The DeFi Kingdom, the emerging GameFi venture, recently announced new NFTs called Heroes. The NFTs are playable characters that can earn tokens on quests. Unlike standard NFTs, Heroes gain experience with quests and can even equip gear for better performance.
DFK (DeFi Kingdom) has dominated Harmony One for a while, amassing 280 million dollars of the network’s 507 million dollars in TVL (total value locked.) Owned by Axie Infinity, Harmony One provides growing space for many NFT projects.
Despite the obvious advantage, DeFi Kingdom has quickly secured the second rank in terms of volume in the previous day, weekly, and 30-day section. In addition, the venture has noticed a 161.36% increase in the previous 14 days.
Han Hauge, Ikigai’s (asset management firm) head of quant strategy, recently released an article talking about DFK’s effectiveness. According to Han, DeFi Kingdom has perfectly combined metaverse, NFTs, and DeFi elements to build a functional space.
A functional space means an environment where multiple working parts coexist in harmony. Han added that the top five factors accounting for DFK’s success are:
- A DEX (decentralized exchange)
- Staking functionalities
- JEWEL token
- Hero NFTs
- Kingdoms (upcoming feature)
JEWEL is the fungible token that facilitates in-game NFT purchases in the game. Users can also stake it at the Bank to earn fees from DeFi Kingdom’s JEWEL and DEX transactions. Besides the latest NFT announcement, DeFi Kingdom has also talked about launching on Avalanche.
Han stated that the phenomenon would be like taking a character from Xbox and loading them on Playstation and then on a browser. The move can revolutionize the NFT sector, and the DeFi Kingdom seems to be aiming for that.
Given its quick market surge and functionalities, DeFIi Kingdom might also catch up to Axie Infinity.