Blockchain gaming platform creates refundable NFT program

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’s game called Dungeon Master and purchase them using $USDC via a separate minting mechanism.

Through the partnership, Spielworks will leverage 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 Spielwork's token, in an attempt to help their 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.

Related: DeFi borrower uses luxury watch-backed $NFT as collateral for a loan

When asked if the NFTs will be fully-backed with $USDC, Krion told Cointelegraph that “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 on 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 their pool of funds.

Collect this article as an $NFT to preserve this moment in history and show your support for independent journalism in the crypto space.

Magazine: Web3 Gamer: GTA 6 crypto rumors, Dr Who/Sandbox, Thai tourist NFTs review