Blockchain gaming startup Spielworks has teamed up with Web3 platform Mycelium Network to launch a program that enables full refunds for non-fungible token (NFT) purchases.
In an announcement sent to Cointelegraph, the team explained that within the program, users who acquire NFTs called “Reverties” are eligible for a full USD Coin (USDC) refund. The project also allows users to deploy this new series of NFTs in Spielworks’ game called Dungeon Master and purchase them with USDC through a separate coin mechanism.
Through the partnership, Spielworks will use Mycelium Network to support USDC purchases. Within the coin transaction, the USDC is transferred to a decentralized finance pool (DeFi) under the Aave protocol.
The team said the interest earned in the lending pool will be used to buy back the token from Spielwork, in an effort to help their community. A portion of the revenue will also be allocated to 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 be useful in their Dungeon Worlds game. They will give their players mining power and material drops.
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When asked if the NFTs are fully backed by USDC, Krion told Cointelegraph that “they’re not necessarily ‘backed’.” Krion explained that “people can technically sell them 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 coin page by clicking a refund button to redeem their NFTs. After this, the transaction signature appears to confirm the NFT transfer to the smart contract and the refund amount is automatically taken from their cash pool.
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