Enigma Economy NFT introduced the first mining based collection

Enigma Economy NFT has been pioneering transparency and trust. The collection brings the context of reinventing streaking to introduce tangible value to the ecosystem. It is a genesis collection of miners holding 8k genesis pickaxes, and they are here to hack away the underlying technology. The NFT staking project connects Non-Fungible Tokens to real-world utility and value. All the NFTs in the collection are stake-able characters who are carrying genesis pickaxes to mine different digital assets like BTC, ETH, and several other DAO-voted coins.

Fundamentals of the NFT project

The Enigma Economy NFT project was founded with the prospect of securing the Ether blockchain. The collectibles collection is developed to offer opportunities for small-time cryptocurrency and Non-Fungible Tokens enthusiasts to efficiently compete in the Ether node ecosystem to enhance its decentralization.

The collection is composed of 8k hard-earning miners who can diligently hack away with their pickaxes at increasingly complex algorithms.

Furthermore, the whitepaper of the project highlights that the project’s decision is not made in hopes of facilitating the creation of an economy that is most passionate and determined to grow and scale.

Indeed, they desire to start a revolutionary operation together that will help secure and exert a positive influence on the Ether Network.

How does the Enigma Economy NFT work?

From the Enigma Economy NFT genesis collection, anyone can own an Enigma Miner. All the stake-able miner NFTs could be staked on Enigma’s official website, where they begin hacking away every second while interacting with the project’s smart contracts.

Later, all the hodlers will be allowed to redeem their collectibles with the coins the NFTs have earned.

The project will also create an investment fund annually. Notably, the fund would be created with a portion of the total mined cryptocurrency, royalties, and unredeemed coins. According to the project’s official website, such a fund will help the project scale annually.

Moreover, the brains behind the [project have also revealed that they will be integrating a combination of hardware and cloud mining with a 50-50% ASIC/GPU powered hash rate.

Instead of being paid in an NFT native token, the users are going to be paid in significant assets like ETH, BTC, or whatever the collection will be mining. It is noteworthy that the quantity of the total mined Ethereum is going to be determined by the rarity of the NFT that we are going to acquire, and the profits of the holders will remain volatile as per the price of ETH coins.

The focus of the NFT project

The Enigma Economy NFT has the potential to make miners easier and cheaper. Ultimately, the NFTs collection reduces barriers to entering the mining industry, which began from houses garages and is now moving to an industrial scale.

Besides, the brains behind the collectibles have noted the emerging trend in NFT projects that are producing their own ERC-20 token to sell the idea that owing and staking their NFTs makes passive income. The team believes that such an idea is dangerous and hinging if we look at legal liabilities. Hence, the Enigma project avoids tokenization and securities.

The inevitable corporate takeover of the Ether node network is a profit-driven process. Although the course is not necessarily ill-intended, it will continue to compromise the self-regulatory aspect of the second-largest blockchain and its security. Furthermore, the economy aims to create an influential node network within the Non-Fungible Token ecosystem.

8000 unique computer-generated NFTs

The Enigma Economy NFT project consists of 8000 computer-generated unique collectibles. In the collection, each of the assets holds a pickaxe that they use to hack at blocks within their capacity.

The unique traits of these miners include 136 backgrounds, 64 accessories, 18 Avatars, 76 Axe heads, 6 Holiday hats, 6 Mage Hats, 6 Necklaces, 3 Pipe, 31 Pommel, 159 Shaft, six sunglasses, 4 Tier and 2 Genesis. Meanwhile, the tiers include Worker, Novice, Apprentice, and Expert, whereas Genesis consists of V1 and V2.

It is worth noting that the only trait that affects your Enigma’s server capacity or hash rate is the Tier. Moreover, here the hacking power, which is the hash rate, is defined in multiples. Workers will have 1x, Novice 1.2x, Apprentice 1.4x, and Novice 1.6x.

On the other hand, the first 3000 minted tokens are assigned with V1 Genesis traits. Indeed, the project’s early adopters will get a +5% hash rate as a reward. Simultaneously, the tokens minted between 3k-4.2k will be assigned with the V2 Genesis trait. However, V2 holders will not get any additional boost.

According to some calculations, a holder of these NFTs can potentially make a passive gain depending on the Ethereum price. If the price of ETH is about $2000, the holders will be able to earn at the low end of half a fourth annually with the NFTs, which would be $1000 each year.

However, it does not seem to be a bad potential investment idea. Still, the holders should keep in mind that the industry is still in its nascent phase and highly volatile, so the users shouldn’t expect the best-case scenario always. Still, the industry has a lot of room to grow.

At press time, the average price of the collection over the past seven days is $875, as per the data from NFT Stats. The last NFL from the group has been sold for $3574, which is Enigma #7950.