What is Meta Foxonry and how does it work?
Meta Foxonry is a collection of 777 NFTs generated by algorithms called ‘Meta Foxes’ on the NEAR blockchain. Its staking feature allows holders to earn NEAR coins or $MFOX, the ecosystem’s native utility token, while holding NFTs in their wallets. The platform has built a systematic growth framework to ensure holders can get a fair income and unique benefits from their foxes.
When purchasing a Meta Fox, the holder will also receive discounts on the purchase of an NFT ‘El Cafe’ Cartel’; a collection recently ranked 5th in NEAR’s Most Traded NFT Assets. While the project has implemented developments such as the MFOX listing on Ref Finance and created a liquidity pool, its full details are currently unavailable on the Meta Foxonry website, including the full features of the token.
When purchasing a Meta Fox, the holder will also receive discounts on the purchase of an NFT ‘El Cafe’ Cartel’; a collection recently ranked 5th in NEAR’s Most Traded NFT Assets. While the project has implemented developments such as the MFOX listing on Ref Finance and created a liquidity pool, its full details are currently unavailable on the Meta Foxonry website, including the full features of the token.
Increasing the Liquidity of the NEAR NFT Market
Even with NEAR’s impressive sharding technology, which enables it to deliver high throughput and scalability, liquidity remains low. In other words, NFT activity in the ecosystem remains sparse compared to Ethereum, because of the platform’s infancy.
With this current hurdle, the team at Meta Foxonry intends to further enhance their platform and improve their utilities to generate more sales and help increase activity in the NEAR ecosystem. This is because high liquidity is crucial for protocols like NEAR as it helps to increase the minimum prices of digital assets, sales and the quality of NFT projects.
thunder fox
Thunder Fox is a service based on the idea of limit orders adapted to the NFT space. Limit orders are placed for the purchase of assets when conditions are right for the buyer. What will ThunderFox do for the community and ecosystem? Well, it’s pretty simple. This will add a lot of liquidity to the market and save a lot of time. ThunderFox – The fastest diamond hand in NEAR. ThunderFox would not spam you with notifications and ask you to make a deal. All you need to do is place an order with the NFT criteria you want, as they work directly with the marketplace and don’t need your help. When the first NFT you need appears, ThunderFox will make a deal right away, leaving the others with no chance of catching it!
types of foxes
- Common Foxes – Common Foxes, as their name suggests, are the most common asset types in the collection, accounting for 70% of Meta Foxonry NFTs.
- Device Foxes – Wadget Foxes are the second evolution of Meta Foxes, with a distinct feature of having a holographic third eye on their foreheads.
- Magister Foxes – Magister Foxes are the latest evolution of Meta Foxes, and interested buyers must burn three Wadget Foxes and a certain amount of MFOX tokens to acquire one of them. But the team reminds the community not to immediately burn their Wadget foxes, as they will create a dedicated website for this transaction. Another important reminder is that Wadjet and Magister holders will soon acquire roles on the collection’s Discord server and have access to exclusive sweepstakes.
One of NEAR’s most traded NFTs
On May 29, 2022, Meta Foxonry was hailed as the 4th most traded NFT collection on the NEAR network, making it one of the promising assets in the ecosystem. Antisocial Ape Club took first place, The Undead Army second and Secret Skellies Society third in the prestigious ranking.
protecting the collection
The team recently spotted an attempt to initiate ‘mass minting’ on the Meta Foxonry collection, which they prevented from taking place. What’s more, they found it came from the same group that started the unethical activity at Alien Bear Brew, which is also a NEAR-based collection. Mass minting involves bots, not humans, allowing minting transactions to manipulate the market, reduce real community participation, and drive down the prices of an NFT collection, which can harm projects. Fortunately, Meta Foxonry managed to launch a successful mint.
Advantages of NEAR
While NEAR is still establishing its liquidity, a significant advantage it has over Ethereum is its single focus on fast transactions and affordability. NEAR is consistently moving towards this goal, improving its scalability and interoperability capabilities, which it believes are the most important foundations of Web3. On the other hand, Ethereum is struggling in its attempt to be an all-in-one blockchain ecosystem. ‘, making it difficult to transform into a more scalable platform. Its engineers also focused less on improving ease of use, composition, and easy programming.
Blockchain platforms play a major role in the long-term success of decentralized applications (dApps), including their failure to perform optimally when transaction volumes are high. And with NEAR’s focus on a few areas that are still critical, its existing and future dApps have the advantage of having a blockchain platform with more scalability and faster transactions.
Staking and Upgrading
The fox hierarchy system is quite simple. NFT income and privileges depend on your level. The Common Fox is the most common. You will have about 70% of them in stock. Wadget Foxes are the next step of evolution. The Wadgets sign will appear on absolutely random Foxes with a 30% chance. If you notice that your fox has a holographic third eye on its head. Magister Foxes are the last level of Fox evolution. You will need to burn 3 Wadget Foxes and some Tokens MFOX to get one. But don’t rush to burn them yourself! There will be a special website for that.
Staking is the only way to mint the functional token called MFOX. They believe that staking is an essential feature for any valuable collection as it will allow holders to earn on their NFTs without selling them. In addition, it has several utilities to keep supply and demand balanced. The elaborate tokenomics and the large number of ways to use them ensure their systematic growth and sustain the good level of staking yield.
Final Thought
Several interesting utilities, reward mechanisms, and high-demand proofing in the NEAR environment make Meta Foxonry a very promising NFT collection. While not as vibrant as other NEAR collections, it can potentially reach this level if it remains consistent with its progress in developing its platform and protecting its community.
