NFT credits: a Twitter Space transcript
A blog was posted on what we want to do with the credits this year and a Twitter Space followed (Wed 16th) with the aim of answering any further questions the community might still have had about NFT credits.
This blog includes the questions from the community and answers provided by project founder Muumiopappa in case you couldn’t make it or if you’d prefer to read about it (the questions were collected in advance on Twitter). Enjoy!
Note: I’ve paraphrased what Muumiopappa said in some places to make it clearer and easier to understand.
Marz: “What are the short term and long term goals for NFT credits and what does that look like in terms of the ecosystem?”
Muumiopappa: Let’s start with what the credits are. Basically, you accumulate the credits by owning a Habbo Avatar or Habbo Portrait that you haven’t listed on OpenSea. You can accumulate 10 credits for each avatar you own and 5 credits for every portrait you own each day. These credits are stored on our servers and there will be ways for you to spend them in the future.
In terms of what you will be able to do with the credits, there are lots of plans. For instance:
- Buying clothing and other Habbo items you can use in the Hotel, for example, will be possible. Or even using the credits to buy new NFTs that we release.
- Turning the credits into credit furni and putting them into your Hotel room (this aspect will happen a little later) — there will also be the option to buy the credit furni back and burn i.e if you want to get more credits you can buy these credit furni, burn them and get the credits added to your balance on our servers.
For the big ecosystem, I want to discuss this a bit later. But what I can say is we have big plans for this moving forward.
clutchmoneysmith: Will NFT credits have a liquidity pool or any form of general market trading value?
Muumiopappa: The credits are basically off chain tokens. As for the Habbo NFT credits themselves there isn’t a liquidity pool, per se. What you will be able to do, however, is apply the utility within our ecosystem.
HoHeikki: Are the credits tied to a wallet or the NFTs? Can they be transferred to another wallet if, for example, security of that wallet is compromised? User_Sor: For accumulation to buy credit furni it might be better to have all credits together… is the only way to transfer via credit furni?
Muumiopappa: Yes, the credits are tied to your wallet. Each day you will receive the credits and you will not lose the credits you’ve accumulated so far. After all, it’s the avatar that’s providing you with the credits. For example, let’s say you have 10 unlisted avatars. If you sell one you won’t get any more credits for that one (in the 24hr window it is listed) but you will keep the credits it has accumulated up until that point.
If your wallet becomes compromised you can mint your credits into credit furni to keep them safe. For instance, if you’ve accumulated 2000 credits so far you can mint x2 1000 credit furni and transfer the credit furni to a safe wallet.
Mercredi: The current system only benefits those who have bought the floor, for those who have spent a lot of ETH to afford a rank -100 or -50 / -10 etc.. are harmed, the ratios are not good at all, please do something fair for everyone. feaq: When creating such incentive systems as a project you should aim to unite the community instead of creating tensions and thus give everyone equally.
Muumiopappa: We have weighed up the pros and cons around whether rare avatars and portraits should be given more credits or not. It’s a complex topic and, therefore, the team have decided that everything should be more or less equal (with rarity slightly benefiting — a small difference will occur between ultra trippy and gray backgrounds.) Cool Cats have taken a similar approach and we have decided to follow suit with the ‘no increase’ route as it will be less problematic (especially when we didn’t want to rely on rarity tools to assign tokens).
feaq: What is our long-term direction with this? Is the direction to treat all avatar owners equally and give every avatar the same benefits? Or is the direction to logically incentivise the purchase of rarer avatars? I don’t think you can really argue on behalf of the illogicality of the current model.
Muumiopappa: We have decided to go with the approach where we treat every avatar and portrait more or less equally, with ones with the rarer backgrounds getting bonuses. It is, of course, understandable why those who own a super rare one would want to have more perks and more credits accumulated. But for the Habbo NFT project, those with rarity will benefit mostly in terms of looks.
It is important to remember that we have designed Habbo avatars you can use in a ready made location in the metaverse — you have your own look nobody else can copy, separating you from the crowd. The rarest have looks that have been manually built.
We will continue to move forward, treating everyone equally and giving similar levels of benefits to all.
[Unknown]: Are you planning to release in-game NFT furni trading soon using Immutable/Metamask?
Muumiopappa: Not any time soon as there are some other things that have been prioritised higher. It should be noted though that this will be an important addition in the future but the NFT-based hotel needs to be released first. At some point we will look into this and it will benefit everyone when we do.
ImNanel: Are game clients being worked on to handle web3 interactions?
Muumiopappa: We are working on web3 integrations as the whole project is based on this. We believe that the world is moving towards web-based worlds and we believe it is very important that the project is involved in web3 as much as possible. More information on this will be shared in our roadmap.
Eleonorap_habbo: If we minted our existing furni, could we use it in any of the Hotels? How will this work?
Muumiopappa: That is one of the things that you will be able to do with in-game items in Habbo! One utility we really want to provide is giving Habbos who own cool stuff the ability to mint your items as NFTs. This goes back to the concept of web3 and what we believe in — real ownership. We want to give people the option to really own the items that they own in-game.
We understand people’s concerns around crashing the economy and, therefore, how it will exactly work is hard to answer at the moment. We don’t have the full designs yet and it’s more of an idea — we just want to let you own what you have in-game and do as you please.
From a game design perspective, there needs to be a cost (NFT credits). If there wasn’t there would be 10 million ducks minted! The fact that you have to choose where you spend your credits makes them more useful.
And yes, you will be able to use what you mint in every single Hotel. The items will live in the blockchain and you will be able to move them around. We’ve been considering placing a stamp on items (i.e this was minted on .ES, for example) but, again, this is very early in the design phase and we’ve been thinking about things on a more conceptual level. Overall, we just want to give you all as many options as possible.
We understand that this particular feature is controversial to some of you within the community. For this we could have a vote in the future and if you don’t want to have it then we can move on and think about something else. Overall, we want to involve the community in the decision making process (and this is not just the Habbo NFT community but also the Habbo community as it affects them too) — this is the web3 way. This is something we can have a discussion about — should we mint? Which items? Everyone should have a voice in this.
Also, it’s important to note that we’ve been seeing a lot of feedback about people feeling left out and/or worried that they can’t get involved without owning an avatar. However, credits are a way for Habbos without avatars to also get involved.
Eleonoraporta: Will we also be able to mint LTDs?
Muumiopappa: Firstly, we’d like to have a discussion with the community about this feature as it’s important for us to decipher whether people even want limited items. Considering NFTs as a whole, it would make sense to go for this but we can talk about this later on in the year.
Guanjie70579366 — Any clarification on a set amount of NFT credits to be used for different things like minting Habbo furni into NFTs, editing traits etc?
Muumiopappa: It will vary so much between items and features. For example, furni will have an unlimited mint size so it will depend on what we’re releasing. Additionally, for features, merging rare items could cost x but if you are merging to legendary, for instance, it could cost more so it really depends on the item itself. We will eventually release the prices when we release the feature or furni itself.
Tom Fantastic (and others): there are general concerns shared that the ability to change traits could shake up the rarity scores and cause certain once-rare avatars to plummet in value.
Muumiopappa: The concept of trait editing came about because some people don’t like the look of their avatars — we want this to be fixed as it’s important to us that every avatar out there is something that people can be proud of. If not, this could affect the desirability of avatars (especially if they are considered ‘ugly’ and, consequently, not used in the Hotel).
Trait editing doesn’t mean that avatars will be converted into ultra rare, for instance, but you will be able to adjust them slightly so you can be proud of the looks.
We have been considering integrating NFT clothing into this idea but for now this is to be confirmed.
PixelWhip: Will it be possible to change our NFT sex with the ‘trait editing’ functionality? -Sam6: Would we also be able to choose the new traits, for example, the alien face?
Muumiopappa: We want you to keep your key traits (a rare feature, for example, could switch to another rare feature) — hate your avatar wearing a dress? You will be able to change into pants. But faces will remain the same.
So to answer PixelWhip and Sam6 specifically, both of these features will be left out from editing as we want changes to avatars to be minor (just so people can be happy enough to use them in Habbo).
-Sam6: Will the free airdrops stay? Like the Diamond HC Sofa.
Yes, we have plans to continue airdrops (both furni and other types of items.) As mentioned in the previous Space, when we release a new integration like clothing, for example, we will airdrop the first NFT clothing we make to avatar and portrait holders.
-BentaHabbo: Will the rules of the future NFT hotel be different? i.e will you be allowed to create “businesses” within this hotel?
We have big plans for the NFT hotel. At the moment we have to wait until we can release the designs but the basic aim for this is underpinned by play to earn mechanics. We’ll see when we can discuss this in more detail! But what can be said is that the future NFT hotel will be different to the current hotels we have, and will work a bit differently.
Literally everyone: Roadmap update — wen?
We have been really busy working on the NFT credit launch as we want the community to be able to take advantage of them as soon as possible. Consequently, this has meant this task has taken priority over everything else.
Fortunately, the only big thing missing now is the NFT hotel and the roadmap for that. Whenever we can start talking about and releasing the design ideas we will. Technically, our roadmap is pretty much out there, in bits and pieces. At the moment it’s difficult to understand and, therefore, want to update our website so our roadmap is concise. Additionally, behind the scenes we are working on things such as collaborations and want to have this type of information in the roadmap rather than vague mentions.
‘Wen’ exactly? We don’t want to give timetables — as you may have noticed we’re not very good with timetables. As a company, it’s very difficult to release things quickly because we have to go through a process. Having approval from higher ups, having things done in the correct order etc. It takes more time to release information unfortunately.
We will release a blog post about our roadmap sometime in the future. It goes without saying that we’re all very excited to be able to talk more about these things when we’re able to do so. Hopefully when you see everything we have in store for you, you’ll feel like it’s been worth the wait.