DokiDoki Finance & The Degacha NFT Fruit Machine
Doki Doki Finance launched their token $DOKI on 12th October 2020. Since its initial pump, seeing the asset rise to an all-time high of $717.86, has been floating between $20 to $25, with only a couple of peaks and troughs outside. Considering its time on the open market it has an impressive market cap (as of 23 Dec 20) of $791,645, as well as a trading volume of circa $87k. A tertiary new token $AZUKI which is for in-game purchases (the rest will accept ETH, 10% of which will be used for automatic buyback of $DOKI on their Uniswap pool) has been issued. Below is a chart which explains the tokenomic breakdown of the new asset.
The Degacha team at Doki Doki finance are a team of blockchain devs and enthusiasts based in Japan. They have a clean and simple mandate “to build innovative yet easy to use products, with style”. They sought to solve three main issues with their new venture, first, that the acquisition process is currently a rather dry, “unentertaining” procedure. Second is the illiquidity of the current NFT market, and last off is the need for digital art ownership and authenticity to be unequivocally bona fide. It looks like these boxes have been well and truly ticked. Collectors have a gamified, fun and downright addictive mode of buying. Artists who use their platform have the potential to earn more from their work, tapping in to the booming Japanese market place, and last, but certainly not least, by deploying NFTZines raison d’etre, NFT’s. Ownership and authenticity problems are wiped away, scarcity and value can be easily tracked on an unchangeable and permanent basis, and P2P sales and transfers are a breeze.
Now as you will all know, 2020 and the years after the 2017 crypto market swell, after all the press attention, have seen a glut of ICO’s. Telling their offerings apart from each other is a game no-one but die hard Apes really has time for. Doki Doki Finance has done something really different, with a laser focused mission and a unique USP they have launched something that has mass market appeal, as well as a clear and defined purpose.
Before we look at the game, its blockchain collectables and what the team have in store for us, it is probably worth explaining the concept to those of us who are not ofay with or, at least cannot put an image of their mind, of what a Gachapon machine is. In the words of the team “Gachapon is a crazy popular vending machine style game from Japan. Players deposit coins, rotate the handle, and receive a mystery ball containing a collectable toy. The fun part is you do not know what you are going to get!”. You can really see what the Doki Doki team are thinking when you consider this quote from Masami Lida, Senior Creative Director at Dentsu Tec, the Japanese company, which popularised the physical machines. “Sold in small plastic capsules, the toys have attained sales 300%-500% higher than had been anticipated”.
To try your luck go to the DeGacha home page. As usual you will need to link your wallet up and give all the usual permissions. As mentioned previously, Degacha is in it’s infancy. More machines with different offerings will be exploding onto their dApp over the coming weeks, months, and hopefully years. For now its the genesis version which takes $AZUKI. As such you will need to either, buy some on the open market (through Uniswap or other listing DEX), or while you’re there, you can swap ETH for $AZUKI using the “COIN EXCHANGE”.
Once you have your $AZUKI, move the slider to the required amount of capsules, the price is 100 $AZUKI, at time of writing the $AZUKI was worth about $0.11, making each spin cost the paltry sum of just over $10. Considering you get a token that will outlast you, and not something that will get lost down the back of the sofa, or trodden on, this is a crazy low sum. One would imagine that in time, the value of $AZUKI will increase, along with the NFT’s that are yielded. The prices are low, in part, to stop gas prices being an issue at this early stage. With Ethereum 2 on the near horizon and the potential rise in the value of the Doki issued NFTs, this should correct itself. Its a platform you probably want to get on sooner rather than later, as with Cryptopunks, which were initially given away (and $11 + gas is a giveaway).
Once you have clicked on your DeGatcha on screen capsule, it will open and your new asset will be shown in it’s full glory. It will also be visible and saleable through vendors with who you are registered. In the first 5 days of the launch there were 3.6k spins from 130 participants, with an average of 30 spins a time. The $AZUKI tokens that are spent are then burned. $DOKI is the governance and revenue sharing token of the ecosystem, with a percentage garnered from $AZUKI in app spending going on an auto buyback of $DOKI from the market. There is also the “DStake” platform, which offers you several mechanisms to stake a growing number of ERC20 tokens, as part of their reward scheme. Below are a couple of screenshots showing $AZUKI staked to earn more $AZUKI and $DOKI to yield $DOKI. The APYs are attractive at the moment. This can and will of course be subject to change, but is still well worth looking at.
The team goal for 2021 is to have 100 Gachapon machines and they have many more in the pipeline. Being a small project team the focus “is to streamline the onboarding process”, they have devised a system called the “Creators dashboard” where they have opened the platform up to other approved partners. Where they can apply the skin and create and manage their own machine, with 10% of the ETH exchanged going back into the DOA .The system has already attracted esteemed NFT artist Pranksy to create aspecial works through the franchise.
There have been no issues found with the integrity of the machines smart contracts. Giving the team “the confidence to start marketing our product to a broader audience of both creators & collectors. With their product ready to roll out and their dedication to the birth of a unique collectable product to “disrupt the status-quo and expand the boundaries of DeFi and NFTs”.
They have also teamed up with Very Nifty, an experimental “tamagotchi” like creation, on the ETH blockchain. Where players feed and nurture their NFTs to keep them alive and developing. The products can then be used to yield $Muse, the in-game currency for buying food and accessories. $Muse can also be staked for Liquidity Provider incentives. Meaning that Doki NFT owners can wrap their assets to partake in Very Nifty, climb the leaderboard and earn $Muse. The gamification deepens with the introduction of rewards and risks. If you neglect your token, and it dies, the NFT will be burned, you will lose ownership of the asset and the 200 $Muse requirement is burnt upon wrapping.
This kind of open collaborations between projects is what the whole NFT industry has come to represent. There is such synergy between so many of the projects out there, it was inevitable with such an open, sharing community, that joint ventures of this scope and magnitude would ensue. As with all successful partnerships one makes the other stronger. You not only have a fun, unique, addictive collectibles dispensing machine, there are some serious financial aspects encapsulating (pun intended) what the wrapped NFT game has home to be.