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SVARGA – Reshaping NFTs on the Bitcoin Ordinals

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SVARGA – Reshaping NFTs on the Bitcoin Ordinals

December 08
21:51 2023

As market anticipation for BTC ETFs heats up, BTC has breached the $40,000 threshold, continuing its surge to new yearly highs. The rise of BTC is further buoyed by active trading in Ordinals: data from Dune Analytics shows that on December 3rd, the daily trading volume on mainstream platforms for Bitcoin Ordinals inscriptions rose to approximately $15.94 million, a more than 200% increase from the recent low of $4.94 million on November 26th.

Despite skepticism around Bitcoin Ordinals, such as the lack of smart contracts and high transaction gas fees, the enthusiasm of the Ordinals community remains undeterred. The development of Ordinals, much like the evolution of Bitcoin itself, demonstrates that what doesn’t kill you only makes you stronger.

In this context, SVARGA, a new experiment on the Bitcoin network’s Ordinals, has garnered widespread attention. The term SVARGA, like the commonly used “Avatar” in the metaverse, is derived from Hinduism, meaning “the heavenly abode of the gods.” However, SVARGA is more than just an NFT issuance project on Ordinals; it represents a new direction in the NFT domain — transforming traditional PFP NFTs into more interactive and personalized Avatars.

Avatar Assets: Pioneering a New Dimension in NFTs

SVARGA has created unique Avatar assets for over 170,000 PFP NFTs across multiple public blockchains including Ethereum, Solana, and BTC Ordinals. Each Avatar asset is not only a deep extension of the corresponding PFP NFT but also serves as a user’s avatar for crossing into the metaverse, offering a richer and more interactive digital experience.

Technical Innovation: From Metadata to Animated Avatars

Differing from traditional NFT projects, SVARGA employs a unique method to create these avatars. Designers first gather Metadata from diverse sources to ensure the uniqueness of each NFT. They then use this information to create a full-body image matching the original NFT, which is then transformed into Spine skeletal animation. This approach not only enhances the visual appeal of the NFTs but also increases their interactivity and application scope.

A New Identity in the Metaverse: Beyond the Boundaries of Games

SVARGA’s Avatar assets, as innovative digital assets, play a role in various chain games and metaverse platforms. From games to social interactions, these avatars offer a new way for users to express and experience their digital identities. With the community’s continual expansion, more games and applications are expected to join the SVARGA ecosystem.

The Value Capture about $SVGA

Bored Ape Yacht Club, a benchmark in Ethereum and the broader PFP NFT era, was propelled by Yuga Labs, shaping the market trend towards PFP-centric NFTs. The next wave in NFTs? Yuga Labs pointed towards “Metaverse + Chain Games.” However, the limited adoption and high entry cost of 3D devices have hindered scalability. SVARGA aims to offer a different approach: by the “PFP + $SVGA = Avatar” paradigm, creating a new “Metaverse + Chain Game” experience for the entire NFT community, bringing new vitality to the digital asset ecosystem.

$SVGA: Capturing Value in a New Chapter of BTC NFT Narrative

The Avatar assets provided by SVARGA open up new possibilities for interaction within the metaverse, making SVARGA a significant player in this domain and offering unique ecological value to $SVGA holders. As more applications and games join the SVARGA ecosystem, the market potential of $SVGA is expected to grow. Through continuous interaction with developers, artists, and users, SVARGA is building a diverse and sustainable ecosystem, providing a solid foundation for the project’s long-term value and market position, making $SVGA a value captor in the ecosystem.

A novel BRC-20 staking method: secure, trusty, and low GAS consumption

As a pioneering project on Bitcoin Ordinals, SVARGA sets a new precedent for the development of Ordinals NFTs and introduces a novel staking method for BRC-20. The slow growth of the BRC-20 DeFi ecosystem on the BTC network, mainly due to the absence of smart contracts, has been a hurdle — even though community proposals like BRC-30 sought to expand staking methods. Two main issues contribute to this: 1) The absence of smart contracts means trust-minimized staking isn’t feasible, requiring users to transfer BRC-20 out of their wallets, creating a trust gap. 2) The BRC-20 mechanism, requiring “inscription engraving” and “inscription transfer” steps, leads to high Bitcoin network Gas levels, deterring even trusted third-party users due to the high cost of staking.

To address this, SVARGA introduced a new staking scheme: users don’t need to transfer their $SVGA; maintaining a wallet balance above a set amount is considered staking. After staking, users receive an Avatar WhiteList. This WhiteList, homogeneous within the same NFT series, allows NFT owners to inscribe corresponding Avatar assets. This process keeps assets in the user’s wallet, resolving safety and trust issues. Moreover, on-chain interaction only occurs when inscribing new assets (Avatar assets), significantly reducing transaction friction.

The Future: No More Isolated Data Islands

At the convergence of digital assets and the metaverse, SVARGA’s Avatar assets represent a new form of NFT and initiate an era of interconnectedness between chain games and metaverse platforms. The digital world of the future will not be isolated islands, but an extensive, interconnected ecosystem.

SVARGA’s Avatar assets, as users’ avatars in this vast digital universe, will become bridges across different chain games and metaverse platforms. Whether on the Bitcoin network, Ethereum, or other public chains, these Avatar assets will grant users a new identity, allowing them to seamlessly traverse various virtual worlds and enjoy diverse gaming and social experiences.

This cross-platform identity and asset circulation not only greatly enhance the utility and interactivity of NFTs but also bring unprecedented connectivity and dynamism to the entire digital asset domain. Driven by SVARGA, we will witness the birth of a more open, interconnected digital world, a truly boundless metaverse. Perhaps, SVARGA is the key to unlocking this island-free digital world.

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Disclaimer: The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.

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