Introducing: NFT credits!
Hi all, Kaneljente here :3
I’m excited to be writing to you today about Habbo NFT credits. Admittedly, when planning this blog I didn’t know where to start because Habbo credits are going to bring so many benefits to our universe in a multitude of different ways. So, let’s get started!
In this blog I’ll be answering the following questions:
- What are NFT credits?
- How do I get them?
- How many NFT credits do I get every day?
- What is NFT credit furni?
- What else will I be able to do with my NFT credits?
- Why did you go with this approach?
1. What are NFT credits?
NFT credits are a type of digital currency, similar to what are called utility tokens. With utility tokens, between companies the benefits will, of course, vary. But for our project the goal with NFT credits is to primarily provide our holders with utility in the ecosystem we’re building; that is, give you access to extra perks that go beyond your avatar or portrait alone.
Essentially, Habbo NFT credits will simultaneously fuel our ecosystem while rewarding you for your loyalty to the project, and that seems like a pretty good deal to me!
2. How do I get them?
So, you might be wondering how to start accumulating these credits. First of all, you need to own a Habbo Avatar OR Habbo Portrait (yes, portraits also accumulate credits!) Then, the only thing you need to do is delist your avatar or portrait from OpenSea, then sit back, relax, and watch your NFT credit balance grow.
The credits are accumulated once per day at around midnight UTC by those avatars and portraits that are not listed and have not been listed during the previous 24h time window. The amount your NFTs accumulate will be shown when you use your Metamask wallet to log into the new NFT credits section of our website.
3. How many NFT credits do I get every day?
Each avatar you own (that hasn’t been listed on OpenSea during that day) will accumulate 10 NFT credits per day, while a portrait will get you 5 credits. Additionally, if you happen to be a lucky holder of any rarer effects and/or backgrounds you will get additional credits. These bonuses are listed below:
- Grey (Basic H): +0 credits
- Yellow (Golden H), Turquoise (Diamond H): +1 credits
- Pink (Rainbow H), Blue (Trippy H): +2 credits
- Purple (Ultra Trippy H): +3 credits
- Basic, Jasper: +0 credits
- Coral, Amethyst, Emerald: +1 credits
- Rose Quartz, Moon Stone, Jade: +2 credits
- Amber, Ruby: +3 credits
Here’s an example of some different avatars and portraits and how many NFT credits they’ll accumulate for you on a daily basis:
Three important points about NFT credit accumulation:
- You’ve been accumulating credits from your unlisted portraits and avatars since Feb 14th! (Edited on 17/02 to reflect new accumulation start date.) We did tell you to delist your avatars and portraits ;-)
- We will release a maximum of 137,845 NFT credits per day. (This is only possible if no avatar or portrait is listed.)
- We may modify the credit accumulation in the future and we may add additional NFTs that will accumulate these credits.
4. What is NFT credit furni?
On launch, you will be able to convert your NFT credits into what we’ve called ‘NFT credit furni’. (Habbo already has credit furni, and NFT credits / credit furni follow the same concept. Read about regular Habbo credit furni here.)
If you own NFT credit furni or get it from Immutable X, you’ll be able to ‘burn’ it and change it back into NFT credits on our website by clicking the ‘Exchange’ button (see image below).
Then, if you’d prefer to keep your NFT credit furni closer to home then fear not: Eventually there will be the option to display them in your room in the Hotel!
5. What else will I be able to do with NFT credits?
We have plenty of ideas — some of which are definitely happening and are scheduled to happen within the next few months, and some of which are still ideas that will hopefully happen this year:
- NFT merging/crafting: We’re planning to make it possible to ‘merge’, or craft NFTs on our website in Q1 or Q2 this year. The idea will be that you ‘burn’ a certain amount of a common NFT to get the another, rarer version, then you burn a certain amount of those to get the next one, and so on. The plan is that this will all be done on our website (this will NOT be in-game crafting). To launch this feature, we want to run a massive crafting event in which anyone who wants one will be given a free NFT! This does really mean anyone. While I can’t reveal what the NFT actually is (but I do know what it is and it’s very cool), I can share that for this event, eligible Habbos will be given a rare NFT, and holders an even rarer one.
- Exclusive NFT items: Within Q2, we also plan to release NFT items that you’ll only be able to mint with NFT credits. These exclusive items, again, are to bring utility to you, the holders. And this is exactly what I love about Habbo — it’s always been about starting from the bottom and working your way to the top, building the universe you’ve always dreamt of!
- Mint existing Habbo items from your inventory as NFTs: We’re SO excited about this idea — it would be an amazing use of NFT credits and a big credit sink for the Habbo NFT ecosystem. Imagine gaining real, tangible ownership of some of your rarest Habbo items! This is a more long term idea, and we’re not yet sure when it’d happen.
- Trait editing: This is by far my favourite future credit utility prospect! The team have been playing with the idea of letting you change your avatar’s looks. Hate those pants? You can change them to something else! Before you start panicking about rarities, if we did this, it would be quite limited as we want to ensure every single avatar is something that the owner can be proud of and use in Habbo. At the moment this is still just an idea — maybe we could hold a vote to see if you want to have this or not! This is probably something for Q3 or Q4.
- Habbo Avatars Gen 2 and breeding: When we do a separate, NFT-based hotel, we’ll be looking at the possibility of increasing the number of avatars available. Without going too deep into the design details of the Gen 2 (Genesis holders need not to worry, Gen 2 will not be as “powerful” as Genesis) one way of getting these Gen 2 Avatars could be with NFT credits. This is something we’d look to do in Q3 or Q4.
- NFT Hotel: With the separate hotel based on NFTs, the backbone of the economy would most likely be some sort of token. Whether we use NFT credits as the currency for the new hotel, or if we use an ERC-20 token is still up in the air. The option of converting or swapping your NFT credits to the token will most likely be a given.
- Anything else? There are plenty of things we’re thinking of experimenting with. Buying whitelists for future partner projects, providing additional perks in the live hotels, and much more. If you have ideas on how you would like to utilise your credits, let us know in our Discord feedback channel!
6. Why did you go with this approach?
NFT credits will be stored off-chain and accumulated on our servers. The biggest drawback when compared to an on-chain approach is that you cannot trade the NFT credits in decentralised exchanges.
Some of you may know that crypto tokens can be heavily regulated depending on where you live. Many projects have been very careful with their tokens; BAYC, for example, was announced around a year ago and they are still working on it. We are in the same boat and must be careful, ensuring we follow all the regulations.
The end goal for us is to make an ERC-20 token (an on-chain token that you can trade in decentralised exchanges) and use it as the backbone of the NFT Hotel, but we need to take our time to make sure we do it responsibly and in the right way.
However, it’s super important to note that there are also major benefits by doing the NFT credits this way: you save lots of money on gas fees! No staking, no gas fees. No token claiming, no gas fees. And remember, when you buy NFT Credit furni on Immutable X, there are no gas fees there either!
Thank you for reading about our exciting news. These credits are the next step towards making our new NFT ecosystem a reality and we can’t wait for you to join us on this journey!
Catch up with you all very soon!