Gigaverse (official site) has set out how Giga Legends, its new flagship NFT collection on Ethereum, will reach players. You can’t buy in through an allowlist or a public sale. Between 16th November and 1st December, a Legend can only be obtained by converting Gigaverse assets that are already in your wallet.
How players convert their assets
Which of the two paths you use comes down to what you currently own.
- GLHFers, the original Ethereum collection from the team, will be airdropped as Legends on a one-for-one basis once the window shuts. Their current art stays the same.
- ROMs, the NFTs the game uses on Abstract, are burned in exchange for points, and one Legend takes 24 points. How many points a ROM is worth depends on its tier: the most common Silver ROMs give 3, while the rarest Voids give 36.
Any points left over can be spent on gacha machines or transferred to a different wallet.
For ROM holders, the deadline is final. Unconverted ROMs disappear when Abstract goes offline, since wallets on that chain can't be recognized on Ethereum.
The reasoning behind the switch
According to the team, Gigaverse has grown past a single game into a broader franchise, and Gigaverse Online is now in development. ROMs were designed as factories for the original game. “An asset tied to the whole ecosystem shouldn’t rise and fall with one product’s economy, and new players shouldn’t need an old NFT to compete,” the team said.
Legends therefore won’t generate any yield, and Gigaverse is presenting them only as collector items. The supply locks when the window ends, and the team says this will be the last Gigaverse collection.
One group is treated differently. The GLHFSTR token project holds around 300 GLHFers, which won’t be converted. Token holders in that project will receive points in their place.
Cofounder Dith said the team also considered rewarding players and partner communities, but concluded it “would just dilute the conversion for our holders”.
How the market reacted
With the deadline in place, every ROM holder has to decide whether to convert or sell. In the 24 hours after the news, the ROM floor dropped 42% to 0.027 ETH (about $61). Trading volume climbed more than 2,000%, with 138 sales in one day, compared with 27 sales across the whole of the previous six days. The GLHFer floor slipped 23% to 0.245 ETH, roughly $546.
As a result, both paths to a Giga Legend now cost about the same. Eight of the cheapest ROMs come to around 0.22 ETH, while one GLHFer goes for around 0.24 ETH.