Cryptocurrency-based video game PRIME crosses $80M a day

Cryptocurrency-based video game PRIME crosses $80M a day

PRIME, a token that supports crypto-based videogames such as Parallel, a trading card game, has a market capitalization of just under $80M a day after its launch.

PRIME is a governance token for the organization that issues it, the Echelon Prime Foundation, and an in-game currency.

Parallel TCG, a virtual trading card game that will make its first use of PRIME, will issue PRIME to winners, who can then use the tokens to access collectibles and services created by the game's parent company, Parallel Labs. The tokens can be used for tournament entry and augmented reality experiences developed by Parallel Labs.

PRIME highlights investors' optimism regarding GameFi, a crypto sub-market that divides videogames and finance and has seen steady progress despite the falls from grace of one-time play-to-earn market leader Axie Infinity.

HyperPlay, a crypto videogame storefront, went live via early access just this week. A former Goldman Sachs analyst has developed a zombie-themed videogame designed to address most crypto-based video games' biggest weakness: they aren't any fun.

GameFi supporters believe that crypto will revolutionize gaming.

The venture capital firm a16z, a significant investor in crypto and in GameFi, believes Crypto-based videogames will benefit players by blurring the line between leisure and work.

HyperPlay said it will make its money by offering 'convenience features' within the app, a former executive at leading crypto wallet MetaMask. A cryptocurrency wallet overlay will allow players to transact without having to close the gaming window, the co-founder, JacobC.eth, told Decrypt.

The company will also vet games for malware before offering them through its platform.

Axie Infinity is currently the closest cryptocurrencies-based game to reach a mass audience, but it has been hampered by a massive hack and the crypto bear market.

The problem is that most of those games aren't actually fun and feature inflationary in-game markets that dilute the value of assets players can accumulate, according to former Goldman Sachs analyst Grant Haseley.

The launch quickly boosted ImmutableX's token, IMX, which jumped almost 20 percent Tuesday.

PRIME, which has a market value of about $7, began trading on Monday, according to the New York Stock Exchange. Following a pattern commonly among airdropped tokens, it fell to less than $4 a day later, according to data from CoinMarketCap.

More than 60,000 wallets were eligible for PRIME, based on their interaction with Parallel, a trading card game that will be the first to use the videogame-centric token.

But parallel will be open to people with and without crypto wallets. The gaming's appeal to the latter is crucial to its success.