Binamon (BMON): What is it?
The Binamon (BMON) metaverse consists of digital monsters. A fun, transparent, and secure framework is provided for participants to interact with blockchain technology.
In addition, it is an online multiplayer game, enabling users to enjoy a broad range of products and services, which are beneficial for gamers, token holders, and the community as a whole.
The Binance Smart Chain is currently hosting the gaming project, which provides unique NFT and gaming experiences to millions of participants. Binamon’s dynamic algorithm is based on a play-to-earn concept, in which gamers can earn tokens by participating in various in-game activities.
Built on Epic Games’ AI graphics technology, which made the aforementioned The Last of US II, Call of Duty Black Ops III, Street, and Fortnite possible, the game was built on Unreal Engine. BINAMON’s mobile application offers a crypto wallet that facilitates payments between users in the Binamon marketplace.
BMON is Binamon’s utility token, which is directly responsible for the smoothness and well-being of all transactions within the Binamon ecosystem. BMON has been described as the catalyst behind the rise and current popularity of Binamon, which is decentralized gaming’s leading company.
Initial token prices stood at 0.0000283 BNB, either above or below the seed round price of June 12th. Nonetheless, after the presale round that ended 2 days later, the token’s value peaked at 0.00003846 BNB.
Founded by Nicolas Veiga Palacios, a technology entrepreneur based in Argentina and Binamon’s current CEO & Architect, the company is currently based in Argentina.
It intends to create a complete metaverse of digital monsters that will allow millions of people to participate in the world of NFT and blockchain-based gaming. With it, you can interact with physical Binamons just like you would with a rare Pokemon card, only you can also play an arcade game called Mushiking instead.
The process of owning a physical NFT is possible through smart contracts, which are a set of exchange agreements written in digital form that includes protocols such as identifying agreements between parties, coding business logic into software, and verifying the contract. The only requirements for Binamon are a smart contract demonstrating ownership of the tokens and payment with BMON tokens.
How does it work?
The Binance Smart Chain runs Binamon, a decentralized platform that allows users to build digital assets and applications on one blockchain. NFTs and BMON tokens are the two main means of currency in the game.
In its virtual world, the BMON token is the principal currency and the largest reserve, referred to as the “divine particle that makes all life possible” in the whitepaper. Its tokens have many functions, such as creating your Binamons, however, there are also a few others:
- Staking of NFTs
- Governing the community
- Payment of entry fees and receipt of rewards
- Purchasing items from the Binamons market
- Trading in-game assets
Additionally, it protects the assets against devaluation by using a deflationary mechanism. The way it is done is to burn a BMON token used to spawn the Binamon, which limits its quantity in the universe–by any chance you spawn a rare Binamon, then its number of spawns will be limited to retain its value.
The battle to earn: Users can fight each other by wagering $BMON tokens in the battle mode. Only one user will be able to win.
-Burn mechanism: a small percentage will be burned. In battles, Binamons of the same class will face off against each other. Disputes are resolved using smart contracts.
A good incentive: While Binamons with greater power have better chances of winning, those with lesser power will be rewarded more.
$BMON-powered: It is a multiplayer adventure game where the $BMON token will power the economy.
Player-created assets: There is a marketplace where players can create and sell their own assets. BMON will possess the capacity to enhance assets’ power.
Trading Zones: Users and content creators will have access to in-game trading zones to acquire and trade assets .
Technology: Unreal Engine has been chosen as the technology.
How to play and earn
Staking, whereplayers can earn more BMONs and BNRGs every day by depositing their NFTs, is also allowed. Regardless of a monster’s characteristics, players receive rewards one to one for each monster they own. Rewards are calculated daily, and are given based on factors, so the rewards you receive will be determined by your share in the pool.
By attacking the NFTs they have purchased in the quick battle mode, players already earn passive income. Furthermore, they receive 100% APY just for staking their energy in BNRG. In BMON, Energy booster packs increase either a Binamon’s attack power or defense power using the currency Energy or BNRG. In addition, it is possible to merge two Binamons, albeit with a certain amount of energy. Note that to empower a monster with energy, it must be from the same element and class as the energy it will use to empower them. This means that rarer Binamons require rarer energies to empower them.
Its other mode revolves around battles where the player selects his champion, Binamon, who will represent him. In the whitepaper that was published, only monsters from the same subclass could fight each other. The player can bet on BMON, BNRG, BNB, and BUSD in this mode. It depends upon the power of your card and the power of your opponent’s card to determine the chances of winning. As a result, your chances are lower, but your reward higher-you decide whether to take the plunge.