Crypto collectibles have become a huge business now as is demonstrated by sites like Crypto Kitties, which just raised $12.5 million in venture capital. Other look alike sites are springing up everywhere trying to cash in on the craze for non-fungible assets.
Ethmoji, an OpenSea Studios project that is trying to get on this hype train.
Ethmoji is a unique blockchain game that lets you build your own customized and distinctive digital collectibles. They are Ethereum based emoji which can mathematically guarantee that you get a unique Emoji. People build their own avatar out of composite parts, where creators are paid by smart contrat for each piece that’s used. In order to compose, you pay a “composition fee” to each owner of each layer of Ethmoji used to create your composition. They take 1.25% from the price of successful sales of Ethmojis and 5% fee on compositions.
The Ethmoji can be used all around the web. It is your personal, portable digital avatar. Their smart contract is entirely open source, so anyone can check how it works or scrutinize their design flaws.
How Ethmoji Works?
- Each Ethmoji consists of set of layers, namely, a base layer, a set of eyes, a nose, a hat, some hair and glasses. Assembly of these layers together is the process of composing an Ethmoji. When you are satisfied with your creation, you can take ownership of it by paying royalties to each of the owners of the various layers in your composition.
- Once the Ethmoji is built, its unique existence is solidified on the Ethereum blockchain. Then you have to name it and even make it your personal avatar. Any site which uses Ethmoji will display your avatar as a profile image. This can be tested right now as part of their beta launch. Ethmoji serves as your profile image in OpenSea account but soon they will have more partner sites around the world.
- Some Ethmoji layers remain locked which means that it is up for sale. You can unlock these layers by purchasing it for some amount of ETH. When you unlock a layer, you not only unlock it just for yourself, but for the whole community. When people start using that layer, you get royalties paid for it.
Since the time the beta has been deployed on the Ethereum Mainnet, they have gone significant traction. These decentralized projects have a weak point because they are overwhelmingly reliant on their website as digital assets are worthless without the platform. Due to centralized design of the system, their ecosystem is reliant upon a single point of failure.
More can be found out about Ethmoji on their website https://ethmoji.io/ .