Blockchain gaming startup Spielworks has partnered with the Web3 platform Mycelium Network to launch a program that allows full refunds for nonfungible token (NFT) purchases.
In an announcement sent to Cointelegraph, the team explained that within the program, users who acquire NFTs called “reverties” are eligible to get a full USD Coin (USDC) refund. The project also allows users to stake this new series of NFTs in Spielworks’ game Dungeon Master and purchase them using USDC via a separate minting mechanism.
Through the partnership, Spielworks will leverage the Mycelium Network to support USDC purchases. Within the minting transaction, the USDC will be transferred to a decentralized finance (DeFi) lending pool at the Aave protocol.
The team said that the interest earned in the lending pool will be used to buy back Spielworks’ token in an attempt to help its community. A portion of the earnings will also be allocated to help the Wombat Protection Society of Australia.
Images of the refundable “reverties” NFTs. Source: Spielworks
According to Adrian Krion, the co-founder and CEO of Spielworks, the NFTs will also have utility within their Dungeon Worlds game. They will be providing mining power and material drops to their players.
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When asked if the NFTs will be fully backed with USDC, Krion told Cointelegraph, “They’re not ‘backed’ per se.” Krion explained that “people can sell them technically on the secondary marketplace for a lower price of course, but they can just get their full money back.”
Krion also explained that people can simply go to the minting page and click on a refund button to refund their NFTs. After this, the transaction signature will just pop up to confirm the NFT transfer to the smart contract and will automatically take the refund amount from its pool of funds.
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