BMON is a governance and utility token that was issued by the NF and blockchain-based gaming platform Binamon based in Argentina. The release of the NFT game that is powered by Binance Smart Chain (BSC) took place on August 28th, 2021. The game is an excellent combination of entertainment and earning. The developers have created a product that urges users to play as more powerful monsters produce better returns.
The game was created with the help of Unreal Engine 4 by Catness Game Studios, one of the most successful European gaming companies. It belongs to the group of play-to-earn games when it is possible to earn while playing and trade the gaming assets. Before the launch, the game was tested by notable influencers who gave positive feedback and the same rating as Axie Infinity, the most famous NFT game that has a capitalization of over 4.3 billion USD. The founders of the project decided to dethrone Axies Infinity that takes the leading positions in the NFT sector.
Binamon is a metaverse of digital monsters residing on the BSC. The players of the Binamon game can collect digital monsters that are called Binamons and fight against each other in multiplayer battles in a 3D metaverse, where players can travel and explore numerous planets. Players kill monsters in an engaging gaming process as the monsters are destroyed with the particular element combination. Players get rewarded at the moment of the monster’s destruction. It’s possible to swap the rewards into real money. The players receive more rewards as they progress further in the game. Thanks to Binamon, millions of people can join the NFT and blockchain-based gaming world easily.
Each monster that can be collected by players is a digital asset representing an NFT token of the BEP-721 standard. All monsters are unique and have their own set of attributes and capabilities. Players can earn money participating in tournaments, PvP (player versus player), or staking Z1 BEP-20 tokens. It is also possible to fulfill different tasks to earn the Binamon tokens. Being the possessors of their Binamons, the players can trade them and earn profit in this way. With more monsters defeated, gamers earn more Binamon token rewards. Users have to open their BMON packs to reveal their Binamon.
There are also Elites in the game, represented, for instance, by the President or Vice President. To enter this VIP group, you should be one of the two leading participants building the planet in the metaverse of Binamon. The elite players earn passive income from taxes on their plants. They also make other players work under their direction.
The game is simple so different categories of gamers can start playing it. It is also rather rewarding. The game combines large earnings with a focus on quality. It is expected that millions of players around the world will join the community for either earning or just the passion for the gaming process. The community is constantly growing and getting stronger.
Binamon’s technical details
Some of the NFT products that were released in the Binamon universe increased in value considerably and cost more than 50,000 USD at the time of writing. With powerful monsters owners can get higher rewards and this element serves to retain users in the game making them play longer to earn more.
Binamon has released a staking farm to let its users earn BTC. Staking provides passive income to the members of the community and is available to all users who wish to earn BMON tokens. There is also the capability of pitting the Binamons against other participants to get the opportunity to earn BMON tokens.
The mining of BEP-721 NFTs is performed with a $BMON token under a smart contract called Booster (BEP-20). The tokens that are used to open Boosters are burned. After calculating the probability, there is a random formation of the force and power of the NFTs. The smart contract creates 3 separate Binamon NFTs with a distinctive ability.
The Binamons feature the following characteristics: Class, Attack, Hornpower (Resistance), and Element. Each of them raises the Binamon value thus increasing its market price and contributing to the vitality of the game. The fight takes place in Battle mode through the BMON tokens. When the battles between Binamons of the same class take place, they are being matched and smart contracts solve the struggle. If your Binamon is stronger, you get a higher chance of winning, while the weaker Binamon receives a reward. When the winner gets the award, a tiny percentage is burnt.
BMON is a deflationary token which means that it was created to keep the value of the platform’s token. To fulfill the goal, the burning system is used as the used BMON-tokens are burned by a smart contract. The total supply of BMON is 3 million tokens.
It is expected that the value of the NFT collection, which contains tokens of the BEP-721 standard, will increase after every halving. It is reported that it is possible to earn from 5 to 90 dollars per day playing a blockchain-powered video game.
It is allowed to purchase and sell assets in a video game. You can also spend BMON when you compete in tournaments as it requires you to pay an entry fee in BMON tokens. Also, tokens let their holders participate in the governance of the platform.
It’s important to own a monster NFT to start playing the game. The amount of circulating native tokens is not that high in comparison, for instance, with Axies Infinity, due to the economic model chosen by the founders. This burning scheme helps to preserve the fixed supply of the currency thus keeping the high rarity of the assets.
Nicolas Veiga Palacios is the CEO of the gaming platform Binamon. He is a crypto entrepreneur who co-founded the company Travelling Skates and worked as a developer of the desktop application Programmer.NET for Argentina-based software company GrafoCastle.