Meta Foxonry is a collection of 777 algorithmically-generated NFTs called ‘Meta Foxes’ on the NEAR blockchain.
Asia is currently one of the hottest markets for nonfungible tokens (NFTs), with Central and Southern Asian holders making up the largest part of the region’s digital asset owners, according to research made by Chainalysis.
Asia has a 30% share of the worldwide NFT ownership in early 2022, a sign of its openness to these blockchain-powered assets, which gives hope to projects that want to launch in the Asian market.
The Meta Foxonry team has a diverse background in blockchain development, marketing, trading, digital art designing, and web3 community management, ideal expertise for a robust NFT project. What they aim for is not a self-centered goal, as they aim to contribute to the NEAR ecosystem’s growth, which would create ripple effects on other NFT projects built on the platform.
What is Meta Foxonry?
Meta Foxonry is a collection of 777 algorithmically generated NFTs 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 keeping NFTs in their wallets. The platform has built a structure for systematic growth to ensure that holders can gain a fair income and exclusive benefits from their foxes.
By purchasing a Meta Fox, a holder will also enjoy discounts in buying an ‘El Cafe’ Cartel’ NFT; a collection recently ranked 5th on NEAR’s most traded NFT assets. While the project has deployed developments such as MFOX listing on Ref Finance and created a liquidity pool, its full details are currently unavailable on Meta Foxonry’s website, including the token’s full features.
Increasing NEAR NFT Market’s Liquidity
Even with NEAR’s impressive sharding technology that allows it to deliver high throughput and scalability, liquidity remains low. In other words, the NFT activity in the ecosystem remains meager, compared to Ethereum, because of the platform’s infancy.
With this present hurdle, the Meta Foxonry team aims to further hone its platform and improve its utilities to drive more sales and help increase activity within the NEAR ecosystem. This is because high liquidity is crucial for protocols like NEAR as it helps boost digital assets’ floor prices, sales, and quality of NFT projects.
Thunder Fox is a ‘limit order’ service made for NFT-based transactions, which helps buyers purchase digital assets under ideal market conditions. Buyers can use this service by simply making an NFT order with the qualities they want to have; after this step, the system will automatically search for a digital asset equipped with their desired features in the marketplace. It doesn’t spam users with dozens of notifications for possible deals because when it spots the first NFT with the most compatibility, it immediately makes a deal to prevent other buyers from purchasing it.
3 Types of Foxes
Common Foxes, as their name suggests, are the most ordinary types of assets in the collection, accounting for 70% of Meta Foxonry NFTs.
Wadget Foxes are the second evolution of Meta Foxes, with a distinct feature of having a holographic third eye on their foreheads.
Magister Foxes are the last evolution of Meta Foxes, and interested buyers are required to 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 soon, Wadjet and Magister holders will acquire roles on the collection’s Discord server and gain access to exclusive raffles.
One of NEAR’s Most Traded NFTs
Last May 29, 2022, Meta Foxonry was hailed as the 4th most traded NFT collection in the NEAR network, making it one of the promising assets in the ecosystem. Antisocial Ape Club came first, The Undead Army second, and Secret Skellies Society third in the prestigious ranking.
Safeguarding the Collection
The team has recently detected an attempt to initiate ‘mass-minting’ on the Meta Foxonry collection, which they prevented from taking place. What’s more, they discovered that it came from the same group who initiated the unethical activity on the Alien Bear Brew, which is also a NEAR-based collection. Mass minting involves bots, and not humans, allowing minting transactions to manipulate the market, reduce the real community’s participation, and decrease an NFT collection’s prices, which can harm projects. Thankfully, Meta Foxonry was able to launch a successful mint.
The NEAR Advantage
While NEAR is still establishing its liquidity, one significant advantage it holds over Ethereum is its sole focus on fast transaction and affordability. NEAR is consistently advancing in achieving this goal by honing its scalability and interoperability features, which, it believes, are the most important foundations of Web3.
On the other side, Ethereum is struggling in its attempt to be an ‘all-in-one’ blockchain ecosystem, making it challenging to transform itself into a more scalable platform. Its engineers have also focused less on improving user-friendliness, composability, and easy programmability.
Blockchain platforms play a major role in decentralized applications’ (dApps) long-term success, including their failure to perform optimally when transaction volumes are high. And with NEAR’s focus on few yet critical areas, its existing and future dApps has the advantage of having a blockchain platform with more scalability and faster transactions.
Several interesting utilities, rewarding mechanisms, and proof of high demand on the NEAR environment make Meta Foxonry a very promising NFT collection. While it’s 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.