Crypto-based virtual videogame PRIME now worth $80 million

Crypto-based virtual videogame PRIME now worth $80 million

PRIME, a token that supports crypto-based videogames like Parallel, a trading card game, has a market value of just under $80 million a day after its launch, despite falling steadily since its debut.

PRIME is a governance token for the Echelon Prime Foundation, as well as a currency in the game, thanks to its circulating supply of 20M tokens.

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

PRIME demonstrates investors' confidence about GameFi, a crypto sub-market that marries gaming and finance, and has seen steady growth despite the fall from the grace of one-time play-to-earn market leader Axie Infinity.

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

GameFi supporters argue that crypto technology will revolutionize gaming.

A16z, a venture capital firm with a significant presence in crypto and GameFi, is convinced that Crypto-based videogames will benefit players by blurring the line between leisure and work.

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

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

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

The problem, said Goldman Sachs analyst Grant Haseley, is that most of those games are not actually fun and feature inflationary in-game markets that dilute the value of assets players can accumulate.

The launch briefly boosts ImmutableX's token, IMX, which jumped almost 20% Tuesday.

PRIME's trading has started at just above $7 today, according to the New York Stock Exchange. Following a pattern common among airdropped tokens, it fell to less than $4 a day later, according to data from CoinMarketCap.

PRIME has been awarded to more than 60,000 wallets based on their interaction with Parallel, a trading card game that will be the first to use the videogame-centric token.

For those with and without crypto wallets, Parallel will be open. The ability to appeal to the latter is crucial for the game's success.