Vulcan Forged NFT project review

Vulcan Forged

Vulcan Forged NFT project review

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Basic info

  • Token PYR
  • Audited yes
  • DAO no
  • Yield farming yes
  • Team public
  • Hacks yes

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Yolanta Chomag

Last updated: Nov 25, 2022

What is Vulcan Forged

Vulcan Forged was created as a trading platform for NFT digital art. The project was launched in December 2020, but quickly enough grew into a feature-rich application. Now it includes the platform for multiple dApps, a game studio, technical and marketing support, and a launchpad with grants for NFT games and dApps. 

Vulcan Forged decentralized gaming ecosystem offers a complete set of tools for gaming, a marketplace for non-exchangeable tokens, and an arena for gaming tournaments and other virtual events.

How does Vulcan Forged work

Vulcan Forged was originally launched on the Ethereum blockchain, but has since moved most of its functions to Polygon. At the same time, the project team is actively developing the Elysium blockchain, tailored specifically for crypto-gaming projects that mainly use NFT. 

The project has two tokens —  LAVA, which players can earn by playing games, and PYR, the project's main cryptocurrency used for paying fees, staking, updating game assets and gaining access to the NFT dApp incubator.

Vulcan Forged develops services such as Anvil, an NFT engine that functions without cryptocurrencies and gas. Anvil is designed for easy adaptation of dApps and games. There are also Vulcan Market, a gas-free NFT marketplace for Vulcan Forged games, Berserk, an online NFT tournament, and finally Frenzy, a platform for creating your own tournaments with PYR as a reward token.

The project's flagship game is VulcanVerse. It's a Greco-Roman fantasy metaverse of 10,000 plots of land. Inside VulcanVerse, players can participate in adventures, play games, explore the boundaries of the virtual world, mine NFT, complete quests, or wage wars with other Vulcanites (the creatures of the VulcanVerse accompanying the player through the game). Besides VulcanVerse, the platform has created games such as Block Babies, GeoCats, and Coddle Pets.

In addition to existing and future games, the project also features five major products. These include Marketplace, VulcanDex, Agora, and MyForge. 

Marketplace is an advanced, interoperable and feature-rich NFT marketplace that runs on Polygon and VeChain, allowing for quick auctions, batch sales, and NFT transactions for all Vulcan Forged games and partners.

VulcanDex is a decentralized exchange designed for trading game tokens. It is also a cross-chain platform that offers NFT farming, APY rewards, and PYR and LAVA pairs. 

Agora is an enhanced NFT multipurpose marketplace, powered by Polygon and VeChain. Agora allows you to create your own art objects. Functionally, it's an art gallery where you can view artists' work, post your paintings, and sell or buy NFTs.

Finally, the project has a fourth service called MyForge (essentially, a portfolio) where users can manage multiple cryptocurrencies, such as PYR, LAVA, ETH, MATIC, and others. Here users can view and track their activities, achievements, ratings, experiences, and earnings.

How to use Vulcan Forged

To use the Vulcan Forged platform, players need to create an online MyForge account. It allows users to view their wallets, access the marketplace, manage in-game items and stake assets. The Vulcan Forged wallet, developed in conjunction with Venly, allows users to safely store their PYR, LAVA, and NFT. To sign up, you must create an account with a unique username and email address. After confirming the email address, the user will be prompted to create a four-digit PIN to protect transactions.

Once the account is set up, you can access your dashboard, wallet, assets, land, and Vulcanites. Vulcanites are companion pets that can be upgraded and transferred to any Vulcan Forged game. They follow players throughout their journey around the map and help them in battles,  defense, and food search. They can also be bought or traded, and sometimes won in contests and quizzes on Vulcan Forged's social media accounts.

Vulcan Forged rewards users at every stage of the game. Players can earn LAVA tokens by completing quests, improving land, participating in battles, making friends with other users, etc. They can also earn tokens by storing PYR tokens in their Vulcan Forged trading platform wallet as part of the LAVA appreciation program. Owners receive daily rewards based on the number of PYR tokens they hold. The higher the land level, the more rewards players receive, allowing them to passively earn PYR and LAVA.

To start earning from your land in Vulcan Forged, you need to upgrade to at least level two. First, you need to earn 10,000 XP for the upgrade, which you can do by playing Vulcan Forged games. Next, you can upgrade by sowing the land plot. There is a one-time fee Vulcan Forged charges for sowing.

Your land can be upgraded after the sowing process is finished. The upgrade is done by staking PYR inside the plot. However, if the PYR is removed from the land staking, the land level drops instantly.

Another way to make money in Vulcan Forged is to get, improve, and sell in-game assets in the form of NFTs. These items also have levels and can be sold to another player.

The other ways to earn LAVA is to win competitions in Vulcan Forged games (such as Berserk, Block Babies, etc.), participate in a VulcanVerse game, or trade regularly on the Vulcan market.

Vulcan Forged staking

Vulcan Forged staking is done inside an owned VulcanVerse land. The land plot must be upgraded to at least level 2 for the user to stake PYR inside it. Level 7 gives the maximum staking rewards.

To upgrade the land plot, the user must first sow the land. This action is performed once and requires a payment. The sown land can be sold, so the buyer can skip this step, there is no need to sow the land again as it should be done only once. 

The sowing process takes 20 days, after which it becomes available for upgrade. To upgrade the land, you must stake PYR inside it. As long as PYR tokens are in the plot, the land will remain at the same level. If the PYR tokens are removed, the level will instantly drop.

PYR and LAVA tokens

PYR is an ERC-20 token that is the foundation of the Vulcan Forged ecosystem. The total supply of PYR is 50 million tokens. The distribution of tokens is as follows: 10% — loyalty rewards pool, 40% — token sale, 20% — core team, 30% —  community reserve. 

The PYR token has several use-cases: staking on in-game land and characters; staking and yield farming on Vulcan; access to the ecosystem’s game developers and NFT's decentralized app incubation program; and rewards during gameplay.

The Vulcan Foundation funded a staking PYR reward pool with 10M initial tokens released over a 48 month period. Along with the foundation’s contributions, the pools will be funded by: 10% of Vulcan Marketplace transaction fees, 10% of assets sale fees; 50% of the fees for upgrading in-game lands; 10% of Frenzy game prize pool and tournament fees.

LAVA is the second token of the VulcanForged ecosystem. Players earn LAVA by playing and participating in any game created or organized by Vulcan Forged. The experience points (XP) accumulated by players while playing in the Vulcan Forged ecosystem also allow them to earn LAVA. Users can also earn LAVA by staking PYR. 

Here are a few of the many features of the LAVA token: improving lands, buying in-game consumables, improving Vulcanite performance, and staking on VulcanDex.

Is Vulcan Forged safe

The Vulcan Forged team consists of more than 40 core members from Greece, the UK, and Ukraine. The headquarters are in Athens, Greece and the company is run by CEO Jamie Thomson.

Vulcan in the British Virgin Islands (Vulcan Forged LTD) acts as token issuer, while the Singapore-based Vulcan Foundation is the governing and public entity responsible for marketing, community development, game development oversight, and general operations.

On December 13, 2021, hackers took over Vulcan Forged, stealing more than 4.5 million PYR (about $140 million at the time). As a result of the attack, the price of the coin dropped by about 30%.

The attackers infiltrated the Vulcan ecosystem through Venly, a semi-closed wallet. They used code on the Venly side, and gained access to users' private wallet keys. The hackers were then able to withdraw PYR tokens and other assets from them.

The Vulcan Treasury returned the PYR tokens to their rightful owners. The company is now working to recover the stolen ETH, MATIC and other altcoins from the affected wallets.

Partners

Vulcan Forged has partnered with such projects as Merit Circle, which bought 100 VulcanVerse land and PYR tokens for a total of $500,000; AAG Ventures, which also bought VulcanVerse land for PYR (the entire deal includes over $1 million in funding); NIFTYPAYS, which released 100 exclusive NFTs on Vulcan Marketplace and held its IDO on VulcanDex. Other partners include DEFI 11, Sandbox, artefy, Vival Technologies, and others.

What's next

As of the time of this writing, Vulcan Forged has not made their roadmap publicly available.

Links

https://docs.vulcanforged.com/

 

 

 

 

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