GMT launches “Greedy Machines” NFT project backed by computing power
GMT recently unveiled an innovative NFT project “The Greedy Machines”. The new project contains a collection of images of mining rigs supported by computing power, making it unique compared to most NFT collections.
Greedy machines allow users to compete for BTC rewards
GoMining Token (GMT) announced the launch of a unique collection of non-fungible tokens (NFT) called “The Greedy Machines”. The collection aims to “present the idea of an NFT from a completely different angle by creating an NFT art project: a set of mining machine images supported by computing power,” according to GMT’s press release.
This innovative approach allows users to exchange their GMT tokens for NFTs, “in the form of a miner”, powered by computing power that allows users to win BTC rewards. According to the project’s whitepaper, the minimum amount of BTC for distribution is 0.00001 BTC, while amounts less than this number accumulate until the minimum amount is reached.
“Each NFT from The Greedy Machines VOL_1 collection is initially configured with computing power for mining. The power of each NFT can grow as the team issues new collections and the NFT holder performs gaming functions on their personal account.”
Greedy Machines_VOL1 White Paper.
GMT says the main goal of the Greedy Machines project is to bring the community together. To that end, the project allows NFT holders to invite their friends and receive additional Bitcoin rewards for each referral. Furthermore, participants can receive additional bonuses for maintenance of the equipment and other activities.
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What is the GMT token?
The launch of Greedy Machines comes more than a year after GoMining unveiled its original GMT token aimed at tackling crypto mining-related issues such as expensive mining equipment, as well as high power consumption and carbon emissions. To achieve that, the token uses real computing power, and although it represents a resource, the supply capacity of each GMT allows users to mine BTC for an unlimited time.
Aside from saving users money and reducing power consumption, the GMT token also allows miners to generate profits. This is possible as GMT tokens rise in price, and every week the team reveals new capacities and issues additional tokens to meet those capacities.
The introduction of Greedy Machines comes amid a difficult period for the NFT market, which has seen a significant decline in activity recently. Tough market conditions have made it challenging for new NFT initiatives to succeed as investors steer clear of risky assets.
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Do you think Greedy Machines will be a successful NFT collection? Let us know in the comments below.
About the author
Tim Fries is the co-founder of The Tokenist. He has a B. Sc. in mechanical engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate in the investment team at RW Baird’s US Private Equity division and is also a co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
