What is Nada Protocol? All You Need to Know About NADA

Introduction

The NFT mobile gaming sector faces a significant challenge: the absence of tangible rewards for players. While many games offer non-fungible tokens (NFTs) as rewards, these tokens usually hold limited utility and are confined to in-game trading. This drawback restricts the value and usefulness of rewards for players.

NADA, however, addresses this issue by introducing a token with a unique play-to-earn model. Players can now enjoy games while gaining real-world value through the NADA token. This article explores the essence of the NADA protocol and the value it offers to users.

What is NADA Protocol (NADA)?

NADA is a relatively new token launched in late 2021 and deployed on the Hedera Hashgraph layer-1 blockchain. The NADA Protocol was designed to bridge the gap between traditional gaming and blockchain technology by offering a reward token set that allows players to earn through gameplay. NADA introduces a Play-to-Earn model, where players can potentially earn real-world value through their in-game achievements. This differs from traditional games, where rewards are mostly virtual and non-transferable.

The NADA Protocol does not only offer rewards to players, but it also aims to address the lack of a standardized token economy. Currently, in the Blockchain space, each NFT mobile game has its own unique token used for in-game transactions and rewards. The presence of this feature has created several notable challenges within the ecosystem.

One of the challenges of the lack of a standardized token economy is the difficulty it creates for players. It is difficult for players to navigate different tokens with varying values and functionalities across different games.

Another challenge is the limited liquidity it creates. The lack of a standardized token economy might result in individual game tokens having limited trading volume and value outside their specific game ecosystem. And the implication for this is a fragmented ecosystem. The NFT mobile game industry lacks a unified currency, hindering growth and user adoption.

The NADA Protocol has been introduced to address some challenges in the NFT mobile gaming industry. It offers the following solutions:

• Universal Currency: NADA aims to become the preferred token for in-game purchases, event participation, and rewards across different NFT mobile games.
• Seamless experience: Players can use NADA for various purposes across different games, making it easy to use and understand.
• Standardized value: NADA aims to establish a consistent value proposition across different games, simplifying transactions and making it easier for players to understand.
• Increased liquidity: Wider adoption of NADA could result in greater trading volume and liquidity, benefiting players and developers.
• Potential ecosystem growth: A unified currency like NADA could attract more players and developers to the NFT mobile gaming industry, leading to greater growth opportunities.

Brief History of NADA Protocol

The NADA Protocol was created by NADA Digital Co., Ltd., a South Korean game development company. The project aims to connect the world of traditional gaming with blockchain technology. NADA Digital Co., Ltd. was founded by Lee Yoon-yeol, a retired professional StarCraft player who used the nickname “NADA” during his competitive days. This company is considered one of the top 100 game developers in Korea, providing credibility and experience to NADA Protocol.

It’s important to note that NADA Protocol was not developed independently. The Hedera Hashgraph Foundation also played a significant role in establishing the protocol. In 2023, they partnered with NADA to promote developing and adopting the protocol and its native token by utilizing their expertise and infrastructure in the blockchain space.

How Does NADA Protocol Work?

The NADA Protocol uses the NADA token as its primary reward system. Players can earn NADA by participating in various in-game activities such as playing, completing quests, or participating in events. This encourages engagement and rewards active participation.

Once players have earned NADA tokens, they can use them for various in-game purposes. They can upgrade their characters or abilities, giving them a competitive edge. Tokens can acquire play tickets, unique cosmetic items, or other virtual goods.

Moreover, NADA can be used in connected “Project Metaverse” games for similar purposes. Project Metaverse is a network of interconnected metaverse games linked to NADA Digital’s titles. NADA is a unified currency across these chains, promoting interoperability and a broader ecosystem.

Additionally, NADA uses the Hedera Hashgraph blockchain platform for fast, low-fee transactions and a seamless player experience. This ensures a smooth and efficient experience for players within the ecosystem.

For context, Hedera is an open-source, decentralized public ledger that uses a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It operates as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications.

How NADA Protocol Collaborates with Creators

NADA Protocol collaborates with creators in multiple ways. First, it provides a marketplace where creators can sell their games and in-game items. This decentralized platform facilitates peer-to-peer transactions, enabling creators to directly monetize their creations without relying on traditional distribution channels. They can also reach a wider audience through this platform.

Second, NADA Protocol offers tools such as a game engine, development kit, and marketing platform for creators to promote their games to a broad audience.

Also, the NADA protocol provides grants to innovative game creators, encouraging them to build creatively and providing them with the necessary support.

Source: @duayan629/the-nada-protocol-token-is-a-hedera-based-reward-type-token-that-is-commonly-used-in-cf0da1db8bf8"">Medium.com/@duayan629 — A game feature on NADA Protocol

What Problem Does NADA Protocol Solve?

The NADA Protocol is a solution that addresses several issues in the gaming industry with a focus on improving the experience for creators and players alike.

For Creators, the NADA Protocol offers a variety of benefits, such as monetization through a marketplace and tokenized economy that allows creators to sell games, in-game items, and other digital assets directly to players, earning NADA tokens in the process. Additionally, the NADA Protocol provides tools and services like game engines and development kits to lower the barriers to entry and provide creators with the necessary resources to build and launch their games.

Another benefit of the NADA Protocol is fostering a passionate community around games, which can be difficult for developers to achieve. The tokenized ecosystem of the NADA Protocol encourages community engagement, where players can interact, contribute, and earn rewards, potentially strengthening the creator-player connection.

Gamers often experience some limitations when owning and trading in-game items. The NADA Protocol aims to solve this problem by using blockchain technology, which enables players to have true ownership of their digital assets and trade them as NFTs. This may increase the value of their in-game items and provide new opportunities for engagement.

Another common issue for gamers is the lack of earning opportunities within games. The NADA Protocol introduces a tokenized economy that allows players to earn NADA tokens by playing games, contributing to the ecosystem, and participating in governance. This creates new potential earning streams that were previously unavailable.

Finally, players often have limited influence on game development and decision-making. The NADA Protocol’s DAO (Decentralized Autonomous Organization) structure allows players to participate in governance by holding NADA tokens. This potentially contributes to a more transparent and community-driven development process, giving players a greater voice in the decisions that affect their gaming experience.

Advantages of NADA Protocol

For Creators

• Directly selling games and in-game items can result in a potentially higher revenue share than traditional platforms.
• Lower barriers to entry with provided tools and resources, potentially enabling more creators to enter the market.
• Community Building: A tokenized ecosystem can incentivize player engagement and community growth.
• Transparency: Blockchain technology offers greater transparency in game development and item ownership.

For Players

• True ownership of in-game items as NFTs, which can result in increased value and trading opportunities.
• Earning Opportunities: A tokenized economy allows for earning rewards through gameplay and participation.
• Governance: Potential for player influence on game development and decision-making through DAO structure.
• Interoperability: Potential for using in-game items across different blockchain-based games.

Disadvantages of NADA Protocol

• Scaling the platform to accommodate a large number of users and transactions may be challenging. It may take time and effort to ensure that the platform can handle a significant number of users and transactions without experiencing technical difficulties.
• Competition: As more blockchain-based gaming platforms and traditional platforms emerge NADA Protocol may face increased competition. This may impact its market share and revenue potential.
• Technical Learning Curve: Content creators may need to learn new technical skills to effectively utilize the protocol. These skills may include blockchain technology, smart contract development, and understanding token economics.
• Uncertain Revenue: The success of individual games and earning potential through the tokenized economy is uncertain. This means that players and content creators may not be able to accurately predict their revenue streams.
• Complex Tokenized Economy: Understanding and participating in the tokenized economy can be complex for some players. The use of NADA tokens and NFTs as a form of currency can be confusing for those who are not familiar with blockchain technology.
• Volatility of NADA tokens and NFTs: The value of NADA tokens and NFTs can be volatile, posing financial risks. Players and content creators should be aware of the potential risks associated with using these tokens.
• Security Risks: Blockchain technology is not immune to security risks, and players need to be aware of potential scams. It is important to take steps to protect personal information and avoid scams when using NADA Protocol.
• Limited Game Availability: Not all games may be available on the platform, and access to certain features may require holding NADA tokens. Players should know any limitations or requirements when using the NADA Protocol.

What is NADA Token?

Source: NadaSlimeWorld

NADA token serves as the native cryptocurrency of the NADA Protocol. The token is used to encourage players to engage in various activities such as playing games, contributing to the ecosystem, and participating in governance. With the NADA tokens, players can easily purchase games, in-game items, and other digital assets within the platform. Also, users can stake their NADA tokens to earn rewards while also contributing to network security.

In addition, NADA tokens currently trade on the Gate.io cryptocurrency exchange, allowing players to realize real-world value for their earned tokens.

Source: NadaSlimeWorld

Tokenomics

Source: NADA Whitepaper

NADA token is a cryptocurrency built on the Hedera Hashgraph blockchain, which is well-known for its fast transaction speeds and low fees. The maximum supply of NADA tokens is 2 billion, with 850,000,000 tokens already in circulation.

Out of the total token supply, 60% (1,200,000,000 NADA) is reserved for incentives, rewards, and payments within the NADA ecosystem. This includes compensation for various forms of participation within the ecosystem.

8% (160,000,000 NADA) of the total token supply is reserved for the NADA team, including members, advisors, and contributors who are involved in the development and growth of the project.

12% is allocated to partners who support the development and adoption of the protocol.

6% (120,000,000 NADA) of the total token supply is reserved for institutional investment purposes. These tokens may be allocated to strategic investors, venture capitalists, or institutions that support the development and adoption of the protocol.

Another 12% is allocated for operational expenses, which include the cost of running and maintaining NADA ecosystem.

Finally, 2% of the total token supply is reserved for other purposes that are not specified in the breakdown.

Step-by-Step Guide on How to Buy NADA On Gate.io

NADA token currently trades on Gate.io. You can own the digital asset by following these steps:

Step 1: Register an account on Gate.io or log in to your existing account. You can also use your social account to sign up directly.

Step 2: Verify your identity and secure your Gate.io account using a government-issued identification document. For added security, enable two-step verification.

Step 3: Buy NADA token using USDT. You can either buy at the market price or preset a buy or limit price that you desire for the currency pair, NADA/USDT.

Additionally, you can trade the NADA token directly from your mobile or your desktop.

Step 4: Your NADA token is in your Exchange wallet now. If you haven’t received your crypto, you may visit the Help Centre or ask to reach out to the customer service team by live chat.

What to Do After Purchasing NADA

After buying NADA, there are several things you can do with it.

• Many investors hold onto their token with the expectation that its value will increase. To store your NADA token, you can use a Gate.io wallet or keep it in the exchange.
• You can also trade NADA for other cryptocurrencies. Gate.io offers NADA/USDT trading pairs to meet your needs.

Source: NadaSlimeWorld

• Staking is a great way to earn rewards by holding coins. You can stake your NADA tokens to maximize your holdings that would otherwise be sitting in your wallet or trading account.
• Also, you can send your NADA token to anyone in the world virtually. Unlike sending money (fiat currency) overseas, no middlemen are involved in the process.
• Lastly, you can purchase goods or services from online platforms or offline shops that accept crypto (NADA) as payments.

Is NADA Protocol (NADA) a Good Investment?

NADA is a promising investment option because it offers a reward token system that enables players to earn through gameplay on its platform. The protocol emphasizes building a strong community between creators and players, which can lead to wider adoption of the token. Also, the team behind NADA has consistently upgraded the project, which adds credibility and expertise and can instill confidence in investors.

However, investing in NADA, like any other investment, carries a certain level of risk, including coin volatility and regulatory changes. Before investing, it’s crucial to do thorough research and assess your risk tolerance. Also, it’s important to remember that investing in NADA or any other cryptocurrency does not guarantee profit and could result in capital loss.

Take Action on NADA

Check out NADA price today and start trading your favorite currency pairs:

• NADA/USDT