while selling/buying?
Why does the lowest-priced dish gets sold first?
Why do we release new dishes every day?
So we are here to answer all of that. Stick with us and you’ll become a OneRare Pro by the end of this article.
Who sets the price?
The community sets the price of Ingredients & Dishes in the Farmer’s Market. Internal Team members cannot manipulate the prices as only the community-listed Ingredients & Dishes are present in the marketplace.
Just like the real-world, foodverse also follows the Demand & Supply principle. The higher the availability of a certain ingredient, the cheaper the price. The lower the availability, the higher the price.
Now, how many ingredients are available in the market completely depends on how many $ORARE tokens are staked in the market. As more and more foodies join the game and increase their stakes, the availability of cheap ingredients & dishes will go up in the Farmer’s Market.
Why does the cheapest ingredient get sold first?
To maintain competitive pricing, it’s important that the cheapest listing gets sold first. This way, the community is incentivized to not manipulate the market and hoard ingredients and then sell at a very high price. Although that possibility still exists, keeping competitive pricing automatically regulates the market price.
How to know the right price of an Ingredient/Dish while selling/buying?
The right price of an Ingredient/Dish completely depends on the current market conditions. Let’s say Onions are low in supply, people start to hoard them, and then the price suddenly increases. In that case, it’s wise to list Onions at a higher price than the Ingredients.
On the other hand, if a certain ingredient is not very useful in minting recent releases, more people will try to sell it off for liquidity. That will make this ingredient cheaper and easily available in the market. In such conditions, if you are a seller, it’s wiser to list it below the current price.
When it comes to listing Dishes, it can be subjective because the investment varies for everyone. It depends on the number of ingredients you already have from your Harvest. When you are selling a Dish, you need to ensure that you are making at least some profit from it. If you bought the ingredients for that dish using 2000 $ORARE tokens, you can sell the Dish NFT for at least 2500–3000 $ORARE.
If you were able to mint that Dish by simply harvesting Ingredients in your Farm, the metric to set the price could be the time it took to mint that Dish. For example, if it required 15 Ingredients and these 15 Ingredients took almost 7 days to harvest, you can list it for a higher price. Also, take into consideration how much you had to stake to earn that Harvest. If you had staked 10,000 ORARE to earn these 15 Ingredient NFTs in 7 days, that indicates the ingredients for this dish are already difficult to harvest. Hence, setting this for a higher price can be a good idea. If the harvest did not take much time or investment, you can sell it for a low-medium range in the market. (Check the current pricing of dishes to determine this range)
You can also check the “Magic Buy” option for this dish and see if you had to buy the ingredients for this dish, how much you will have to pay for it? Let’s say Magic Buy would have cost you 4000 ORARE, then you can list it around the same range. For Ingredients, you can check out the Floor Price of the Ingredients while listing them for sale.
When you are a buyer, it’s always good to compare the current price of that dish in the marketplace and the cost of magic buying ingredients for that dish. Whatever is cheaper, go for it. A good hack is to chat with the community on Telegram or Discord first and see if you can negotiate even further.
Why do we release new dishes every day?
We want more and more foodies to mint dishes. As the difficulty of minting a Dish NFT increases with every mint, it’s important that the chances of the first mint also increase. Hence, we introduce new dishes at different times to cover multiple time zones. This way, unique members of our community can mint new dishes every day and participate in the game.
Apart from that, we also want to add dishes from different parts of the world and celebrate every cuisine. Launching new dishes every day has given us an opportunity to represent different regions in the foodverse.
We can also check out the countdown on our Home Screen to see which Dish is releasing next and at what time. This will give you some hints to know which Ingredients you need to mint the next dish at the earliest.
ABOUT ONERARE
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
Website | Twitter | Facebook | Instagram | Discord |Telegram
