Solana-based Magic Eden is partnering with Genopets, a blockchain game, to launch a semi-fungible tokens (SFTs) marketplace. Genopets community can now trade SFTs of in-game “Move-to-earn” digital assets via the Magic Eden marketplace.
SFTs or semi-fungible tokens are just like NFTs but they can be minted in quantities greater than one. This is a new type of token that utilizes blockchain technology suitable for GameFi.
Genopets is the first game to adopt SFTs as part of its GameFi. The community will be able to buy or trade SFTs via the Magic Eden marketplace, which will enhance the gaming experience with in-game digital assets.
Mainly, SFTs bring the Web2 gaming mechanisms such as the “stackable” assets in Web3 gaming allowing players to redeem and trade in greater quantities than a usual NFT digital asset does not offer.
SFTs are also proficient for game creators as they are more resource-efficient. Furthermore, unlike NFTs SFTs also have the same “Mint Account” on the Solana blockchain with zero decimal supply greater than 1.
“In Web3 gaming, NFTs have become a core technology that allows users to store in-game assets on the blockchain. However, in a game where players are chopping wood, each piece of wood generally has the same value, so it doesn’t need to be represented as a unique item. That’s where SFTs come in,” says Magic Eden.
In Genopets, Genotype Crystals and Terraform Seeds are the first SFTs that can be minted via the Magic Eden marketplace.