The Collab.Land (COLLAB) token is the newest addition to the Collab.Land platform for managing gaming communities.
Let’s find out how the COLLAB token benefits Collab.Land users and what are its essential characteristics.
How Collab.Land (COLLAB) Works
Let’s have a look at how the Collab.Land platform works to understand the role of the newly-launched COLLAB token.
Collab.Land is a blockchain-powered project for managing gaming communities, with a primary focus on games that utilize NFT mechanics. The platform allows users to create Discord and Telegram channels for their communities and implement Collab.Land as a management tool. This tool ensures that only authorized community members who meet specific requirements can access those channels.
The platform ensures user eligibility to join a specific community channel based on the user’s token ownership. This means that users need to own a particular type of NFT tied to a specific game or a certain amount of in-game fungible crypto tokens to access the community’s channels.
Collab.Land requires users to connect their crypto wallets to the platform to verify that they actually have a certain NFT or a specific amount of some crypto tokens in their public address before letting them into a Discord or Telegram channel. Once a user is approved, the platform regularly checks their public address to ensure they still possess the required crypto asset to remain in the community’s communication channels.
This is how the Collab.Land platform works, and recently, the developers took it to the next evolutionary step by deciding to create a decentralized autonomous organization (DAO) to govern Collab.Land. For this purpose, the developers made the COLLAB token to serve as utility and governance token of the platform.
Furthermore, Collab.Land users who are active participants in some of the gaming communities on the platform are the ones who are eligible to claim a share of COLLAB tokens.
What Is Collab.Land (COLLAB) Used For?
COLLAB tokens take the Collab.Land experience to the next level because the token gives members of reputable Collab.Land gaming communities additional perks.
It’s important to emphasize that some of the gaming communities whose members are getting COLLAB tokens for free are major names like Axie Infinity, World of Women, and Adam Bomb Squad. Members of these communities will now have the ability to have an impact on the Collab.Land platform with the help of COLLAB tokens.
There are several things COLLAB tokens are useful for. First and foremost, COLLAB token holders can participate in the Collab.Land DAO and contribute to the governance of the platform. This includes suggesting improvements, partnerships, platform updates, and voting on all submitted proposals.
Also, administrator teams of individual Collab.Land communities can utilize COLLAB tokens for facilitating transactions and making custom improvements on the Collab chatbots on their Discord and Telegram channels.
Furthermore, the COLLAB tokens enable developers to put their apps, NFTs, and other assets on the Collab.Land marketplace and conduct sales or purchases with the COLLAB token as a commercial currency.
Finally, as the Collab.Land ecosystem grows, the value of COLLAB tokens might also rise in value, which makes holding COLLAB potentially beneficial since the number of gaming communities on Collab.Land is steadily increasing.
Where to Buy Collab.Land (COLLAB)
Eligible users can claim COLLAB tokens through the platform from February 23, 2023 to May 23, 2023, which means there’s no market launch. However, COLLAB is already available on multiple exchange platforms that have included COLLAB in their list of available tokens.
UniSwap supports several trading pairs with COLLAB tokens, such as WETH/COLLAB, USDC/COLLAB, COLLAB/USDT, and OP/COLLAB. Since COLLAB is based on the Optimism (OP) Layer-2 blockchain, you must select the Optimism network when connecting your crypto wallet to UniSwap.
If you prefer centralized exchanges that allow you to deposit fiat currency for purchasing altcoins, Poloniex and MEXC are some of the platforms where you can buy COLLAB with Tether (USDT) stablecoins.
How Long Has Collab.Land (COLLAB) Been Around?
The Collab.Land platform has been active on the blockchain and gaming markets since 2018, but the COLLAB token is much younger. It was launched on February 23, 2023, with the unlocking of the token claim function on the Collab.Land platform.
What’s Controversial About Collab.Land (COLLAB)?
Collab.Land is a highly popular platform for gaming community management and implementing advanced chatbots within Discord and Telegram channels.
There’s no controversy surrounding the project, and more than eight million users utilize the platform daily. However, this doesn’t guarantee that the project’s COLLAB crypto token will also be successful on the market.
How Many Collab.Land Coins Are There?
One billion tokens is the maximum supply of COLLAB.
Can COLLAB Be Mined?
You can’t mine COLLAB. It’s a pre-mined utility and governance token.
Market Cap and Price History of Collab.Land (COLLAB)
Data about COLLAB’s market cap isn’t available yet since the token claiming process just started. Details about the market capitalization of COLLAB will likely be available after most of the tokens are claimed by platform users.
COLLAB’s price is 0.042 USD per token, but the initial price was considerably higher, at around 0.1 USD.
Biggest Competitors of Collab.Land (COLLAB)
Since COLLAB is a gaming ecosystem token, it’s relatively similar to the likes of GALA Games (GALA) and Enjin Coin (ENJ), which also focus on blockchain gaming utility.
These projects are major blockchain gaming coins that power numerous gaming projects and let users buy and sell NFTs. Additionally, both tokens act as intermediary currencies on the NFT marketplaces of these two projects.
The main advantage of these coins over COLLAB is that they have more utility because the Collab.Land marketplace isn’t available to users yet. However, even when the developers launch the marketplace, it will be quite challenging to compete with these two coins that have hundreds of millions of US dollars worth of market capitalization and trading volume across dozens of exchanges.
What Does the Collab.Land (COLLAB) Project Road Map Look Like?
Collab.Land’s future development focuses on getting the Collab marketplace up and running so that the platform’s users can get easy access to various types of chatbot service upgrades and NFTs with the help of COLLAB tokens.
Pros and Cons of Collab.Land (COLLAB)
Pros
- Collab.Land has millions of users, and this might boost the COLLAB token’s market performance.
- The Collab marketplace will allow users to purchase different NFTs and upgrades with COLLAB tokens.
- COLLAB tokens enable holders to participate in the governance of the Collab.Land DAO.
Cons
- The team hasn’t launched the marketplace yet, which makes it hard for COLLAB to compete with other similar projects.