Silks is the world’s first derivatives-based play-to-earn metaverse that mirrors a real-world sport that generates over $11 billion in bets alone – the sport of thoroughbred horse racing. Silks aims to bridge the gap between Web3 and the real world by creating an in-depth ecosystem that rewards participants through real-world racing results.
In this guide, we will discuss how to buy Silks Lands in detail and explain what they are, why they are essential, what you can do with them, and how to buy them.
What is Silks?
Silks is a derivatives-based P2E metaverse mirroring the sport of thoroughbred horse racing. It’s a virtual world where players can experience the thrill and responsibility of owning a thoroughbred racehorse and earning from the economy behind the lucrative horseracing industry.
Thoroughbred horseracing performs well in all market conditions – including recessions. Therefore, the Silks economy might be perfect for earning an income through the crypto winter.
The Silks ecosystem is comprised of four major components, which are all individual NFTs;
- Silks Avatars
- Silks Horses
- Silks Lands
- Silks Stables and Farms
To participate in the ecosystem, you must own one of the Silks Avatars. You can learn how to buy a Silks Avatar here and understand everything you might need to know about them.
Once you have a Silks Avatar, you can mint one of the Silks Horses NFT, a 1:1 NFT replica of a real-world thoroughbred racing horse. If you own the horse that wins real-world races, you are rewarded in the Silks metaverse. You can check out this guide to learn more about Silks Horses.
Like in real life, you will need somewhere to house and take care of your racing horse. This is where Silks Lands comes into play.
What are Silks Lands
One of the critical parts of building a Silks dynasty filled with winning Silks Horses and a passive income through the Silks economy is developing stables and farms that provide the necessary housing for Silks Horses. To establish these stables and farms, you need Silks Lands.
The Silks metaverse comprises 202,500 one-acre parcels of land built on a 450 x 450-acre grid. The map is separated into various regions, with the first region being Sky Falls.
Sky Falls serves as the capital of the Silks metaverse, and it contains 25,000 acres of land parcels, rich in utility and benefits for landowners.
Initially, the Sky Falls plots of land were airdropped to users that purchased Silks Avatars before September 26th, 2022. The Silks Avatar holders were required to hold the avatar in their wallet for 45 days to be eligible to claim a Silks Sky Falls Genesis Parcel. Any of the 25,000 unclaimed acres of land parcels will be sold on the open market later, but for now, the only place to get your hands on a Sky Falls Land Parcel is through secondary markets such as OpenSea.
The unique benefit for Sky Falls Land Parcels is that they come with an embedded stable capable of housing a single Silks Horses NFT per acre of land. This is unique to the Sky Falls region, meaning there is no additional cost to start a private farm.
What can you do with Silks Lands Parcels?
The Silks Lands Parcels provide a plethora of utilities for land owners to earn an income stream.
As mentioned, all Silks Horses will need to be housed in a Silks Stable on a Silks Farm. Therefore, Silks Lands are required to create both stables and farms.
Stabling is the act of housing a racehorse on a farm, providing the thoroughbred horse owner with a share of the collective racing rewards of all the Silks Horses in the same stable. To house a Silks Horse in a stable, the horse owner must pay a Stabling Fee and sign a contract for a Stabling Period.
The Stabling Period is the length of time the racehorse owner must commit to being stabled on that farm. The Stabling Fee is a percentage of winnings charged to horses on the farm, set by the stable owner. Therefore, if you own a Silks Stable, you can earn a passive income from other Silks Horses housed in your stable.
The Silks Farms serve as gamified businesses and personal storefronts for land owners. They provide various avenues to earn from the Silks ecosystem inside the metaverse itself. For example, you can operate your farm as a general-purpose racing or breeding farm, housing Silks Horses. In this case, you would earn from the Stabling Fee as Silks Horses in your stable win in races. Alternatively, you can focus on offering certain thoroughbred bloodlines or narrowly defined risk profiles – the options are all yours to make.
Each farm comes with its marketplace featuring the horses housed there. Visitors can come and look at your marketplace and bid on any racehorses. They can also purchase shares in a syndicated racehorse through the market. As the game matures, farms with successful track records of delivering quality racehorses will gain credibility.
Farms can either be private or public. On a Private Farm, only the owner of that farm is eligible for stabling racehorses. On the other hand, a Public Farm is open to the public, allowing other Silks Horse owners to submit requests to stabilize their horses.
When you stable your horse on a public farm, you reduce your risk because you share in the racing rewards generated by other horses stabled there. In addition, it provides more avenues to earn money through the ecosystem through the pooled Stabling Pool distribution. If you manage to house your Silks Horses in a Silks Stable that accommodates a range of winning racehorses, then you will earn from the winnings of all horses in the stable – even if your own Silks Horses doesn’t win.
To develop a Silks Farm, you will need contiguous Land Parcels that share a border. Another avenue to earn from Silks Lands is through land speculation. Land speculators can buy and hold land in the hope that an expanding farm will want to acquire their adjacent land at a higher price.
Where Can You Buy Silks Lands?
Currently, only the Sky Falls Genesis Parcels are up for sale. Silks will expand into other regions after the ecosystem opens its doors in 2023 and starts to mature.
The Sky Falls Genesis Parcels were airdropped to users that purchased Silks Genesis Avatars before September 2022. They could claim these land parcels if they held the avatar in their wallet for at least 45 days.
The only place to purchase these Sky Falls Genesis Parcels is through people selling their NFTs on secondary markets, such as OpenSea.
The Silks Sky Falls Land Parcels are quickly gaining popularity. They’re already ranked amongst the top 10 popular Sports NFTs on the OpenSea platform;
Currently, the floor price is just under 0.3 ETH per NFT with over 1,700 NFT owners.
What do you Need to Participate?
To participate in the Silks metaverse, you first need a Silks Avatar. The Avatar serves as your access pass to the metaverse, and it provides you with a minting right to the annual Yearlings Sale – allowing you to mint one of the Silks Horses each year.
The first drop of the Silks Avatars was in April 2022 at the cost of 0.15 ETH each. The Silks Avatars became extremely popular after top-tier investment firms and prominent NFT collectors bought them. You can find some Silks Avatars in the same wallets that hold prestigious NFTs such as Bored Ape Yacht Club NFTs;
As a result, the Silks Avatars quickly became one of the top-10 ranked Sports NFTs on OpenSea, and have remained there ever since. Furthermore, they were also added to the Nansen.ai Gaming 50 Index – the most respected NFT index in the industry.
How to Buy Silks Lands? – Detailed Guide
Now to the juicy bit. Let’s discuss how you can start accumulating some Silks Lands NFTs to be ready for when the metaverse finally opens its doors in 2023. The process has a few steps but is relatively straightforward if you follow the guide.
Step 1 – Set up a Crypto Wallet
You need a crypto wallet to purchase Silks Land. It’s highly likely that you already have a crypto wallet, but follow this step in case you don’t have one.
Most of the best crypto wallets will support the Ethereum ERC-721 standard – allowing you to hold NFTs. For the purpose of this guide, we will use the MetaMask wallet, which is widely regarded as the top wallet for users.
First, head to the MetaMask website and click “Download.”
Once downloaded, the MetaMask guide will take you through the steps required to set up the wallet.
The most important thing to do is take a copy of your seed phrase when the installer provides it. This will be a list of 12 words that serve as a backup for your wallet in case something happens to your phone or laptop. It’s essential that you write these on a piece of paper and don’t copy them into a digital document. Furthermore, don’t let anybody see the seed phrase, as they will be able to access your funds.
Step 2 – Acquire Ethereum
Ethereum is required to purchase the Silks Land on OpenSea. To buy ETH, head over to your favorite exchange. Binance is our favorite option, but there are various Binance alternatives that are worth considering.
Once you have the ETH, you can send it to your MetaMask wallet address. You will find the address at the top of the MetaMask extension page;
Step 3 – Find a Silks Sky Falls Land Parcel on OpenSea –
The best place to purchase Silks Land right now is on the OpenSea secondary market, as the minting deadline has already passed.
Head over to the Silks Sky Falls Land Parcels section on OpenSea.
The first thing you will need to do is connect your MetaMask wallet to OpenSea. To do this, click the profile icon in the top right-hand corner;
Then select the MetaMask option on the following screen and follow the MetaMask prompts that appear.
Once connected, the next step is to browse the Silks Land Parcels available and find a suitable NFT that you desire. There are plenty to choose from;
Once you have found one, click the thumbnail to be taken to the purchase page.
Step 4 – Purchase Desired Land Parcel
Once you have found a parcel you desire, go ahead and add it to your cart;
Once added, you can view your card and complete the purchase;
How to Buy Silks Land – Conclusion
In summary, this guide outlines a detailed overview of how to purchase Silks Land Parcels on OpenSea, covering everything you need to know in the investment process.
Once you hold the Silks Land, you will be free to start developing Silks Farms once the metaverse opens its doors in 2023.