It ain’t exaggerating to state that Crypto tokens and NFTs are the new investment options that can bring in profit if handled wisely. One can earn income not only by trading them on exchanges and marketplaces but also by staking them. With the adoption of NFTs seeing an amplification, NFT creators are bringing into effect captivating utility values along with their NFTs, and these utility values are redeemable in real life. This blog will educate you on a new category of NFTs – Sleep-To-Earn. Hope you will find this blog on Sleep-To-Earn NFTs quite interesting.

What Are Sleep-To-Earn NFTs?

If you are an NFT aficionado who is up-to-date with the latest happenings and advancements in the NFT market, you must be familiar with different types of NFTs like Play-To-Earn, Learn-To-Earn, Sleep-To-Earn, etc. All these sorts of NFTs exactly do what they state. Suppose you sign up for a blockchain gaming platform that allows you to earn NFTs while playing. This type of gaming ecosystem is P2E. 

And similar to this, recently, the Sleep-To-Earn ecosystem has emerged, where individuals can earn $SLEEP tokens just by sleeping for the specified number of hours mentioned in the sleep tracker application. This is just an overview of what the Sleep-To-Earn tokens are about. We’ll explain this hypothesis further in the upcoming sections. 

What Is A Sleep Ecosystem? 

A sleep ecosystem is a Web3 concept where users will earn crypto tokens for the number of hours they sleep. This concept was brought into effect concerning those who suffer insomnia – a condition where one finds difficulty in getting sound sleep. A blockchain-based sleep tracker will track the number of hours the user sleeps and based on it; they will be rewarded with crypto tokens. Further, these Sleep-To-Earn NFTs can be integrated into blockchain gaming platforms or NFT marketplaces for a rich gaming experience. Quite innovative and interesting, right?

How Does A Sleep-To-Earn Marketplace Work?

Step 1: Similar to any NFT marketplace or crypto exchange, users should complete the signup process, which includes the integration of their crypto wallets. 

Step 2:  Registered users can access the platform to select the type of bed based on their sleeping hours. There will be different sorts of beds, each denoting a specific period of sleeping hours. Alongside, each bed will have a list of properties like efficiency, luck rate, durability, etc. 

Step 3: Upon selecting the bed type, users can purchase it with the platform’s native tokens. Note: The native tokens are available on the platform itself, and users can decide on the number of tokens they want and make the payment accordingly. 

Step 4: Users can take advantage of the tokens they earn by utilizing them in the platform’s gameplay. 

To your knowledge, users are allowed to buy the tokens as well as rent them to other users. Suppose any user wants to rent their tokens, then a certain percentage of the token will belong to the owner, and the remaining portion will belong to the borrower and commissioner. Most of everything, what makes platforms like this all the more arresting for users is that they can level-up their beds by selecting and minting new beds. Also, users may get the chance to unbox the lucky draw and get bonus tokens. 

What Are The Other Prevailing Trends In The NFT Market?

Play-To-Earn NFTs are already in existence, with them being employed in blockchain gaming platforms. And now, Sleep-To-Earn NFTs are emerging. Some of the other trending NFTs include NFTs for ticketing, Soulbound NFTs, Music NFTs, etc.

• Ticketing NFTs

Little did we know that anything from a piece of art to physical assets could be minted into Non-Fungible Tokens when NFTs first came into existence. Those who organize community meet-ups or concerts can benefit from this NFT ticketing concept by converting the digital tickets into NFTs and selling them to participants. By doing so, event managers can prevent tickets from being scammed. Besides, all the ticket details will automatically be stored on distributed ledgers of the blockchain, which thus will be easy to track in the future.

• Music NFTs

There are devoted NFT marketplaces for music NFTs, where the artists or composers will list and sell their music NFTs. The trading process of music NFTs is similar to other types of NFTs where the tokens are sold on either bidding or fixed price. We do develop music NFT marketplace and have white-label solutions that accept customizations. 

• Soulbound NFTs

Another interesting category of NFTs is Soulbound tokens. Soulbound tokens are NFTs that are developed to represent an individual’s identity. Since the self-identification details differ from one person to another, Soulbound tokens can’t be exchanged. 

Conclusion 

Our blockchain analysts and developers are well-aware of the latest trends surfacing in the blockchain and NFT market. If you are interested in venturing into a business based on blockchain or NFT, our analysts can guide and help you launch the required platform. Watch this space for further information on Web3.