Gigaverse reveals Giga Legends mint

Gigaverse has set out how its new flagship Ethereum-based NFT collection, Giga Legends, will be minted, and the market has reacted quickly.

There will be no allowlist and no public sale. Between 16th November and 1st December, Giga Legends can only be obtained by converting existing Gigaverse assets.

GLHFers, the team’s original Ethereum collection, will be airdropped as Legends one-for-one when the window closes, keeping their existing art. ROMs, the game’s Abstract-based NFTs, will be burned for points, with 24 points required for each Legend. Points depend on tier, from 3 for the most common Silver ROMs to 36 for the rarest Voids. Leftover points can be spent on gacha machines or sent to another wallet.

Gigaverse says the change reflects its shift from a single game to a wider franchise, with Gigaverse Online in development. ROMs were built as factories for the original game. “An asset tied to the whole ecosystem shouldn’t rise and fall with one product’s economy, and new players shouldn’t need an old NFT to compete,” the team said.

As a result, Legends will earn no yield and are pitched as a purely collector-grade asset. Supply is fixed once the window closes, and there will be no further Gigaverse collections. Around 300 GLHFers held by the GLHFSTR token project will not be converted, with that project’s token holders receiving points instead.

Cofounder Dith said the team considered rewarding players and partner communities too, but doing so “would just dilute the conversion for our holders”.

The deadline is hard for ROM holders. ROMs that are not converted will be lost when Abstract goes offline, as wallets on that chain can’t be recognized on Ethereum.

That has forced a decision on everyone holding them. The ROM floor fell 42% in the 24 hours after the announcement, to 0.027 ETH, about $61. Trading volume rose by more than 2,000%, with 138 sales in a day for a collection that had managed 27 in the previous six days. GLHFers fell 23%, to 0.245 ETH, about $546.

The result is that the two routes into Giga Legends now cost roughly the same. Eight of the cheapest ROMs come to around 0.22 ETH, against around 0.24 ETH for a single GLHFer.