BEP-1155 GameFi: Looking Into the Cryptosnake Case

The BEP-1155 standard allowed Cryptosnake developers to use fungible and non-fungible tokens in the same game.BEP-1155 is the first smart contract standard that combines the BEP-20 and BEP-721 standards. What does it mean?

Simply saying, it is the fusion of cryptocurrencies and NFTs. BEP-20 enables fungible coins (essentially conventional cryptocurrencies, where each unit of currency is not unique). BEP-721 are non-fungible tokens (NFT) that you may have heard a lot about this year. The BEP-1155 standard allows you to put them together. This can be useful in many areas, including blockchain games. Cryptosnake is the first play-to-earn game based on BEP-1155.

Many play-to-earn games have appeared in 2021. One of the most famous is Axie. The capitalization of the AXS token today exceeds $9 billion. Leading developers are also trying to create their own blockchain games based on NFT. However, games typically use either BEP-20 or BEP-721. This makes the Cryptosnake game unique — for the first time in the history of blockchain gaming, these two technologies have merged.

Cryptosnake is “Meta” of games

This year, Facebook surprised everyone by announcing the creation of the Meta brand, a Facebook metaverse that will include not only social networks and instant messengers, but also other technologies: from VR to NFT.

Google created its metaverse a long time ago (it just didn’t call it that). The search engine, browser, Google Maps space satellites, self-driving cars, Google Glass and much more are all part of the Google ecosystem.

The cryptocurrency industry is moving in the same direction. Cross-chain allows you to combine different technologies. Using the BEP-1155 contract, Cryptosnake will be the first project to coexist GameFi, NFT and DeFi technologies. So, Cryptosnake combines NFT, cryptocurrencies and game mechanics in one game world, just like Facebook wants to combine different technologies in its metaverse.

Token Sale and NFT Sale Results

Cryptosnake is one of the most anticipated play to earn games of 2021. More than 100 thousand people have activated the Telegram bot to join the chats of the community. In the first hours of the sale of game NFT Artifacts, more than 5,000 NFTs were sold, worth from 10 to 100,000 BUSD. The SNAKE (SNK) game token was listed on PancakeSwap on October 28, 2021. Today, the capitalization of the SNK already exceeds $50 million, even though the game has not yet been released. The launch is scheduled for November 2021.

Cryptosnake’s gameplay is based on the nostalgic Snake game on Nokia phones, but here the snake’s food is cryptocurrencies. The player needs to eat as many coins as possible, avoiding collisions with the wall.

Also, the snake has a staking rate (passive income in SNAKE game tokens). At the start, this rate is 60% per annum, but there are ways to increase the staking interest. Thus, NFT, DeFi and GameFi technologies complement each other. More details about the project can be found in the White Paper.

Open-source

Cryptosnake is a game in its mechanics and a cryptocurrency in its philosophy. While classic game studios charge players money, Cryptosnake allows players to make money for themselves. While ordinary studios are suing for copyright infringement, blockchain game developers are putting the code out in the open.

The snake from the 2000s is what connects us all through the generations. It is the heritage of mankind. Likewise, the crypto snake is open to the public — just like Bitcoin. Anyone can take the sources and create their own game.

The team has already started uploading the code to GitHub. The first part was uploaded on October 25, 2021. The next portion of the code, presumably, will be uploaded after the end of testing. As a reminder, the game is still under development.