BAS backed NFTs
Minting NFTs within the BAS ecosystem will require a payment in BAS and an in game token (e.g. Lootbox tokens for Items). The BAS paid is split between the game development studio and a smart contract that holds BAS for NFT ‘disenchantment’, whilst the in game token is burnt. This means that the player can, if he wishes, turn his NFT back into BAS based on the current minting price of an NFT minus an operator fee.
The amount of BAS paid to mint will be calculated along a curve where as more BAS is stored in the smart contract, the less BAS it will cost to mint. The logic here is that as the BAS gaming ecosystem grows, and more players join, more NFTs will be minted and held by players and more BAS will be locked within this smart contract, i.e. there will be high TVL (Total Value Locked) behind the NFTs. In order to compensate for the expected rise in BAS price due to more being bought and locked, it is necessary that the price of BAS decrease along with the increase in TVL, in order to keep the minting price stable and the game still accessible to everyone. Conversely, a decrease in TVL will result in an increase in BAS required to mint. The BAS received for disenchantment will be regulated with the same maths and all logic will be handled by smart contract (subject to multiple audits).
This system and the mathematical equations that regulate it, will signify that regardless of how many players are in the BAS ecosystem, the ‘cost’ of minting and the value received through disenchantment will remain fairly constant, allowing players a fairer experience compared to conventional legacy gaming.
This mechanism is therefore designed to increase TVL and provide a spending requirement of the BAS token as the products scale. Due to the game-NFT interactions and competitive metas of our games, we expect there to be a floating peg (i.e. above disenchantment market price) for the NFTs in meta.