ETERNAL token price keeps dropping, making the game unplayable
CryptoMines is one of the most popular play-to-earn opportunities on Binance Smart Chain, however, the platform is struggling to stay sustainable and fully functional. Following a rather staggering price drop for CryptoMines native token ETERNAL, the team behind the game has decided to push a complete reboot for a community vote.
With the ETERNAL token price dropping, the economy of the GameFi dapp has become unstable. This in turn caused more players to remove liquidity from the game. From an all-time high of $801 on November 25th, ETERNAL is currently priced at $3.84. This further complicates the situation, putting the future of CryptoMines at significant risk.
At the core of the problem, we find the way NFTs work in CryptoMines. For the dapp to function as a genuinely play-to-earn platform, the reward pool fills up through NFT purchases. However, with the current structure of NFT items on CryptoMines, players don’t have much incentive to purchase new items. This means that if there isn’t a constant influx of new players, the game’s treasury and pools slowly dwindle.
This proposal aims to give CryptoMines a chance to stabilize, as according to the team, the game will cease to exist with the current structure and ETERNAL pricing. In a detailed announcement posted on Medium, the team explains that there are holes in the way the platform functions at the moment.
With the introduction of a reboot version of the game, the CryptoMines team plans to introduce several significant changes to the platform. Most importantly, if the proposal is accepted, the game will have a completely new in-game token called Dark Matter (DM). It will have a fixed value pegged to USDT.
Additionally, to solve the issues with NFT distribution and purchasing, the team plans to introduce a deterioration mechanic. This would mean that NFTs will lose their qualities and powers over time. Consequently, players will purchase new NFTs and support the game economy. Additionally, an NFT breeding system will launch, allowing players to create new ship NFTs by combining already owned ones.
Notably, players who are already part of the CryptoMines system will receive discount tickets for the Reborn version of the game. This will allow them to mint NFTs at reduced costs and essentially bring back their whole fleet in the new version of the game. The discount ticket allocation will correlate to the current rank of each player.
Life or death situation
The official announcement aims to bring positivity and shed light on the benefits of starting from the ground up. However, CryptoMines is in dire straits. Unfortunately, according to the team, this proposal seems to be the only viable solution.
The two outcomes following the proposal all lead to the inevitable death of CryptoMines as it is known today. However, should the vote conclude that CryptoMines Reborn will come to life, players will still get a chance to enjoy the game in a revamped version.
This announcement has introduced a wave of varying opinions on CryptoMines’ social media channels. Some players are willing to give CryptoMines one more chance. However, others say that this has been an intentional plan of the developers from the start. For the moment, there is no way to tell whether the team is honest in their intentions to try and rebuild the project. They might simply take any gains they could and leave CryptoMines to reach its natural end.
DappRadar will continue monitoring the situation as the CryptoMines community puts the proposal to the vote. Stay tuned, follow DappRadar on Twitter, or join our Discord community to learn the latest news first.