The BSC-based NFT platform has been on the positive end of the crypto market, setting the pace for NFT platforms on Binance Smart Chain (BSC).
CryptoBlades Sees Massive Growth
The CryptoBlades platform has seen over 3000% growth recently, capitalizing on the recent trend of NFTs. NFTs have gained full-scale adoption globally, with Cryptopunks, Cryptokitties, and most recently, CryptoBlades making the rounds in the Decentralized Finance (DeFi) landscape.
In addition, the CryptoBlades SKILL token has increased significantly in value over the past week, surpassing the tokens of other growing NFT platforms like Metaverse, AXS Mania, and Play to Earn.
The Importance of NFTs and Their Trend
As stated earlier, NFTs have exploded recently. They are digital assets representing real-life objects such as music, art, in-game items, and videos.
They can be traded online using cryptocurrencies and are encoded using the same underlying software of cryptocurrencies. They are called non-fungible because they cannot be copied, exchanged, or subdivided.
This means that they have their unique value and cannot be exchanged on a like-to-like value basis. Generally, NFTs are used by artists who want to monetize their creations, and platforms like CryptoBlades. They have created an open space on BSC to showcase their unique innovations.
CryptoBlades SKILL Token Dominates Major Competitors
Among the other NFT platforms, CryptoBlades, and $SKILL have dominated the BSC space charts. According to the BSC News price index tool, the SKILL token is on a 2241.55% surge in the last seven days, trading at $34.69 and up by 15.19% in the last 24hours.
What is CryptoBlades?
CryptoBlades is a web-based NFT roleplaying game launched on the Binance Smart Chain. Like other NFT gaming platforms, CryptoBlades issues its native SKILL tokens to participants as in-game rewards.
However, asides from competing to earn SKILL, players can also forge unique weapons and trade them on an open marketplace. What’s more, players can also stake their earnings and obtain more SKILL rewards.
Other NFT Platforms to Watch
Metaverse, AXS Mania, and the Play to Earn platform are also doing projects seeing recent success. The $PLAY powers the Play to Earn website, its community, and events.
Companies also use the token to interact with the Play to Earn online magazine. In essence, the token is about activating a community and creating a buzz, sharing knowledge, and getting people involved in blockchain gaming.
There Are Still Risks Involved
The significant increase of the SKILL token may be short-lived. Other platforms, including Play to Earn, may not see such an increase amidst the current market volatility. The question that lingers is if its token can also be a good store of value like CryptoBlades’ SKILL token.
Do Your Own Research (DYOR)
Investors may be tempted to dive into the market for SKILL in light of the significant surge. However, the risk of trading any asset in the crypto market is always high, and trading SKILL is no different. Therefore, do adequate research before taking this risk, putting into consideration the volatility of the market.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.