Merit Circle has announced it is launching Sphere, a new marketplace that will allow gamers to access an array of gaming assets.
Sphere, according to Merit Circle, will be the driving force of its web3 gaming portfolio in the future. It will also be configured to deliver optimum efficiency and security.
What is Spere Anyway?
In a nutshell, Sphere is a marketplace that showcases gaming NFT assets. Now, the term ‘gaming asset’ may mean different things for different people. However, Merit Circle is taking a broader approach to defining it.
The DAO is planning to take advantage of NFT technology to digitize physical gaming assets and bring them onto the blockchain. GameFi assets, including in-game NFTs, will also be part of Sphere.
Eventually, Merit Circle wants to open the door for all NFT-powered gaming-related assets. The DAO also believes that Sphere has the potential to become a hub for collectibles that cut across both digital and traditional gaming.
How does Merit Circle’s Sphere work?
Merit Circle says that it has spent months developing the right model for Sphere. The DAO acknowledges NFT marketplaces have rapidly emerged over the last few years. However, we have not seen platforms dedicated to metaverse gaming assets.
If anything, game-related NFT marketplaces are highly fragmented with very limited cross-chain capabilities. Sphere is trying to solve these limitations.
The platform is designed to allow for any type of gaming asset to list and sell within its ecosystem. Sphere will also offer the ability to transact NFTs across various blockchains while keeping fees low.
Optimal Efficiency and Speed
In addition to cross-chain capabilities, Sphere is also hoping to deliver a seamless experience for transactions. In fact, the platform is promising users the ability to exchange gaming assets in a ‘blink of an eye.’
Merit Circle notes that most gaming platforms are powered by Ethereum. But the high transaction costs on the chain have often hindered many players from achieving their full potential.
Sphere addresses this by giving users access to important gaming NFTs while cutting transaction fees by nearly 50%.
Merit Circle believes that this will reduce the barriers of entry as far as play-to-earn goes. It will be easier for users to also leverage small transactions in gaining access to favorite games with dedicated NFTs.
Sphere’s Contribution to Merit Circle
The ultimate goal is to integrate Spere as part of the Merit Circle ecosystem. Over the past year or so, the DAO has worked hard to build an indestructible and advanced gaming ecosystem. Adding Sphere will play a critical role in this vision.
Also, Sphere helps Merit Circle to bring in more partners that could help establish it as the go-to DAO for gamers. Finally, if indeed Sphere takes off, it could provide a huge financial windfall for the DAO in transaction fees.