Play to earn ETERNAL tokens
Binance Smart Chain-based play-to-earn gaming platform CryptoMines has seen a massive influx of users this past week as blockchain gaming continues to lead the industry. The play-to-earn NFT game is designed to provide players with a fun experience collecting workers and spaceships needed to travel through the universe searching for ETERNAL, the platform’s native token.
Week over week, CryptoMines has attracted 62% more active wallets, pushing that figure to 26,500 in the last 7 days. Those wallets completed over a million transactions driving $5.1 million in volume through the dapps smart contracts. Interestingly we see an average transaction on CryptoMines is worth around $5. This is important as in-game actions such as opening loot boxes, buying or selling an item, etc all count as transactions. It is not surprising then to see such large metrics in dapp games.
Moreover, rather than this being another quick rush of users this week, who then move into the next opportunity as it arises. Looking at the steady build-up of users since launch it appears CryptoMines is not only attracting players but retaining them. Further incentives arrived when the popular BSC exchange BiSwap announced an ETERNAL/BNB farm with some healthy percentage rewards paid in the platform’s native BSW token. Additionally, in the BiSwap staking pool, users can earn over 150% APR on BSW, paid in ETERNAL. These opportunities are further stimulating the price of ETERNAL as more and more value gets locked up into smart contracts.
What is CryptoMines?
CryptoMines is a SciFi-themed game-fi opportunity that incorporates NFTs as in-game items. Players collect workers and spaceships to travel through the universe searching for ETERNAL, this mineral allows them to live another day and earn a profit from their playing time.
The game is deployed on the Binance Smart Chain and assets are player-owned NFTs minted in the ERC-721 standard which may be traded on the marketplace. The marketplace uses ETERNAL as its default token with users able to set their own prices.
Oracle price stability
CryptoMines also employs a price oracle and this could be one of the reasons for retaining and attracting players looking for more solid game platforms to dive into. The purpose of the oracle is to balance ETERNAL payouts gained through mining, along with minting costs to the current dollar value of ETERNAL. This means that the following will happen if the dollar value per ETERNAL increases:
- ETERNAL payouts decrease
- Mint Spaceships costs less ETERNAL
- Mint Workers costs less ETERNAL
If the price of ETERNAL in dollars decreases, the opposite of the above becomes true.
The Oracle will dynamically adjust costs and rewards up or down depending on changes in the dollar value of ETERNAL. The reason for the oracle’s usage is so that the economy of the game is balanced around a set dollar value. A limited amount of ETERNAL tokens that can circulate in the economy, and a big influx of players would likely drain all the ETERNAL present in the game contract.
By utilizing the oracle, CryptoMines forms a correlation between active users and the dollar value of ETERNAL. The assumption is that when the token price rises, the demand for ETERNAL increases. Stimulated further by any releases of new game features or an influx of new players. The oracle will ensure consistent dollar value payouts per transaction at the time it was made, along with ensuring mint costs for NFTs remain at a consistent dollar value.
This system, it appears, has been installed to prevent the game from falling victim to a pump-and-dump situation. Allowing the tokenomics of the game to remain stabilized, thus keeping the players and developers happy and working toward a long-term future for the project.
ETERNAL serves as the native currency for CryptoMines. Players use it to mint characters, and spaceships, extending the lives of workers by hiring, buying, and selling on the native marketplace. Additional earning of ETERNAL comes from mining planets utilizing the spaceships and workers collected. The better the equipment and higher-ranked the worker, the better the mining operation will go.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, AVASTR, GMEE, GALA, BOSON, AND OCEAN