Axie Infinity (AXS) was one of the hottest crypto projects in 2021, as the gaming community stampeded into the play-to-earn blockchain sector. The Axie game became the top destination, with many early investors becoming rich from the project’s token and NFTs.
The game has seen a change in fortunes with some suggesting the good days are over. Metacade (MCADE) is a new arrival on the crypto scene and could be a metaverse winner over the next two years.
Metacade is bringing an exciting new theme to the metaverse with the first community-led arcade for P2E gamers. Casual gamers will also find a home there with a vibrant and fun community but there will also be serious development going on in parallel. MetaGrants, funding from the Metacade treasury, will be given to support the best game ideas. Gamers will have a chance to vote on, test, and review games as they go through development, and stakers of the MCADE coin can vote on the direction of the project.
Metacade is still in the early stages of its development with a November presale, but it is positioning itself in two particularly strong growth areas – P2E gaming and the metaverse. With a vibrant community and the right game titles, this project could rival any current meme coin.
There are other benefits to holding the MCADE token with the ability to earn prizes, enter gaming tournaments, and take part in governance votes. There will also be a share of project revenues on offer for staking.
Axie Infinity (AXS) Saw its Bubble Burst
Axie Infinity (AXS) has already proved what is possible in the P2E sector when you bring the suitable game and earning potential. The project saw its token rise from cents per AXS coin to a high of $160 in late 2021. The coin has since slumped to $12 and user numbers have mirrored that drop.
The cause of the rollercoaster price moves was a surge in daily users to 2.7 million at the platform’s peak. It has been said that Axie even disrupted the labor supply in the Philippines as workers quit their jobs to play the game. The coins were worth so much that playing to earn them, and selling them on the marketplace NFTs became big business – further compounding the surge.
The project’s daily user count has since dropped to 110k and the story of Axie may already be over as competition builds in the crypto market. Adding further headwinds to the project was a huge $625 million hack of the Ronin Network that supports Axie.
Why should you invest in P2E?
According to Blockchain Game Alliance, 1.4 million wallets are interacting with games daily. That accounts for a huge 49% of total blockchain activity. The metaverse is set to be the next big crypto theme and NFTs are leading us to that virtual world. Gaming NFTs accounted for 20% of all NFT sales in 2021 at $4.5 billion.
The Metacade platform will bring an exciting new concept to this genre and encapsulate everything the metaverse is supposed to be. A virtual world for communicating and collaborating. The multi-game theme also adds variety for gamers which could see players roaming a gritty urban city one day or being a sword-wielding warrior the next.
The biggest opportunity for Metacade is the support of its gaming community, which could see it reaching meme coin status as the right games come through development. Axie showed how it is done and how it can be a global phenomenon.
Facebook’s transition to the metaverse means that a sizeable portion of its users, including apps such as Instagram, could find themselves in the metaverse and an arcade would be a fun virtual hangout.
Axie Infinity was a major benefactor of the bull market in 2020-21, capitalizing on a lack of competition in the P2E sector to become the go-to game. The resulting bear market, slump in users, and the Ronin are headwinds that Axie may recover fully from. New projects like Metacade are now charging forward with more exciting and varied offerings and they can offer more for gamers and developers. The Metacade presale starts in November and investors should be looking to take advantage of what could be the next big thing in the metaverse.
You can buy Axie Infinity (AXS) on eToro here.
You can participate in the Metacade pre-sale here.
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