The first update for $ISLAND token utility has been published in the form of a new litepaper that will be continuously updated as the TGE draws nearer. For the initial version of the litepaper, the Nifty Island community can learn about a variety of platform-wide benefits unlocked through staking, such as enhanced island creation, access to special prizes, and more.

​The first update for $ISLAND token utility has been published in the form of a new litepaper that will be continuously updated as the TGE draws nearer. For the initial version of the litepaper, the Nifty Island community can learn about a variety of platform-wide benefits unlocked through staking, such as enhanced island creation, access to special prizes, and more.  Read More Blockchain Games and Play-to-Earn

3D blockchain gaming metaverse Nifty Island has released the first version of their new litepaper that gives the community the first update on the utility of the upcoming $ISLAND token. Every week, this litepaper will be updated with more information to give players everything they need to know before the token officially goes live.

What Is the $ISLAND Token?

The $ISLAND token represents the core governance token of the Nifty Island ecosystem that will give its holders “premier access” to the play and earn experience of this gaming platform, while helping power its creator-focused economy. This means that the token will not only help monetize this creator economy to reward creators for developing engaging web3 gaming experiences, but active players will too be able to earn the token for participating in the ecosystem and playing the vast range of different user-generated content. By becoming a token holder, you will be able to help the ecosystem continue to grow in the right direction, participating in its growth by voting on various governance proposals.

What Is the Utility of the $ISLAND Token?

The initial version of the token’s litepaper reveals that essentially all of $ISLAND utility is unlocked through staking, with higher staking quantities unlocking more platform-wide benefits. By staking more tokens, you get to increase your Island Power Level (IPL), and this level is what is used for unlocking certain perks, while the rest are said to “scale incrementally” depending on the number of tokens you have staked.

The utility of the $ISLAND token is divided into the following 5 core pillars:

Increased rate of token earningsEnhanced island creationAccess to special prizesConsumablesGovernance

All of this is said to be part of V1 of the token’s role in this ecosystem, with more use cases set to be added over time as the platform continues to grow.

Details on the first core pillar are not yet available but will arrive on October 4th, so let’s check out the rest of the token’s utility that’s been revealed so far.

Island Creation

Everyone can create and customize their own island for free, but by staking the upcoming token, players will have the opportunity to actually create bigger islands that open up opportunities for more gameplay activities to be made on one island. This means that by staking tokens to increase your Island Power Level, you will get to enhance island creation-related properties that include island size, number of placeable bloom pickups, max build weight, and the maximum number of available playground games that your island can have.

Special Prizes

Staking a certain number of tokens will allow you to access token-gated quests hosted by the UGC platform and its partners. It’s through these quests that you will be able to compete for various special prizes that the free to play community won’t be able to earn. Next to token-gated quests are exclusive Bloom Rewards, which are unlocked by holding enough tokens.

Consumables

Players who stake $ISLAND tokens will be able to earn 4 types of consumables at a periodic rate that will vary based on the staker’s Island Power Level. The consumable items unlocked through token staking include the following:

Discoverability Boosts – If you want your island to stand out from the rest, then Discoverability Boosts will help you do that by assigning them to an island of your choice to temporarily boost their visibility. The visibility of a player’s quest in-game and on the web app can also be increased through these boosts, and so can the visibility of your marketplace creations on the web app.Bloom Boosts – These boosts can be used on your island to give it a bloom multiplier, increasing the rewards your island has to encourage players to play more on your island.Bloom Reward Passes – These passes let you unlock limited-edition skins for avatars and more items without the need to spend any blooms to get them.Bloom Gacha Spins –  This type of consumable will give you an extra free chance at getting more rewards such as rare NFTs.

Governance

Stakers will have the opportunity to vote on various proposals, with the platform’s core team set to “periodically update a list of items” that you can vote on during this first version of the governance system, which is referred to as being “light governance.”

“Premature decentralization of decision-making can reduce ownership, responsibility, and decision quality. In its initial state, ISLAND governance enables the holder base to weigh in and make their opinions known to the team without causing paralysis.”

That being said, you can expect the first set of governance proposals to fall under high-level and low-level types. High-level proposals revolve around the future direction of the platform, asking holders to decide what area of the ecosystem the developers should focus on next. Low-level proposals are more focused on specific features, such as choosing which type of playground game should the team work on delivering first.

In the future, the governance system might feature “more flexibility,” potentially letting holders set up their own proposals.

When Will More Info Drop for the $ISLAND Token?

While no specific date has been revealed for token allocation details, you can expect Play to Airdrop (P2A) distribution info to be published on September 27th. This will be followed by an early glimpse of the $ISLAND earning system on October 4th. The earning system will launch at some point after TGE.

When Is the TGE? Nifty Island recently announced that the $ISLAND token launch is scheduled to take place on November 1st, 2024. They also recently shared Season 5 updates, and you still have some time to jump in the long-running final wave of Nifty Island’s Play to Airdrop campaign for a chance at earning $ISLAND tokens before we reach the TGE date. While you’re at it, be sure to check out the special event hosted by Mocaverse in collaboration with the UGC platform for a chance at participating in the second round of the $MOCA token airdrop.