Dear SingSing users,
We would like to inform you of some changes that we will be implementing in order to ensure the long-term sustainability of our platform.
Why do Microphone NFTs Decay and Fusion?
Nature maintains its equilibrium through a cycle of life and death. Without this cycle, the sustainability of the system would be compromised, as all species would continue to exist indefinitely. Anything that lacks a lifespan is detrimental, not only to itself but also to the ecosystem in which it resides. In essence, the balance of nature depends on the continual renewal and replenishment that comes with the natural process of birth, growth, and eventual decay.
After conducting some research, it has come to our attention that many GameFi projects, including Axie Infinity, have moved away from the play-to-earn 1.0 model due to its negative impact on the longevity of the projects. As for SingSing, we have learned from these experiences and plan to implement significant changes that will allow us to avoid similar pitfalls.
One of the changes we will be implementing is the Microphone NFT’s Decay and Fusion. Our calculations show that users will still have sufficient time to earn a profit before doing Fusion or purchasing the new NFT. This will help us reduce NFT and Token inflation, ultimately maintaining the long-term value of both NFTs and Sing tokens. We believe that this will allow our users to continue enjoying singing and earning on our platform while ensuring its healthy operation.
The logic behind Fusion
Whenever a user utilizes this feature, three NFTs will be burned, and one new NFT will be minted. This process results in two NFTs being removed from circulation, leading to a reduction in the total supply of NFTs. As more users use the Fusion feature, more NFTs will be burned, resulting in an increase in demand due to a reduction in supply. This may ultimately lead to an increase in the price of NFTs.
SingSing has transformed so much from Sing-to-Earn platform
We would also like to clarify that SingSing is no longer just a Sing-to-Earn platform. It has now become a comprehensive Karaoke Platform, where Sing token will play an essential role in both real-life and on-chain activities. We are excited to share more news with you in the near future.
Closing thoughts
We are committed to ensuring the health and success of our app, which is why we place a high emphasis on monitoring and responding to user feedback. By staying attuned to the needs and preferences of our users, we can make informed decisions and implement changes that enhance the overall functionality and user experience of our app. Our dedication to ongoing monitoring and improvement reflects our commitment to delivering a top-notch product that meets the needs of our users.
We want to emphasize that SingSing’s sustainability is at the forefront of our decision-making process. Every feature we implement and every mechanic tweak we roll out is carefully considered with the long-term health and success of SingSing in mind. We understand that our users rely on SingSing and we are committed to delivering a product that not only meets their current needs but also has the ability to adapt and evolve to meet their future needs. Our dedication to SingSing’s sustainability is a top priority for us and guides our actions every step of the way.
Thank you,
Best Regards,
Join us for more here: Linktr.ee/singsing.net