After 63% Losses in 2023, Decentraland Could Be Losing its Market to a New P2E G...
source link: https://cryptomode.com/after-63-losses-in-2023-decentraland-could-be-losing-its-market-to-a-new-p2e-games/
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
After 63% Losses in 2023, Decentraland Could Be Losing its Market to a New P2E Games
In a year marked by rapid shifts in the cryptocurrency and gaming markets, a virtual reality platform appears to be facing challenges as its value took a significant hit.
Decentraland, known for its unique virtual worlds built on the Ethereum blockchain, has been a pioneering force in the blockchain gaming space. Throughout the years, users flocked to the platform to create, explore, and monetize their virtual landscapes with many crediting the company for being the “next big thing” in the market.
However, recent market dynamics have shaken its previously robust position. With a staggering 63% loss in 2023, questions arise about the platform’s standing and potential competition from emerging Play-to-Earn (P2E) games.
In the span of just one month, $MANA has witnessed a substantial devaluation of approximately 23%, indicative of a persistent downward trajectory that has persisted over the course of the entire year. With its present valuation resting at $0.29, this cryptocurrency has not only experienced a decline in its market price but has also suffered a notable reduction in its trading volume.
In the past, $MANA boasted a robust 24-hour trading volume, often reaching the multi-billion-dollar mark each day. However, its current performance paints a different picture, as it grapples to surpass the $50 million milestone in daily trading volume.
With what looks like a foot out the door, Web3 gaming enthusiasts now begin to turn their eyes to new P2E games that could offer promising platforms for profits and exciting gameplay.
Golden Inu Unveils New “Golden Inuverse” Game
Meanwhile, the new play-to-earn game by Golden Inu, “Golden Inuverse”, is about to have its beta version available to the public.
With an RPG take on Web3 gaming, Golden Inuverse offers an entertaining platform for players to battle, complete quests and acquire loot to enhance their builds.
The core mechanics of the game revolve around distinct bloodlines, each featuring NFT playable characters. As of now, three prominent bloodlines have come to light: the Zyzz Bloodline caters to enthusiasts of strength-centric builds, the Sebi Bloodline boasts characters adept in the art of healing, and the Taino Golden Inus provides a pathway for those inclined towards mastering magical builds.
How The Game Will Help Enhance The Value of $GOLDEN
One of the most interesting aspects of Golden Inuverse is how the game is built around driving the value of its native currency, $GOLDEN, upwards.
The RPG’s dynamics are intricately linked to an innovative token-burning mechanism. Under this system, fifty percent of the overall earnings, including profits generated from various other Golden Inu decentralized applications, will be channeled into a smart contract. This contract will then autonomously execute the repurchase of $GOLDEN tokens, subsequently subjecting them to burning.
Consequently, as the game gains increased traction and popularity, the inherent potential for appreciation of the currency’s value raises the profitability of Golden Inuverse for all stakeholders engaged in the ecosystem.
None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website.
Recommend
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK