I know there is a lot of hype around NFT projects these days and most of them seem to be getting pumped at much higher valuations than what they are worth and the crazy prices at which NFTs are getting sold is adding fuel to the speculative fire. Let me clarify beforehand that this post is not aimed at shilling some new project riding this NFT craze bandwagon. Rather it is the story of my journey how I got involved with a NFT based game about 6 months ago when NFT was not a buzzword and there were not too many crypto projects betting on NFTs.
How did I get to know about Project Nebula?
During last week of October 2020, I cam across this post from Luke who is an admin on Uptrennd about a new crypto NFT based game called Nebula. My first reaction was to not take the post too seriously as I used to think NFT gaming is just a fad and it would not get any serious attention in the future. As it was about planets and I have always been an astronomy buff I decided to read the full post. The post had a link to their Medium page and soon I was binge reading all their blogs to understand as much as possible about this upcoming project.
What exactly is Project Nebula?
Project Nebula was just a concept in October last year and the details of the game would be structured were still being finalized. They had however shared the framework that it would involve exploring the simulated space and capturing NFT based games that you encounter. What got me hooked was they their focus was on creating a game that is entertaining enough to motivate you to play daily so you don’t get bored of it in a few days (something which happened to me with Upland). At the same time they wanted to avoid making it overcomplicated that it may confuse the players.
They were going to mint 1100 unique planets which will be auctioned during the following weeks in batches of 100 made available each week. These included 644 rare planets, 444 uncommon planets, 11 Legendary and 1 mythic.
Planets were classified into different categories like Gas planet, Lava planet, Ice planet, Terrestrial planet etc. Each planet had a credit, industry, research rating which would be used once the game goes live.
Why I decided to invest $100 on Nebula NFTs?
What was unique about Nebula was that it was built upon Icon (ICX) blockchain which was much cheaper to transact on compared to Ethereum. The exorbitant ETH fees was the main reason I never tried Axie Infinity despite so many people recommending that game to me.
The base price for auction was supposed to be 25 ICX for Uncommon and 75 ICX for Rare planet. ICX was trading at $0.32 during 1st week of November 2020. This meant at that time the base price would have been about $8 for Uncommon and $23 for Rare. I was very skeptical on spending on NFTs during that time and had to think several times before I made the decision to spend $10 on Splinterlands starter pack. I was really interested in getting some planet NFTs as I really liked the user interface they had built for their site so far.
I soon really realized that I was not the only one interested in getting some of these cool planet NFTs as when the auction started there were people bidding 750 ICX for a rare planet with a base price of 75 ICX. I could not even imagine spending $70-$80 on a NFT.
I waited out for the first round and saw that slowly the crazy bidding spree started to subside and people were able to get a rare planet for 400-450 ICX. Meanwhile I decided to stock some ICX as I had never used icon tokens before, somehow it had never been on my radar. The more I learnt about Icon the more I was convinced about the long term potential of this project. I finally made a bold move and purchased $300 worth of Icon which got me about 940 ICX.
Soon the bidding rate reduced further and I was really excited when I could get my hands on a rare planet for just 300 ICX ($96). My luck seemed to improve next week when I won a raffle to get a Uncommon planet for 25 ICX ($8). Things got even more exciting when I won a free uncommon planet through the Uptrennd giveaway.
So now with an investment of $104 I had got hold of 1 Rare planet and 2 Uncommon planets. I was still holding more than 600 ICX waiting to buy more planets on the auction.
What happened to that $100 investment on Nebula?
As December came I decided to take an unplanned vacation of over a month and did a digital detox during this vacation by completely switching off from all online forums. When I came back during end of January I got busy with closing out some urgent things at my 9 to 6 job. During March I was suddenly reminded of Nebula and decided to check what was happening there.
I was shocked to see that now since the auctions were over people were selling their NFTs in the marketplace and the demand had gone up further as game is expected to launch soon this summers. Now there were people paying upto 2,000 to 3,000 ICX for the Rare planets and 500 to 1,000 for Uncommon planets. At the same time ICX price had pumped during the last few months. ICX token which was worth $0.32 in November was now worth over $3. This was a 10X jump in a short span of time. My $100 NFTs could be sold for over $10,000 in the marketplace which would be a 100X on my investment.
I have still decided to not sell and HODL the NFTs as I am really looking forward to the gameplay. If I find the game entertaining I will never sell these NFTs. On the other hand if the game is not so engaging I might sell them off in summers, lets see.
At the same time I was reminded of the 600 ICX lying idle in my wallet, I had not even staked them. These 600 ICX that I bought for $200 were now worth over $1,800. I sold half of them to book some profit and staked the remaining on Atomic wallet.
Am I still Bullish on Nebula?
Heck, yeah! I am now closely following the announcements being made and the project seems to be advancing right on track as per their roadmap. They are sharing more details about the gameplay and doing alpha testing now. They recently announced they will be airdropping cool spaceship NFTs to people holding the planets.
It just keeps getting better and better and I have a strong feeling this game is going to get wildly popular when it gets launched this summer.
I will surely do a follow up post once the game is live.
Let me know if there is any other NFT based game you are bullish on.
Disclaimer- I have not been paid by Project Nebula for this post, I am just genuinely super excited about this project 😊
You can read more here about this project- https://projectnebula.medium.com/
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