NELO Rebrands to Become a Major Player in the Metaverse
The Metaverse is currently one of the hottest topics in the crypto industry. It is a term used to describe a virtual world where users interact, work, game, and perform other functions as they would in the real world.
As several large tech companies and mainstream users join the virtual world craze, developers are building projects centered around the metaverse. However, since most of the top blockchain networks upon which these projects are being built were created before the metaverse era, they often do not give both game developers and users what they need.
To solve this problem, NELO has rebranded itself to be more focused on GameFi and is introducing a metaverse-focused blockchain for developers and users.
What is NELO?
NELO is a protocol and framework designed to help developers build and deploy dApps along with other Ethereum-compatible networks. NELO intends to provide game developers with a better experience when they develop and launch their games and other metaverse projects on its highly-anticipated blockchain network.
The team noted that since discovering it could build a blockchain that can provide users with one of the fastest and most reliable systems in the industry for the metaverse, it has been re-aligning its efforts to develop the NELO Smart Chain (NSC). The NSC network is inspired by Binance Smart Chain (BSC) – now known as BNB Chain – and its founder Changpeng Zhao.
The decision to rebrand and launch a custom blockchain focused on the metaverse stems from a commitment to show developers the experience of using a blockchain designed for the metaverse rather than other generic blockchains.
NELO is supposedly adapted to meet the gaming needs of users with a comprehensive support system for developers. It has a vast array of open and free resources and a supportive environment that is geared toward helping developers bring their vision to reality without compromising on security and speed.
Built by a team of experienced developers concerned about the future of the blockchain industry and the metaverse, NELO will make it easier for developers to build their GameFi and metaverse projects on its blockchain.
The NSC mainnet is expected to be officially launched by Q3 2022. However, prior to the launch, there will be a series of testing phases that will allow the protocol’s global community to assess the functionality of the NSC before it can be officially integrated.
The project will also release a new whitepaper in the coming weeks.
What is Neloverse?
The Neloverse is an in-house game that NELO is building on its blockchain, NSC. In Neloverse, players and creators have the opportunity to decide their personal game experiences and effectively monetize the creations within the game.
NELO plans to boost the development and adoption of the blockchain gaming industry with diverse games. It will be building its Neloverse game in collaboration with the leading game development company, EBIZWORLD.
Designed as a play-to-earn (P2E) game, Neloverse will incentivize players while they enjoy a new gaming experience. The Neloverse will integrate the concept of non-fungible tokens (NFTs) as NELO is currently making plans to partner with several big fashion brands to create a whole new experience for users.
Players can own digital collectibles like LAND NFTs, which are digital pieces of real estate in the Neloverse that players can buy to build experiences on top of. Players can use the land for hosting a game, playing a game on other players’ land, staking, or forming districts.
The NELO Token
The project’s native utility token is called NELO. It powers every transaction carried out in the NELO ecosystem.
Currently, NELO is on the Binance Smart Chain (BSC), and its new focus for the rebrand is a brand new blockchain of its own, NELO Smart Chain (NSC). Set to go live in Q3 2022, the NSC mainnet will have another 5 billion tokens in its native token supply, increasing NELO’s total supply to 10 billion. Another half of the total supply is currently held in the BSC.
On NSC, 4 billion tokens are reserved for PoS mining, for a total of 12 years, with mining supply halvings in 4-year cycles. The other 1 billion is reserved for future strategic investments or sales. After bridging BSC to NSC, 3.75 billion tokens will be pre-mined and locked on NSC for BSC holders to bridge their BSC NELO tokens to NSC NELO tokens. The remaining 1.25 billion tokens are pre-mined and circulated in NSC.
Future Plans
NELO intends to continue developing its blockchain network and assist developers to maximize their potential. The protocol is making plans to create a sub-chain deployer that allows other games to build their chain using its technology.
It is also creating an on-chain verifiable random number function (VRF) that works on the NSC blockchain, its native oracle solution that allows any game to interact with the utilization of NELO tokens and NFT standards for future games in the NELO ecosystem.
It also plans to create an ecosystem fund to invest in games with potential, as well as developer support to help existing game developers to deploy their projects in its ecosystem. It will be launching its centralized exchange (CEX) later in October and a launchpad for NELO in November 2022.
