Metacade price forecast as Chinese city unveils state-backed Metaverse platform

The price of MCADE, the Metacade native token, has been struggling below its final presale price for the better part of May as the project gears up for the game development phase following the earlier partnership with MetaStudio.

At press time, MCADE was trading at $0.02127, up 1.11% in the past 24 hours. However, although the token had registered some gains, it was still a few cents below the final presale price of $0.022. Nevertheless, there are prospects that the token is poised for significant gains going by the popularity of metaverse projects and their native tokens.

Chinese government-backed Metaverse platform

Recently, the capital city of China’s eastern Jiangsu province, Nanjing, launched the China Metaverse Technology and Application Innovation Platform to advance metaverse development and research across the country. The move is among many other metaverse developments happening around the world as the gamefi space moves towards the metaverse.

The Chinese state-backed platform is led by the Nanjing University of Information Science and Technology (NUIST) and consists of founding members from several academic institutions and metaverse-related companies throughout mainland China.

Nanjing and other Chinese cities are competing to become the country’s metaverse development hubs. The new platform comes months after Nanjing City revealed its metaverse strategy aimed at creating a thriving industry with over $19.13 billion (135 billion yuan) in annual revenues by the end of 2025.

Shanghai, another Chinese city, recently unveiled its initial collection of 20 metaverse use cases, covering diverse areas including virtual healthcare diagnoses and digital recreations of the city’s historic architectural landmarks.

What is Metacade and how has it fared so far?

Metacade is a community-driven blockchain arcade that aims to offer a vast collection of play-to-earn (P2E) arcade games in a single metaverse platform. It also aims to give players extensive opportunities to earn crypto rewards in some of the most addictive blockchain gaming experiences.

According to Metacade’s team, the platform wants to become a central hub for the Web3 community that offers several unique earning mechanics beyond gaming, designed to benefit gamers, investors, and entrepreneurs with the MCADE token being at the heart of the ecosystem.

One of the proposed earning mechanics on Metacade is the Create2Earn which aims to reward content creators with MCADE tokens for providing value to the platform, including posting game reviews, sharing the latest information about blockchain gaming, and interacting with other users’ posts in the community hub.

On April 17, Metacade’s CEO, Russell Bennett, hosted the first Metacade AMA which was followed by several other AMAs with the latest AMA having taken place seven days ago, giving insight into Metacade’s plans for the near future.

So far, Metacade is widely considered one of the most thrilling cryptocurrency investments within the growing GameFi sector. The Metacade presale raised $16.35 million through eight stages.

Since the completion of the presale, MCADE launched on several popular cryptocurrency exchanges, including Uniswap, BitMart, and MEXC Global. As a result, the coin more than doubled in value to an all-time high of $0.04569 on May 03, 2023.

The Metacade project is currently in the game development phase and it has already signed its first partnership with MetaStudio, an innovative metaverse development firm. The MetaStudio partnership is a game changer and aims to produce fresh and exciting mobile games on the Metacade arcade.

MetaStudio, which recently announced partnering with Immutable to enhance the gaming Metaverse industry, is expected to bring a wealth of experience and expertise having worked on various gaming projects and popular animated franchises like How to Train Your Dragon, Kung Fu Panda, and Shrek.

Will MCADE go back above $0.045?

Although investors may be sceptical about MCADE making any major price movements seeing that it has been struggling for the better part of May, the upcoming Russell Bennett’s AMAs are expected to spur excitement among the crypto community.

The AMAs will shed more light on the project’s prospects which will offer investors a clear picture of what to expect with the Metacade platform and its native token.

In addition to the AMAs, the MCADE token has extensive utility on the Metacade platform which is expected to be a major bullish catalyst to benefit the short-term price action that will possibly see the MCADE token above $0.045 by the end of the month.