Have You Already Seen the New LAND of MGH? — Here’s Everything You Need to Know:
Written by Robin Prock
“Good neighbors are a real treasure.”
So say the Hungarians. And they’re absolutely right — both if you barbecue, like to turn up the music or buy land on the blockchain. Because one thing above all else determines the value of your virtual land: Who are your neighbors? Do you border businesses, malls, game developers… or is the barren graveyard of land speculators next to you?
MGH (MetaGameHub DAO) has purchased four parcels (1x1) of land in The Sandbox, and it’s in a good neighborhood, at an outrageously low price, and in an excellent location.
Therefore, in this short article you will learn:
- What virtual land even is
- How we found undervalued land,
- How it was voted for,
- Which land we chose,
- And what we will do with the land.
What Is Virtual Land?
In short, land on the blockchain…on to the next point. Just kidding. Virtual land or virtual Real Estate is an NFT in a virtual world — like in The Sandbox, Decentraland, Cryptovoxels or Somnium, and shares all the characteristics of an NFT:
- It’s tamper-proof (the blockchain guarantees it’s yours),
- Indivisible (you can’t slice it into mini NFTs),
- And unique (The NFT, with a specific token ID, exists only once),
Think of it like a Crypto Punk, only you can build malls on it, games, mazes… everything is up to you. It’s like SpongeBob and Patrick in a box: Only your imagination sets the limits. But how did we find our land so it’s valuable AND cheap?
How Did We Find Undervalued Land?
What’s the saying?
“Finding a needle in a haystack.”
Ughhh…unnecessary, complicated, way too much effort…why not grab a magnet, throw it in the hay and have your needle?
That’s exactly what we did:
Our unique AI algorithm analyzed available land to find undervalued parcels. How did the algorithm do that?
- It reviewed trading data over the last few days and weeks,
- Searched databases, stock exchanges, sentiment,
- Predicted a possible price, and finally predicted an answer: Buy, bid or make an offer. We then picked out the candidates and presented them to our community for voting: Which land would you like to have?
How the Community Chose the Land
We are not kings. We didn’t point our digital finger at land and say: We’ll take that, it’s ours. No. As a DAO, we rounded up our community and let them decide. Everyone with valuable MGH tokens was allowed to vote on Snapshot (the voting platform). But the voting was not done with a ballot like at the ballot box, but with quadratic voting. What does that mean?
“This voting mechanism is used to measure the intensity of people’s preferences in collective decisions. Participants can allocate their total voting power in the different lands but the “cost” of allocating more than one vote for a specific land is quadratic and not linear.
The Quadratic Voting formula is: Cost to the voter = (number of votes)²
Example: If you want to allocate one vote to land 1 it will cost you 1 vote. However, if you want to allocate 2 votes, it will cost you 4 votes from your voting power. Allocating 3 votes to a single land will cost you 9, 4 will cost you 16 and so on.“
Which land did the community choose?
Which Fertile Land Did We Choose?
Okay, all this time I’ve been like a magician on stage sawing his assistant in half, but still not splitting the box. (Don’t worry, she’s fine).
So, these are the lands we chose: (Our lands are the orange squares).
- LAND (-154, -178): it’s right next to Binance, the biggest crypto exchange… so it’s in good company.
- LAND (117, -28): This LAND is next to Atari, one of the biggest game and console developers and creators of nostalgic childhood memories — like Pong.
- LAND (38, 1): This land is right next to land from The Sandbox.
- LAND (136, 4): This land is like in the villa district of Beverly Hills — in the area are Tesla, Pong, FTX… and also the Pope is not far away. Maybe he’ll drop by in his Mercedes-Benz G 500 one day. Who knows.
Now we have land, all well and good. But what are we going to do with it?
What MGH Will Do with the Land
We want addictive games. We want sleek malls. We want fun art exhibits for NFTs. We want fun group gatherings on our land where we invite guests and hold AMAs. All in the guise of MGH. That’s the plan.
Our goal is to drive the metaverse, to help build it, to help shape it.
And the best way to do so is to cultivate LANDs. We can use it to invite community members and people outside of MGH into the Metaverse and get them excited about the new world.
We are happy to get our virtual hands dirty for this! Of course, the community will decide again.
As I said: We are not kings who cultivate their land by the grace of God with a royal decree. No, we are a community project.
Therefore, over time, we will create new proposals where our members will decide: What should be built? — Malls, galleries, games…Voting will be on Snapshot again, so everyone who holds valuable MGH tokens in their wallet can vote. So: If the same passion for the metaverse runs through your veins, get some MGH tokens and be on the lookout for new proposals.
MGH is an Ethereum-based protocol allowing its users a.) to mint NPTs to gain exposure to the whole NFT space, b.) stake their NFTs to make a passive income, and c.) get a fair price for their NFT via the MGH price oracle.
With these three use cases, MGH makes the whole NFT space more transparent (fairer prices), accessible for investors with smaller pockets (via NPTs), and combines DeFi and NFTs via staking NFTs to make a passive income.
In short: MetaGameHub DAO is the convergence of DeFi, NFTs, the metaverse, oracles, and AI-supported valuation tools.