Why Gaming Altcoins Like BinaryX Are So 1974

With cryptocurrency prices in the doldrums of late, investors are hunting other ways to generate returns. Play-to-earn crypto games have been catching on like wildfire in the industry and beyond, giving market participants something to be excited about as developers keep their noses down and build. The burgeoning GameFi segment is the intersection of gaming and decentralized finance (DeFi), and it has taken the blockchain industry by storm. Emerging projects are winning over crypto and traditional gamers alike as play-to-earn features and white-hot NFTs raise the stakes.

Blockchain-based gaming altcoins, or tokens that fuel the GameFi market, have been known to trade independent of bitcoin, which is especially useful during a crypto market downdraft like the one happening now. Bucking the trend is rare in the crypto industry and reflects the demand for the metaverse.

Take Axie Infinity, which has been an inspiration in GameFi circles and whose virtual land plots in the metaverse are selling for millions of dollars, or hundreds of Ethereum apiece. The Axie Infinity token, which is available to buy on crypto exchange Coinbase, among others, has risen from about $74 in September to $97 today, a gain of 31%. Since June, when Axie was trading in the single digits, this gaming altcoin has soared 2,300%.

axie chart
Axie Infinity 3-Month Chart | Source: CoinMarketCap

Axie has paved the way for other gaming altcoins and play-to-earn games in the metaverse. BinaryX is a decentralized derivatives protocol that came on the scene in the spring of 2021 and is behind CyberDragon, a play-to-earn game on BinanceSmartChain. The BinaryX token, another gaming altcoin, is up 250% since September.

binaryx chart
BinaryX 3-Month Chart | Source: CoinMarketCap

Role Playing Game

If you happen to remember 1974, when the original role-playing game (RPG) Dungeons & Dragons (D&D) was created, you might understand the charm behind BinaryX's CyberDragon. In fact, CyberDragon might owe D&D a debt of gratitude given that the fantasy tabletop game is credited with having kicked off RPGs to begin with. For nostalgia purposes, here's a glimpse into the development timeline of D&D, as presented in Jon Peterson's “Game Wizards.”

game wizards
Source: Jon Peterson/Twitter 

Gary Gygax and Dave Arneson, co-creators of D&D, reportedly had to split $106.40 in royalties between them for the maiden printing of the game. RPG has come a long way since then, and D&D fans probably could never have envisioned a world in which they could play on a decentralized ledger called the blockchain and earn crypto. Nevertheless, that's exactly what games like CyberDragon let you do.

BinaryX

BinaryX is behind CyberDragon, a blockchain-fueled RPG play-to-earn game with heroes, dungeons and dragons for the metaverse. CyberDragon has everything that crypto gamers have come to know and love — gaming, role playing, NFTs and GameFi. The game was built on the Binance Smart Chain, a blockchain network on which developers build decentralized apps (Dapps) with smart contracts, a key tool in DeFi. The idea is for players to:

  • Create characters
  • Collect rare equipment
  • Challenge dungeons, ultimately seeking to beat the Cyber Dragon and collect rewards
cyberdragon v2
Source: BinaryX and Medium

CyberDragon boasts a multi-token economic system across the following tokens:

  • BNX
  • Gold
  • Crystal

BNX is the token for governance in the CyberDragon game, giving players the opportunity to vote on major events related to the game. Along these lines, BinaryX is launching a DAO, which stands for decentralized autonomous organization and will be controlled by token holders. Members of the DAO will be able to introduce proposals to influence the direction of the project that can be voted on by other members.

Back to CyberDragon. Holding BNX tokens is the gateway to being able to receive free other tokens (like Gold) in events called airdrops. To play CyberDragon, you need BNX tokens to create heroes, access rare equipment, give the Cyber Dragon dungeon (and other dungeons) a run for their money, and more. BNX tokens can be obtained in a few ways:

  • Buy them on decentralized exchanges (DEXs) like PancakeSwap
  • Challenge dungeons during gameplay
  • Access BinaryX's other DeFi products

CyberDragon also launched a lock-up revenue feature that allows gamers to lock BNX to generate additional ROI from the dungeon. This appears to be akin to a staking feature that is popular in DeFi in which users provide liquidity to an exchange or pool by locking up their crypto tokens for a period of time in exchange for interest or rewards.

Source: BinaryX website

A second token in CyberDragon is gold, which is the main currency of the game. Heroes fight the dragon, and they must consume gold to upgrade. The gold tokens are also used to finance dungeon challenges, open treasure chests, recruit heroes from other players and form teams. Gold tokens can either be earned during gameplay or purchased on crypto exchanges.

Crystal is a newer token, which heroes of the gain can obtain through mining and disassembling items. Crystals have a couple of purposes, one of which is to buy the Twilight Forest dungeon.

It's a game of battles and earning, and NFTs are a major part of it, serving as characters like heroes as well as items in the metaverse that can be traded with other players. BinaryX recently touted a high score CyberDragon Hero NFT that was sold for 1,000 BNX, or $20,000.

As of October, BinaryX boasts 20,000+ BNX holders and over 230,000 Cyber Dragon heroes, with new hero inventory being released on a regular basis.

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This post was produced and syndicated by Wealth of Geeks.

Featured Image Credit: Shutterstock 

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