Kodoku, a London-based studio, has announced THE PIT, a first-of-its-kind NFT project that takes the form of an innovative platform that provides gamers with a simulated world in which NFTs battle each other.
NfT gaming is experiencing massive growth, with a current valuation of over US$162 billion and a projected global value of US$295 billion over the next five years. As mobile gamers have surpassed traditional gamers, NFT gaming is expected to overtake traditional gaming in the coming years.
The next-generation play-2-win NFT arena will be released on November 30th, and it will feature 5,000 NFT creatures that will be released into THE PIT to battle it out. The PIT creatures are classified into several species, including Avians, Insectoids, Serpents, and Canines, each with its own set of characteristics.
Hewie Rattray, co-founder of Kodoku Studios, commented on the release of THE PIT:
“We’re ecstatic to be bringing our flagship project to the NFT community; THE PIT will be a fun, immersive, and completely new form of NFT gaming, with AI-controlled battle royales, planned wagering, NFT V NFT battles, and massive prizes up for grabs.” We can’t wait for the release date of November 30th and to welcome everyone to THE PIT. “Good luck, and have fun!”
THE PIT will be launched on November 30th with a mint price of 0.075 ETH, which will be tradeable on OpenSea after the launch. Before entering the pit, all NFTs must be minted. Kodoku Studios has stated that 50 percent of all revenue generated from the first mint and trading royalties will be reinvested directly into arena prize pools.
THE PIT intends to expand their existing model following the launch by adding new game formats such as Race and Challenge modes. The latter will enable direct PvP (player vs. player) combat for pride, honor, and ETH. It should also be noted that NFT holders have the ability to start off-stream, private games with their own prize pools.
Pioneer Media, a publicly traded Canadian investment firm, and NFT Investments, a UK PLC that incubates and develops Non-Fungible Tokens, Companies, and Rights, have both backed the project.