- UFO Gaming might have to compete with the likes of Axie Infinity and Decentraland
- Blockchain gaming claims to enable earning prospects through the holding of digital assets
- The UFO token has remained subdued so far in 2022, similar to tokens like AXS and MANA
Gaming has been popular for decades, and now its new blockchain-powered iteration seems to be gaining traction in the cryptocurrency world. Last year, the Axie Infinity game, which claims decentralization by the use of blockchain tech, gained immensely, though it has lost substantially this year.
What blockchain gaming claims to bring with it is a revenue model that enables earning through the holding and trading of digital assets. Virtual land in the metaverses of The Sandbox and Decentraland is a digital asset and so are the Axie creatures of the Axie Infinity game. Aside from these high cap metaverses, a few others also bring more or less the same services. Let’s know about UFO Gaming.
What is the UFO Gaming metaverse?
The project claims it would join forces with non-blockchain traditional games to help them harness the potential of decentralized ledger tech.
UFO Gaming claims to have multiple aspects, including virtual land in the form of non-fungible tokens (NFTs), a play-to-earn model powered by the UAP token, and a marketplace to trade in-game digital assets. Besides, the metaverse has a game ‘Super Galactic’, which allows users to own UFOeps NFTs.
The project has two tokens to serve different purposes, and it claims to be a decentralized autonomous organization, also dubbed DAO. In a DAO arrangement, users of the platform have the ability to vote on governance aspects.
The UFO token is the second token of the project, aside from the UAP token. UFO serves as the governance token of the metaverse. The project has what it calls the “Dark Metaverse”, where UFO acts as the utility token. The UFO crypto enables the minting of NFTs before a user can play the Super Galactic game.
UFO crypto’s price
With a market cap of nearly US$187 million as of writing, the UFO token ranked among the top 300 crypto assets as of writing. It was trading at a price of nearly US$0.000007.
At the beginning of this year, the UFO token commanded a price of nearly US$0.00002. The dip in the value mirrors the slide in most other metaverse tokens including AXS, MANA, and SAND. UFO token’s price prediction can be highly speculative as the entire crypto world has remained quite volatile in 2022.
Data provided by CoinMarketCap.com
UGO Gaming’s metaverse seems to have all the features, including the play-to-earn model, that usually come with gaming cryptocurrencies. But here, the project has two native tokens, which are claimed to be serving different purposes. The UFO token of the game facilitates voting on governance aspects. In 2022 so far, it has lost value, but how it fares in the future is a wait-and-watch game.
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