We have already reviewed a lot of projects in the M2E space that use NFT Sneakers as in-game items. But what if the mechanics remain the same and the NFT changes? Let’s have a closer look at CycGo, another M2E project.
How does it work?
The rules are very simple:
– Users buy special NFTs, which are different models of bicycles.
– While walking or cycling, the app records the distance covered and the time spent.
– As a reward for activity, users receive in-game currency.
– The currency can be spent within the app on various options or taken out of the app and sold, for example.
There are three main modes in the app:
- Solo Mode
- Tour Cycling Mode (under development)
- Background Mode (under development)
They are different – each has different characteristics, and each has a different price. There are 4 types in total, and the optimal speed at which you earn currency varies from 10-15 to 20-30 km/h. Special coefficients apply to the characteristics of the bike, which depend on you: GPS quality and signal stability, endurance, etc.
Apart from that, bikes are varied in terms of quality, level, etc. More information is available in the whitepaper.
There are two tokens inside the app – $GRT (in-game) and $GCT (governance).
GRT has an unlimited supply and is earned when a user moves in Solo or Background Mode.
$GRT is burned by:
- Leveling up Bicycles
- Gems upgrade
- Unlocking Socket
$GCT has a total supply of 1,000,000,000 coins. 30% of total GCT will be distributed to users through move&earn and Governance participation. To ensure the longevity of the CycGo project, the total release of GCT will halve every three years.
All other information regarding the token is TBA.
Should I join CycGo?
Exploring this project, certain cons crossed our path. Namely:
- The tokenomics are not explicitly covered in the whitepaper;
- The roadmap is not updated accordingly;
- Team members have no links to their profiles.
Therefore, we strongly recommend you to do your own research and decide whether it is worth investing in. Good luck.