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Prospecting Deed NFTs
Prospecting Deeds are powerful governance NFTs in their own right, a source of passive in-game resources and eligible for $RIFT gameplay governance rewards.
A significant portion of the game overworld is split along invisible boundaries in the shape of 500 hexagonal tiles that represent prospecting deeds (resource extraction rights) owned by players. Each deed plot is owned via an ERC-721 NFT that will be mintable prior to game launch using $Chronos (our ERC-20 token yielded by genesis adventurer NFTs over time).
Rather than simply call this “owned land” which wouldn’t really make much sense for the nomadic, sky-faring civilizations that inhabit the world, we instead say that the player has a “Prospecting Deed” for an area, granted by the Prospector’s Guild. This gives the deed owner the right to tax any resource extraction that occurs in those boundaries.
These prospecting deed NFTs can be traded by players and are arguably one of the most powerful assets in the game due to their political and economic influence.
- Political Influence: as a prospecting baron you receive a substantial number of extra trading company shareholder (governance) votes for each deed you own. With this power you can shape upgrade pathways and conflict between trading companies to your flavor.
- Prospecting tax: deed owners are entitled to a percentage of all resources harvested by other players within the relevant deed plot, with a further bonus for adjacent deeds owned
- Baron Title: get a sweet title added to your name that let's other players know you are a big shot prospecting baron or baroness!
We wanted to ensure that holders of such enormous voting power in trading companies actually exercised that power regularly.
Commencing at game launch, 15% of the supply of $RIFT will be distributed monthly over 3 years to holders of prospecting deed NFTs that have also voted in a trading company decision each month and have at least one adventurer staked to their prospecting deed. All distributions will be subject to a 90 day lock.
- Prospecting deed holders must also stake at least one adventurer to their deed to be eligible for trading company governance rewards.
- Up to 5 adventurers can be staked to a prospecting deed to linearly increase the share of $RIFT rewards from that month’s allocation by up to 150%.
- This functionality was long planned for and is already possible using our existing staking contract. Currently staked adventurers do not need to be unstaked in order to allocate them to a land. Instead, a single transaction can be performed to allocate multiple staked adventurers to a deed plot.
- The current program of NFT mount rewards for adventurer staking will end upon commencement of $RIFT governance rewards. Any adventurers staked before this date will still receive the current mount reward up to 90 days later.
Upgrading your airship or deed through staking adventurers does not increase the total amount of $RIFT allocated to the community that month. Instead, your upgrades effectively cannibalise share of the monthly allocation from other holders who are less upgraded (you get more and others get less). This important distinction means that the total release rate of $RIFT is not dictated by stakers, which helps preventing aggressive compounding spikes in supply as have occurred in other game token economies.
Chronoforge reflects real world economies in that a minority of players own the prospecting rights to areas of land. However, players without deeds can still gain a share in a trading company and participate in governance and other shareholder benefits. Trading company shareholders (members) can:
- 1.Vote on trading company proposals, including upgrade paths and conflict
- 2.Make use of all vendors / crafting services (non-shareholders can only use a limited subset of buildings).
- 3.Avoid a significant tax charged by vendors on non-shareholders, which increases as the trading company vessel is upgraded.
The exact timing of the mint will be determined by both market conditions and the progress of game and artwork development for the prospecting plots. As of late 2023 we were tentatively pricing land at 14000 $Chronos.