Onchain role-playing game Gigaverse has officially launched its GIGABIT currency, a new digital token designed to support the game’s marketplace, shops, competitions, and player-versus-player matches. The announcement, reported by Jon Jordan, positions GIGABIT as a central component of the game’s economy, while also addressing challenges that have historically affected blockchain gaming currencies.
Unlike traditional cryptocurrency tokens, GIGABIT is designed with a fixed exchange rate to maintain stability. Players can buy 100 GIGABIT for $1 of USDC, while cashing out 100 GIGABIT returns $0.80 of USDC. The $0.20 difference is split, with $0.15 allocated to player rewards and $0.05 going to the game’s developer, GLHFers. This structure is intended to replicate the predictability of web2 virtual currencies, similar to those used in platforms like Roblox, while maintaining the benefits of blockchain-based transactions.
Designed to Reduce Volatility
GIGABIT was built to solve one of the biggest challenges in blockchain gaming: price volatility. By using fixed buy and cash-out rates, the currency creates a stable environment for transactions within Gigaverse. This model also introduces a controlled economic cycle, with part of the cash-out fees supporting player rewards and funding the game’s treasury. According to the developers, this allows the game to maintain high-risk, high-reward mechanics while keeping the in-game economy consistent and predictable for users.
Simplifying Token Mechanics
Another notable feature of GIGABIT is its simplicity. The token does not have a maximum supply, vesting schedules, or complex tokenomics, and it is not available on exchanges. Developers describe GIGABIT more as a rewards engine than a traditional cryptocurrency, emphasizing its role in driving in-game engagement rather than speculative investment. This approach is intended to lower the barrier for both experienced blockchain users and traditional gamers who are not familiar with crypto ecosystems.
Cross-Platform Accessibility
Gigaverse currently operates on the Abstract network, which requires players to spend $20 in Abstract-bridged ETH to start playing. GIGABIT aims to remove barriers by supporting multiple blockchains and allowing players to spend fiat currency without needing a crypto wallet. This hybrid approach is designed to attract both web3 users and traditional gamers, broadening the potential player base while simplifying the onboarding process.
Part of the Gigaverse 1.0 Update
The launch of GIGABIT coincides with Gigaverse’s one-year anniversary competition and the release of the 1.0 update. This update includes new long-term gameplay modes, an expanded economic model, and an open-world experience. Developers see GIGABIT as an essential component of these updates, providing the infrastructure for a sustainable in-game economy that can grow alongside the player base.
Source: https://www.blockchaingamer.biz/
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Frequently Asked Questions (FAQs)
What is GIGABIT in Gigaverse?
GIGABIT is the in-game currency for Gigaverse, used to purchase NFTs, consumables, competition entry, and PVP wagers.
How does GIGABIT maintain stability?
The currency uses a fixed buy rate of 100 tokens for $1 USDC and a cash-out rate of 100 tokens for $0.80 USDC. The difference is split between player rewards and the developer.
Can players use fiat currency to buy GIGABIT?
Yes, GIGABIT supports fiat transactions and multiple blockchains, making it accessible to both traditional and web3 gamers.
Is GIGABIT available on exchanges?
No, GIGABIT is not listed on exchanges and does not have complex tokenomics. It is primarily a rewards and in-game currency.
What is the purpose of the GIGABIT launch?
GIGABIT aims to stabilize the in-game economy, reward players, and support the long-term vision of Gigaverse, including the new 1.0 update and open-world features.
How does GIGABIT compare to Robux or other web2 currencies?
GIGABIT is designed to mirror the stability of web2 virtual currencies like Robux while integrating blockchain advantages such as immediate payment settlement and cross-platform access.
