GMT recently unveiled an innovative NFT project “The Greedy Machines”. The new project contains a collection of mining images backed by computing power, making it unique compared to most NFT collections.
Greedy machines allow users to compete for BTC rewards
GoMining Token (GMT) has announced the launch of a unique non-fungible token (NFT) collection called “The Greedy Machines.” The collection aims to “present the idea of an NFT from a completely different angle by creating an NFT art project: a set of mining machine images backed by computing power,” according to GMT’s press release.
This innovative approach allows users to exchange their GMT tokens for NFTs, “in the form of a miner,” powered by computing power that allows users to win BTC rewards. According to the project’s white paper, the minimum amount of BTC for distribution is 0.00001 BTC while amounts smaller than that figure are accumulated until the minimum amount is reached.
“Each NFT from The Greedy Machines VOL_1 collection is initially configured with computing power for mining. The power of each NFT can grow as the team issues new collections and the NFT holder performs gaming functions in their personal account.”
Greedy Machines_VOL1 white paper.
GMT says the primary goal of the Greedy Machines project is to bring the community together. To that end, the project enables NFT holders to invite their friends and receive additional Bitcoin rewards for each referral. Furthermore, the participants can receive further bonuses for the maintenance of the equipment and other activities.
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What is the GMT token?
The introduction of the Greedy Machines comes more than a year after GoMining unveiled its native GMT token that aims to tackle crypto-mining-related issues such as expensive mining equipment, as well as high power consumption and carbon emissions. To achieve this, the token uses real computing power and while it represents an asset, the supply capacity of each GMT allows users to mine BTC for an unlimited time.
Besides saving users money and reducing power consumption, the GMT token also allows miners to generate profits. This is possible when GMT tokens increase in price, and every week the team unveils new capabilities and issues additional tokens to meet these capabilities.
The launch of Greedy Machines comes amid a difficult period for the NFT market, which has seen a significant decline in activity of late. Difficult market conditions have made it challenging for new NFT initiatives to succeed as investors shy away from risk assets.
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About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a senior associate in the investment team at RW Baird’s US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in surveillance, protection and control solutions.