Crypto-based virtual gaming token PRIME crosses $80 million a day

Crypto-based virtual gaming token PRIME crosses $80 million a day

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, with a market cap of just under $80 million.

PRIME, with its circulation of 20M tokens, is a governance token for the Echelon Prime Foundation, as well as an in-game currency.

PRIME will be distributed to winners of Parallel TCG, a virtual trading card game that will first use PRIME, and they 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 about GameFi, a cryptocurrency sub-market that encompasses videogames and finance and has seen steady progress despite the fall from the grace of one-time play-to-earn market leader Axie Infinity.

HyperPlay, a crypto gaming storefront, launched via early access just this week. 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 major investor in Crypto and GameFi, thinks crypto-based videogames will benefit players by blurring the line between leisure and work.

HyperPlay said in a statement that it will make its money by offering 'convenience features' within the app. A crypto wallet overlay will allow players to transact without having to close the gaming window, the co-founder, who goes by JacobC.eth, said in a statement.

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

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

Most of these games aren't actually fun and feature inflationary in-game markets that dilute the value of assets players can accumulate, said former Goldman Sachs analyst Grant Haseley.

It briefly boosted ImmutableX's token, IMX, which jumped almost 20% Tuesday.

PRIME, the currency, began trading Monday at just above $7.50 on the Nasdaq Stock Market. It fell to just under $4 a day later following a pattern common among airdropped tokens, according to data from CoinMarketCap.

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

Parallel will also be open to people who have and without crypto wallets, he said. To succeed, making the game appeal to the latter is crucial to the game's success.