Three Altcoins to Explore | What is Play-to-Earn, and Why They Will Lead the Market Trend of Cryptocurrency in the Future
In this last week, Bitcoin has made its comeback and Ethereum is soaring. BTC was able to reach a high of $45,317 - a very respectable increase, especially following weeks of lateral movement. Ethereum is also taking part in this growth, surpassing the $3,000 mark to a high of $3,190. Sentiment of the market is turning positive once more. The return of green to our charts is a very welcome change.
One sector of the market that is of particular interest for us this week is play-to-earn. This of course refers to crypto games that allow users to earn tokens by playing. Such a model benefits both the developers and the players, as developers are able to draw players to their platform and increase the value of their token, while players get something in return for their time investment in the game - along with something fun to do.
With this, it seems that crypto game projects have stumbled onto a winning formula that was able to cut through the downturn of recent times. These projects grew as more people started to play, which increased the value of the token, thus bringing in new players. This is how it became the hot trend we know it as now.
In fact, play-to-earn games may have driven up the recent price rally based on their trading volumes, like AXS, REVV, SLP, MANA and SAND. Finding a play-to-earn token takes some research, though. It is important that the game is balanced with a fair earning mechanism. Otherwise, treat it like any other project and DYOR into the team, tokenomics etc.
For today, we have picked three play-to-earn altcoins to take a deep dive into: REVV, SLP and DPET.
Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.
REVV is a token that acts as the main currency for a number of game dApps developed by Animoca Brands. Animoca Brands is a leader in the field of digital entertainment, specializing in blockchain games such as F1® Delta Time and NFTs.
REVV is used as the currency for purchases, utility, and actions in supported play-to-earn motorsport blockchain games.
Animoca Brands continues to be a driving force in the expansion of the market thanks to its broad range of crypto play-to-earn games and partnership with big-name brands. REVV is benefiting from that. One way it is doing so is by running activities with large prize pools reaching $150,000.
It is also leveraging NFTs to great effect, with great (and unique) car designs being given away. The project is generally shaping up to be a strong contender in the market and so people are coming to take part.
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Smooth Love Potion (SLP)
Axie Infinity is a Pokémon-inspired digital pet universe built on the Ethereum blockchain where anyone can earn token rewards through skilled gameplay and contributions to the ecosystem. Small Love Potion (SLP) tokens are earned by playing the Axie Infinity game, serving as a replacement for experience points.
SLP serve an in-game purpose to breed new digital pets that are known as Axies.
Due to its use in Axie Infinity, SLP token growth is dependent on the growth of the game. Thankfully, Axie Infinity and the AXS token have been going from strength to strength and represents one of the biggest games in the play-to-earn market.
As its user base increases, so does the need for SLP. This has been helping drive its growth and increase in value.
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My DeFi Pet (DPET)
My DeFi Pet (owned by KardiaChain) is the initiative for our vision of a mass-adoption blockchain game that is currently built on Binance Smart Chain and KardiaChain. The name encompasses the three characteristics of the game: “Pet” raising game, “DeFi” features integrated, and “My DeFi Pet” personalization. My DeFi Pet integrates Play2Earn, DeFi, and NFT collectibles into traditional gaming that would provide an unique gaming experience for players.
DPET tokens are the main in-game currency and are used for trading, exchanging, improving the Pets and their special qualities.
The project benefits from a very close relationship with BSC. It is frequently mentioned in the chain’s channels for activities such as quizzes, AMAs and more, which not only increases awareness, but also educates the audience while winning prizes.
This is helped by the well-documented growth of the crypto gaming market, helping fuel even further growth. Then there is the fact that KrystalDeFi, a partner of My DeFi Pet, secured a strong round of funding. This reflects the belief of VCs in the project and their expectation for it to continue growing - a promising sign.
Trade DPET and 400+ other altcoins on KuCoin
Three Tokens to Look Forward to This Week
Play-to-earn seems to be here to stay, which is why KuCoin recommends these tokens that are ranked top by 7-day ROI & trading volume: FEAR, MANA and SAND. With interesting gameplay and well-executed earning models, these gems are likely to continue shining moving forward.
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