HashLand Coin (HC) calls itself the “first decentralized synthetic assets protocol” combining NFTs and “hash rate assets.” HashLand claims its synthetic NFTs are backed by hash rate and generated through a minting contract, a mining contract, or a purchase contract. This supposedly provides miners with useful assets, which are on-chain and can be used for different financial purposes like in its POOL, CREDIT, SWAP, and AUCTION functions.
HashLand plans to reshape “the hash rate market” by collateralizing NFTs with real-world assets, which gives investors control over governance. HashLand attempts to combine the real world with the virtual world, all through the combination of NFTs and hash rates. In other words, it tries to back minted NFTs with hash rate from the Bitcoin miners, thereby giving the NFTs a real-world value backing them.
How Does HashLand Coin (HC) Work?
The HashLand NFTs are used for its Hash Warfare game, a play-to-earn RPG game that uses the standard recipe of combining DeFi elements with NFT technology to create a game that is accessible to a wide audience. NFTs can be used to engage in a player-versus-environment, player-versus-player, or boss mode that players can enter with others.
The NFTs, which Hashland calls S-NFT cards, come in five different levels, with the highest-level cards corresponding to a higher hash rate and stronger characters. Only level-one S-NFTs can be purchased, higher levels have to be obtained through leveling up by playing the game or through purchasing a blind box, which contains an S-NFT with varying levels.
The HashLand NFT cards come with four different character classes:
- MT(Cavalryman)
- Gul’dan (Mage)
- Hunter(Assassin)
- Lady(Paladin)
The characters have different attributes like Health, Attack, Speed, Defense, and Crit. Each hero receives a unique set of skills upon minting, with its attack defined by its range, its damage, and its special bonus damage. If the hero’s attributes match the special bonus damage, the hero will be able to inflict more damage during battle.
Most importantly, HashLand states that NFT cards are collateralized by the Bitcoin hash rate and the HC token hash rate. The project claims that users con obtain Bitcoin mining rewards from the NFTs, with higher rewards paid out to NFTs with a higher level since each NFT has a multiplier applied to it.
Heroes can be upgraded in several ways:
- Playing the game yields HC tokens and other rewards that can be used to boost characters.
- The in-game lottery can win the player weapons, experience points, and other items.
- PvP mode supposedly earns even higher rewards.
The three basic gameplay modes are Adventure Mode (PvE), Player Combat (PvP), and Guild Wars. In Adventure Mode, players unlock new chapters and earn tokens by fighting NPCs. Player Combat sees players fight other players with defense and attack heroes. Guild Wars is a three-on-three player combat mode.
Unique Features of HashLand Coin
The most unusual feature of HashLand is undoubtedly its proposed collateralization of NFTs with hash rate. HashLand argues that through tokenization of in-game assets with simultaneous collateralization through Bitcoin mining power, NFTs can have a price floor of sorts. The project sees the price deviation of NFTs between their intrinsic value and their speculative value as a problem, which is addressed by this mechanism.
Use Cases of the HashLand Coin Token
HC is the platform’s utility token used as a reward for playing the Hash Warfare game. Hashland wants to incentivize players to participate in joining its GameFi ecosystem and develop it by rewarding them with tokens in the various gameplay modes.
HashLand Coin (HC) Tokenomics
The total supply of HC is 21 million and is distributed as follows:
- GameFi farm: 45%
- Developer reward: 10%
- Pre-mined: 10%
- Community airdrop: 2%
- Contribution airdrop: 3%
- NFT farm: 15%
- LP farm: 15%
- R&D ecosystem: 7%
7,200 HC are being emitted per day, with a “10% cut” implemented every quarter for three years.
HashLand Coin (HC) Price
Hashland (HC) is currently trading around $10 as of February 24, 2022, down from its all-time high of $686 set in November 2021. Its 24-hour trading volume on exchanges is around $353,000, and its fully diluted market cap is just above $210 million.
HashLand Coin (HC) Price Prediction and Future Outlook
The price of HC has been hammered since reaching its all-time high, losing significantly more value than similar projects like Axie Infinity. This indicates that the market has lost confidence in the project, making a price reversal very hard in currently tricky market conditions.
Moreover, HashLand gives inadequate information about its team and tokenomics. Although several credible projects like SushiSwap have been launched by anonymous developers, HashLand provides no information whatsoever about its team or the vesting schedule of the tokens. This makes it very hard for new investors to trust the project, especially after a massive loss in value.
On the flip side, HashLand has a potentially interesting idea, but it is highly questionable how motivated the developers are to execute it. While it is certainly possible that HashLand suddenly reverses course and trades higher, the project has a lot of issues that should be addressed.
