There is little doubt that the metaverse would dominate discourse this decade. Analysts are making mega predictions on the technology's possibilities and its future market size. A recent study says the metaverse could be worth over $800 billion in less than five years. Others, especially Meryl Lynch and JP Morgan analysts, estimate the metaverse to be worth trillions of dollars in the next few years.
The problem is that the metaverse is nothing new, and previous attempts have been rife with disappointment. After countless theoretical promises about launching revolutionary, metaverse-led products became a mega challenge to actualize. Billions in research dollars and much more in human capital have ended up being drained, much to the frustration of the innovating party and end-users. However, this is about to change as renewed efforts by technology giants like Facebook and blockchain companies like NELO put their resources to good use as they turn the metaverse into a reality.
Rebranding and Focusing on the Metaverse
NELO is rebranding and has signaled to the community their intention of shifting focus and dedicating time and resources to become a force in the metaverse.
In their analysis, the development team, made up of experienced developers and thought leaders, reckoned that though the metaverse could be an inevitable part of the future, there is no specialist blockchain platform to make this possible.
Existing blockchain platforms, in their observation, are not specifically tuned to meet the needs of gaming and the metaverse. Existing and vibrant competitor networks are technically less capable, presently struggling with scalability challenges, forcing gas fees to record levels, damaging user experience. These competitors cannot inherently handle intensive blockchain games demanding special graphic requirements to function smoothly.
The Nelo Smart Chain (NSC)
The team launched the new website on March 21, 2021, and after their rebrand will release a new whitepaper V1, detailing their plans. In August 2022, NELO will activate the NELO Smart Chain (NSC) on the mainnet, raising the total supply of NELO—the native coin—to 10 billion. Half of these coins will circulate in the NSC and the other in the Binance Smart Chain (BSC) as BEP-20 tokens.
NSC will be a customized blockchain meant to cater to the needs of the global gaming and metaverse community. The network is, first and foremost, designed for speed, security, and scalability, existing to be a reliable and robust ecosystem meeting the need of users demanding metaverse-ready networks. Ahead of the much anticipated mainnet launch in September 2022, the team will carry out a series of testnets, including those touching on node delegation, PoS mining, and tests related to their game, Neloverse. This is critical and, most importantly, reflects the determination by the team to release a flawless blockchain taking inspiration from Changpeng Zhao, the creator of the secure, robust, and thriving Binance ecosystem.
Deployment from the Binance Smart Chain (BSC)
Currently, the Nelo Network is deployed from the BSC, functioning as a top framework where developers can build and connect with Ethereum and other Ethereum Virtual Machine (EVM)-compatible networks.
The network is, by default, decentralized and adapted for gaming with an inclination on quality. Their immediate priority is on security, speed, and scalability. Based on this solid foundation, the protocol empowers developers to deliver their minimum viable product using available and accessible materials in an overly supportive development environment.
NELO’s first of many games, Neloverse.
Neloverse is a portal for gamers to own prime digital NFTs, dubbed Land NFTs. They will be a base on which they can build their gaming experience while owning valuable assets. With a combination of state-of-the-art design and attention to detail Neloverse is set to be unveiled in October this year. Players will be able to own assets, earn tokens, and trade them in the Neloverse marketplace.
