Cronics Review: The First NFT’s on the Internet Computer

Sunny G
Sunny G
Cronics Review: The First NFT’s on the Internet Computer
Table of Contents
Table of Contents

An NFT (non-fungible token), as we know, is the data stored on the blockchain which certifies digital asset's authenticity. NFTs can be digital art, collectibles, avatars, music, and so on. Although 2020 was a defining year since the NFT market tripled, reaching $250 million, in the first quarter of 2021, it reached almost $2 billion. I believe the NFT market got mainstream attention and exploded after Beeple sold his NFT for $69 million in march 2021.

NFTs on the Internet Computer

With the advantage of directly serving content from canisters, the Internet Computer provides unique benefits for NFTs. I believe the most considerable advantage for developers besides using a canister is a predictable gas model. Since cycles have a fixed cost (unlike Eth), cost & revenue will always be predictable for developers. So no matter what the price of the ICP token, the operational cost will always be consistent. This gives Internet Computer a unique edge. Also, developers can define a custom standard for their NFT series, and since the IC ecosystem is still in the early stage, grants can be obtained through DFINITY.  If interested, read more at Rise of NFTs on the Internet Computer.

Toniq Labs

Toniq labs is based in New Zealand, led by Stephen Andrews & Mac. Stephen is a senior developer with over ten years of experience in web, mobile, and blockchain development & Mac is a professional designer and UI/UX expert. Together they created Toniq Labs in May 2021, and it has probably one of the most influential product lines - Rise of the Magni (Game), Stoic (Web Wallet), Exponent (Dex), Cronic (NFT), entrepot (NFT Marketplace), etc.  Check out The Rise of ToniqLabs for more details.

Official Channels: Website | Twitter | Medium | Github | Discord

Cronics - Revolutionary NFTs on the Internet Computer

Cronics are a one-of-a-kind NFT metaverse with accessories, breeding, pageants, wearables & mini-games. They are the next-gen NFT that responds to specific actions and age, so they have a life of their own. The community response to Cronics has been exceptional, so let's look at them in detail :

What are Cronics?

Cronics are generated randomly with different genes, colors & styles, although some rare ones have a "super special animated style." They were launched in July 2021 using the EXT standard developed by ToniqLabs.

Official Channels:  Medium | Telegram

First Minted Cronic - Cypher

Source - ToniqLab.medium.com

How are Cronics different?

Cronics are not like a single mint NFT. They are the NextGen or future of NFTs, a “virtual pet” They are NFTs that will be a part of a mini-game planned to be released by the end of this year. Cronics will be interactive and will age. For example, if you give your Cronic soda, you will get a "burping" mouth, or you will need to feed them some beauty potion so they don't age.  

Customize the hell out of it

Using wearables, you can customize your Cronic look. Add different accessories like medals, eyewear, scarfs, hats, etc. Of course, in the future, this will be extended to pets and other cool features. The idea here is that the main Cronic NFT can own accessory NFT. In the future, you can sell the whole unit or individual NFT ones. Cronic Personalization will make your NFT unique, rare, and personal, not to mention the price appreciation that comes with it. Refer to how to use wearables for details.

Source - ToniqLab.medium.com 

Beauty Pageants for NFTs

I believe this is the most innovative way to engage the NFT community. Cronic owners can show their creativity and, as a result, get a price premium for their Cronic. It's like a staking mechanism, so your NFT will be locked but will earn in-game tokens and items. There will be random judges (who will earn rewards for voting) plus a random theme to make it fun and interesting. Rules and details are available here.  

Cronics Breeding

You can mint a brand new offspring Cronic using two parents (obviously), and it will have traits based on the parent's characteristics. And like the bitcoin deflationary mechanics (reward is halved every four years), Gen1 can only breed seven times, eventually making Gen5 completely sterile. Also, there is a cooldown, recycling mechanism  & in-game token currency - PETRI for mini Cronic game. Check the details - Cronics Breeding and supply.

Supply Dynamics

  • 11,000 Max Gen0 Cronics.
  • 1000  reserved " Team" Cronics for early supporters of ToniqLabs
  • 5000 Gen0 Cronics were already Air-dropped using the small ICP donation. (they were sold out within 48 hours)  
  • 5000 Gen0 Cronics will be sold in Oct 2021.  Follow them on Medium for the exact time frame ( will be released 15 days before the launch)

Future Plans

Currently, Cronics come with a gene-based accessory set. Still, in the future, they will get a ton of independent accessories, age-based animation & pets so that more personalization can be done based on their own style. I believe there will be a Cronic gift shop where you can buy accessories and an NFT virtual pet-style game (scheduled to arrive by the end of this year) with all the features like breeding, pageants, age, consumables, feeding & interactions. Like I said before, they will be NextGen NFTs.

Entrepot - The First NFT Marketplace on the Internet Computer

If you couldn't get one of the initial 5000 Cronics (which sold for only 0.2 ICP - a pretty sweet deal!), you can buy them on the first NFT marketplace - Entrepot. You will need the stoic wallet to connect, though.

NFT MarketPlace 

Based on the Rarity Index and availability, the Current price range is

1.49 ICP - 9999999999.00 ICP ( Of course, this guy doesn't want to sell it).

There is only a 1.5% fee. The marketplace reached $500,000 in volume in just three weeks.  In the future, trading will be extended beyond Cronics.

Conclusion

I believe this is by far one of the coolest and innovative NFT projects out there. The unique advantage of the Internet Computer Protocol makes it easier to implement & deploy Cronics in canisters. Just the right level of complexity with innovation, not to mention Cronic's style, will make Cronics fun & profitable to collect, trade & later, will enable in-game play. This project has immense potential and received a phenomenal response from the crypto community.

Join the Cronics Community


Connect with the Author: Twitter | Distrikt

  • Disclaimer: The views and opinions expressed on this website are solely those of the original author and other contributors. These views and opinions do not necessarily represent those of the Dfinity Community staff and/or any/all contributors to this site.

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