Revamping the Karitha NFT Landscape

We’ve been listening closely to you, and we understand the challenges you’ve been facing within the Karitha NFT ecosystem.

After lots of discussions, careful analysis, and taking your feedback to heart, we’re excited to share a thoughtful plan with multiple steps toward our desired goal. It’s all about bringing more value, simplicity, and stability to our ecosystem.

The Challenge

Our NFT ecosystem has multiplied, leading to a substantial increase in NFTs and a dilution of value. With a total supply of 46,830 across 9 collections, it’s time to strategically reduce the total number of NFTs while retaining and enhancing each collection’s value.

The Solutions

Weighted Consolidation Process for All NFTs

This will involve a meticulous step-by-step procedure where each NFT will be weighted, with a minimum of 5 NFTs of the same collection, and will produce a new NFT of the same worth as the nfts burnt.

• Avatars & Slimes attributes will all be able to be merged and allow the user to be able to customize their NFT based on the attributes they own.
• Landowners will be able to retain all the attributes in one land including the additional space.
• The burn/exchange process will move them onto the “Karitha Web3” collection, helping to provide a stable price floor.

Consolidation under Karitha Web3 Collection

• We will start consolidating the NFT collections under one NFT collection on MVX.
• Before this process, we will conduct a controlled burn of the remaining Faction Cards (2500~), Land (5525~), Phase 2 (not claimed), Certificates (not claimed), and Avatars (5000+),

Genesis to Land Decommissioning

• All remaining land will be burnt, including ceasing the genesis to land function.

Legacy Creation

• Avatars will no longer be distributed and can be used as PFPs or avatars in-game for your gamer profile including the weighted consolidation process.
• Slimes will move to true legacy pets in-game. (Slimes utility revamp 2024)
• Faction Cards will no longer be airdropped or distributed and the remaining will be burnt

The Reasoning Behind Our Actions

In our pursuit of excellence and responsiveness to the community, we have identified the need to make strategic changes to Karitha’s NFT ecosystem. Here’s an in-depth look at the reasoning behind our actions:

Consolidating Value to Our Community: Too Many Collections

The numerous collections have created complexity and diluted the inherent value within our ecosystem.

Enhancing Community Experience

By consolidating collections and focusing on their core value within the ecosystem and the utility, we aim to provide a more streamlined and user-friendly experience.

Preserving Rarity and Exclusivity

This approach will ensure that our NFTs maintain their unique appeal and significance within the community.

Reducing the Total Number of NFTs

The reduction of NFTs aims at stabilizing the market within our ecosystem, making it more predictable and manageable.

Increasing Floor Price

By carefully reducing the supply and focusing on quality and utility, we intend to create a stable and incrementally increasing floor price for our NFTs.

Retaining Value

This strategy is not about mere reduction but a careful reshaping of our collections to enhance the value and utility for each holder.

Timeline and Support

Detailed timelines and support guides will be released soon to assist you through this transition. We invite your feedback and will host a roundtable and AMAs to answer any questions.

Conclusion

Our decisions are driven by a comprehensive understanding of our ecosystem and a solid commitment to our community’s long-term success. By implementing these changes, we are laying the foundation for a more cohesive, valuable, and enjoyable experience for all our members.

We appreciate your understanding and support as we build a more consolidated and valuable environment.

Thank you for being part of this exciting journey.

P.S. We are currently waiting on quotes from developers who are able to develop the system we are aiming to create. Thanks for your patience!

Your voice matters to us, and we are actively engaging with the community to gather feedback. Every opinion is valuable, and we are committed to considering all insights as we continue to shape the Karitha NFT Ecosystem.

Remember to follow us on our social media channels for all the latest news and updates!

🐦 Twitter: https://twitter.com/Karithaio

🌐 Website: https://karitha.io

💬 Discord: here

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