The cryptocurrency industry is doing well in 2023 even as regulators continue tightening their screws. Bitcoin (BTC/USD), the biggest cryptocurrency in the world, jumped to a multi-month high this week while the total market cap of the industry jumped to over $1.2 trillion.
Another important cryptocurrency news was on Metacade (MCADE), an upcoming GameFi project, which has raised over $16 million in its final presale stage. The developers have sold more than 1.12 billion tokens, with just 33 million left and investors are battling against the clock with the presale ending Friday at 23:59 Pacific Time.
You can still participate in the presale here.
The GameFi industry growth
Gaming and the metaverse are two of the biggest use cases for the blockchain and Web3 industry. These games make it possible for users to earn money as they play and also contribute to their development.
Recent studies show that the total addressable market (TAM) is huge and is expected to continue growing in the coming years. A study estimated that the GameFi industry was valued at $9 billion in 2021 and that it will grow to over $28 billion by 2028.
Another report estimated that the industry will continue growing and reach $2.8 billion by 2028. Other reports have shown that the gaming and the metaverse are some of the fastest-growing sectors in the blockchain industry.
To be clear. Traditional gamified platforms like Decentraland and Axie Infinity have all gone through a rough patch. After experiencing strong growth in their early days, these platforms have seen their growth decline in the past few years. Decentraland has seen the number of daily active users fall to less than 10,000 despite its billion-dollar valuation.
Therefore, the future of the GameFi industry will depend on the new platforms that will incorporate lessons from the original products. This happens in all industries. For example, Tesla was not the first electric vehicle while Google was not the first search engine. Industries get better with time.
How Metacade will change the industry
Metacade is one of the next-generation players in the gaming industry. According to its whitepaper, Metacade is a play-to-earn arcade game that will be built from the ground up with players in mind. Further, gamers will be able to meet with their fellow gamers, share interests and ideas, and have them implemented in the game.,
Other features will be the ability to see trending games, leaderboards, and publish reviews. Most importantly, as a play-to-earn game, users will receive rewards using the MCADE token, which they can redeem for cash.
The MCADE token will have other utilities in the ecosystem, including advertising revenue, job listings, game testing, and tournaments participation, among others.
Is Metacade a good investment?
Metacade has done well in the past few months during its presale phase. The developers managed to raise over $16 million from users from around the world. At its final phase, the token had risen to $0.02, which was higher than the initial period.
It is too early to say whether Metacade will be a fun ecosystem for players and whether the MCADE token will do well in the long term. But several catalysts make it a good investment for now. First, the price is still very low during the presale period, with one MCADE going for $0.02. Historically, tokens tend to rise sharply after the airdrop. We saw this after Arbitrum’s airdrop last week. This means that investors who want exposure to Metacade but don’t act now risk buying at a higher price.
Second, MCADE price will likely rally when the developers start pushing it to exchanges like Binance, Huobi, and OKX. With just hours remaining to take advantage of the presale round, investors should act fast if they wish to gain exposure to Metacade at a lower price.
The biggest risk for Metacade is where the token goes to zero after its airdrop. However, the token could also surge, which will make it a good investment. We have seen this over and over again, with tokens like ARB, Internet Computer, and Polkadot being worth billions of dollars.
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