What is Wombat (WOMBAT) and How Does it Work? | KuCoin Crypto Gem Observer

2022/07/28 09:23:39

The gaming industry is rapidly growing, with analysts projecting that the industry will generate $196 billion in revenue this year, up from $178.2 billion last year. As of September 2021, analysts estimated that there were roughly 3.24 billion gamers globally, up from 2.69 billion the previous year.

Interestingly, the trading volume of in-game items surpassed $60 billion in 2021. However, most games in the market are run in closed environments and are under the control of a handful of game publishers and developers. This centralization means only a few entities benefit from selling in-game items.

In closed environments, gamers do not actually own the in-game items despite purchasing them. Additionally, the current games do not compensate gamers for the time spent gaming. The blockchain addresses these challenges by enabling game developers to integrate a play-to-earn (P2E) model.

In a P2E model, non-fungible tokens (NFTs) represent in-game items. Gamers can sell the NFTs and get real-life value whenever they need to upgrade to better tools or when they stop playing the game. Additionally, P2E games reward gamers just for playing.

Although the P2E gaming model is more beneficial for gamers, it faces challenges that inhibit its mainstream adoption. Among these shortcomings include complex onboarding processes, unintuitive interfaces, poor marketplace and trading infrastructure for NFTs, and security issues, to mention a few.

Hoping to address these issues, Wombat launched as a fully-equipped Web3 gaming platform. The Wombat platform features a wallet, NFT gallery, NFT marketplace, game rewards, dApp explorer, token swaps, and Fiat on/off-ramps. For more information about Wombat (WOMBAT), watch the video on KuCoin YouTube channel: https://youtu.be/RRL5DHzbwHk.

What is Wombat?

Wombat is an open Web3 gaming platform that launched in June 2019. The project aims to make it easy for traditional gamers to onboard the Web3 gaming space. Wombat strives to become the top social gaming platform, and its efforts have seen it amass over 2.6 million users thus far.

The Wombat platform combines the best traits of Web2 and Web3 by integrating NFTs into AA and AAA titles from leading game publishers. At the moment, Wombat features over 40 games from 20 publishers. The top games on the platform include Dice Dreams, Vikings, World of Tanks, Mech Arena, and Raid: Shadow of Legends.

Gamers on Wombat can discover new games with crypto or NFT monetary mechanisms. They can also store, manage, transfer, and interact with NFTs and cryptocurrencies. Additionally, gamers can share their game progress and NFTs with their gamer friends or communities.

On top of this, Wombat allows gamers to trade, lend, borrow, stack, or swap their crypto and NFTs for fiats on top exchanges or third-party marketplaces.

How Does Wombat Work?

The Wombat platform supports nine blockchain networks. These are Ethereum, Polygon, BNB Chain, Avalanche, Fantom, Heco, WAX, EOS, and Telos. To improve the user experience, Wombat covers transaction costs on networks like EOS, WAX, and Telos. Additionally, the platform enables free account creation and automatic, user-driven backup of private keys.

For gamers that want better benefits from the word go, Wombat features a monthly subscription model dubbed Wombat Prime. Wombat Prime enables subscribers to sign 10x as many transactions daily on EOS, WAX, and Telos.

The Wombat app, available on Android, iOS, and Chrome platforms, is at the core of the Wombat ecosystem. Within the app is a dApp explorer, which allows users to interact with dApps that run on any of the above blockchain networks. Also, the app has an NFT Gallery for viewing and completing NFT functions.

Another crucial feature of the Wombat app is the Womplay Game Rewards system, which allows gamers to earn crypto and NFT rewards for playing games. Notably, this system rewards Wombat gamers for playing traditional and Web3 games.

The platform also features Wombat Dungeon Master, a minigame in which participants can use NFTs that Wombat or Womplay have issued to get extra rewards. Gamers need to lock the digital collectibles within the game to unlock rewards.

Who Created Wombat?

Wombat is the creation of blockchain gaming company Spielworks. The company’s co-founders are Adrian Krion and Swen Hallasch. Krion currently serves as Spielworks’ CEO, while Hallasch is the company’s CFO. Moritz do Rio Schulze is the firm’s CTO, and Alexander Heckel is Spielworks’ COO.

What is WOMBAT Used For?

WOMBAT is the native token of the Wombat protocol. The token functions on multiple chains, increasing its utility and that of Wombat. Spielworks initially minted WOMBAT on Ethereum with a supply cap of 10 billion tokens. However, the firm intends to use bridges like Polygon to enable swift, cheap WOMBAT transactions.

WOMBAT’s primary use is supporting payments within the app. Additionally, the Wombat platform rewards gamers who participate in community activities with WOMBAT. The token is also elemental in VIP staking. Stakers get VIP benefits like earnings boosts, exclusive access to features and NFTs, better chances in NFT drops, discounts, and more.

WOMBAT holders can also vote on some parameters for Wombat’s upcoming NFT marketplace. Additionally, the token holders can vote on some development decisions within the Wombat ecosystem.

What Makes Wombat Unique?

Most Web3 gaming platforms leverage wallets like Metamask, which are unsuitable for gaming. However, Wombat stands out by offering users a non-custodial wallet.

This wallet stores a user’s private keys on their device. Alternatively, users can retrieve the private keys and store them somewhere else. Wombat App backs up the details to a user’s Dropbox or GDrive accounts to ensure security.

Closing Thoughts

Wombat’s decision to integrate a wallet, dApp browser and NFT marketplace into one app simplifies the onboarding and user experience for traditional gamers looking to embrace Web3 gaming. Also, teaming up with leading Web2 game publishers and studios positions Wombat for success.