Crypto-based virtual trading card game PRIME now worth $80M a year

Crypto-based virtual trading card game PRIME now worth $80M a year

PRIME, a token that supports crypto-based videogames like Parallel, a trading card game, has a market capitalization of just under $80M annually, despite falling steadily since its debut.

PRIME, with its circulating stock of 20M tokens, is both a governance token for the Echelon Prime Foundation and an in-game currency.

The virtual trading card game Parallel TCG, a virtual trading card that uses PRIME, will distribute 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 also be utilized for tournament entry and augmented reality experiences developed by Parallel Labs.

PRIME highlights investors' optimism surrounding GameFi, a crypto sub-market that combines gaming and finance and has experienced steady growth despite the decline from grace of one-time play-to-earn market leader Axie Infinity.

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

GameFi supporters argue that crypto tech will revolutionize gaming.

A16z, a major investor in crypto and GameFi, thinks that crypto-based videogames will benefit players by blurring the line between leisure and work.

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

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

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

The problem, said former 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.

In a short period, the launch boosted ImmutableX's token, IMX, which jumped almost 20% Tuesday.

PRIME's stock opened at just above $7 yesterday, as compared to the previous week's trading. Following a pattern commonly among airdropped tokens, it fell to less than $4 a day later, according to data from CoinMarketCap.

PRIME was awarded more than 60,000 wallets through its interaction with Parallel, a trading card game that will be the first to use the videogame-centric token.

But Parallel will also be open to people with and without crypto wallets, he said. The game's appeal is crucial for its success, as it proves that it has the power to appeal to the latter.