Gaming tokens soar and stoned cats clog Ethereum blockchain
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Lesser-known gaming and virtual world tokens are surging as crypto-traders try to catch the fire in a bottle that fueled Axie Infinity‘s massive rise.
And a crypto project involving Mila Kunis, Vitalik Buertin and stoned cats has clogged the Ethereum blockchain.
The Metahero (HERO), FaraLand, Illuvium, PolkaWar, Aavegotchi and Yield Guild Games tokens — No. 264 through 1,065 on the crypto-rankings — have all hit all-time highs in the past 24 hours.
Wall Street Games, My DeFi Pet and the Fear token did so on Tuesday.
Illuvium is the biggest of those tokens by market cap, with a collective value of US$123 million after the price of ILV tokens rose from US$89 nine days ago to US$199 today.
The ERC-20 (Ethereum) token will power a yet-to-launch open-world role-playing adventure game in which players quest to capture “deity-like creatures called Illuvials,” according to its website.
It’s founded by Aussie Kieran Warwick, who spoke to Stockhead earlier this week.
5. Utility: These characters have instant utility. You can play them in a game. The NFTs don’t just sit in a gallery with no function. And players can create value through play-to-earn opportunities.
— Kieran (@KieranWarwick) July 28, 2021
Faraland seems vaguely similar, although it’s on Binance Smart Chain. The token will power a multiplayer RPG NFT game that lets players profit from arena battles. They can choose to be different races like human, orc, angel, demon or fairy.
The Yield Guild Games token was also surging after 32 whales (crypto rich-listers) bought up all the tokens in an initial dex offering in just 32 seconds, according to Cointelegraph.
YGG is a gaming guild that earns money from play-to-earn games such as Axie Infinity, whose token was down 6.8 per cent to US$43.90 this afternoon after surging to $52 yesterday.
That’s was the worst single-day performance in the top 100, but its 97 per cent gains for the last seven days are the best.
The AXS token was changing hands at around US$5 at the start of July, and around US50c at the start of the year.
It’s now the No. 39 coin on Coinmarketcap, ahead of Bitcoin SV and behind The Graph.
As the crypto community explores new uses for NFTs, a project known as “Stoner Cats” appeared to cause a huge spike in Ethereum gas (transaction) prices yesterday.
Gas cost as much as 734 gwei — up from an average of around 20 or 30 gwei — as users rushed to mint the TOKEn that serve as a pass to view the animated series.
We SOLD OUT in 35 meow-nutes! 🙀
If you got a TOKEn, drop it here!
— Stoner Cats (@stonercatstv) July 27, 2021
Ethereum founder Vitalik Buterin is joining Ashton Kutcher, Mila Kunis, Chris Rock, Seth MacFarlane and Jane Fonda in voicing characters on the show. Apparently the housecats gain “higher” consciousness after Jane Fonda’s character accidentally drops a joint in a fireplace.
The 10,000 TOKEns sold for 0.35 Eth (about A$1,090). Buyers were flipping them for a quick profit on NFT secondary marketplace Opensea, where they were selling for around 0.6 Eth ($A1,867).
Overall the crypto market was slightly lower, falling 0.35 per cent after a week of steady gains.
Bitcoin was trading for US$39,750 at 12.12pm AEST, down 0.3 per cent from yesterday.
Ethereum was at US$2,293, down 0.5 per cent.
THORChain was the biggest gainer in the top 100, up 21.6 per cent to US$4.98, as the cross-chain asset exchange rebounded from a series of hacks.
Terra (LUNA) followed with a 16.8 per cent rise to US$11.22, the only other double-digit gainer.