$xBlade — State of the Market — Mar 2022
Welcome to the last month of Q1–2022. Time does fly fast. It feel like we will be in mid of 2022, end of 2022, and celebrate 2023 soon enough. Anyway, let take a look in what is developing with CryptoWar xBlade and how we are working into 2022.
This is a snapshot of the price chart of $xBlade from Dex Screener:
It is quite quiet on the price action front. However, comparing to other tokens and coins, xBlade have had quite a strong Feb, given overall market sentiment is very negatively. To take into perspective, 2022 YTD Return:
Open: Jan 1st, 2022 to now at Mar 4th, 2022
- xBlade: Open $0.03850, now: 0.03153. Return: -18%
- BTC: Open $46,211, now: $38,969. Return: -16%
- ETH: Open $3,675, now: $2,612. Return: -29%
- BNB: Open $512, now: $371, Return: -28%
- SAND: $5.85, now: $2.89, Return: -51%
- MANA: $3.20, now: $2.44, Return: -24%
- AXS: $93, now: $49, Return: -47%
Comparing to most of the market benchmarks, xBlade actually quite over-performs. If we compare xBlade with most of GameFi projects, the performance is even more impressive in term of the price level we are able to hold.
Looking into the future. I think $0.030 will probably hold and compare between upside and downside, I think the upside is more likely to realize even in the scenario that we have crypto winter in 2022. That is because looking into other GameFi projects that are active in the market right now, we see that the average Fully Diluted Market Capitalization of the projects that we tracked are about $523M (data around mid Feb 2022). If we eliminate some of the largest market outstanders such as Axie and Thetan, we still see the average MCAP of projects that we tracked are $148M. If we further eliminate anomalies such as Space Crypto and Luna Rush, where the Circulating Supply is only <1% of Total Supply, making the valuation is highly speculative, then the more “decently valued” projects are still averagely at $69M. xBlade MCAP is currently at about $3M which is 23x below market average. Looking from the development of P2E and GameFi market recently, I think there is less likely GameFi will make a blow up in valuation across the sector. Rather:
- Likely, the sector will face substantial backward in price and MCAP due to adjustment toward overvaluation during Token Generation Events, and
- Inflation from P2E will increase Circulating Supply in relation to Total Supply and these newly token is more likely to get sold into the open market. Pressure on price,
- Unlock schedule from private sales and team fund of GameFi projects come to due and the tokens become ready to sell
Thus, I think more downward pressure among GameFi projects are here to come.
Comparing xBlade to those factors. xBlade don’t have an IDO with sky-high valuation to start with. Right now xBlade is higher than during IDO. xBlade doesn’t have substantial inflation from P2E. xBlade doesn’t have private sales pre IDO that give those early investors 10x returns to sell into the market when the unlock is due.
With these reason, I think xBlade will continue to outperform GameFi market average in general.
Comparing to Jan, xBlade Bond total purchased increase to $253K from $200K. Most of this increase come from a substantial increase in xBlade 260 Days Staking. Back in my first writing about State of the Market in here, I made a forecast that:
Total Bond Loan-To-Value (LTV) reaches $21K only after about 3 days launching. The 30-Day Bond is sold-out in 2 days after release and the 180-Day xBlade Staking Bond is sold-out in less than a day after release.
This means a few things:
Large wallet holders have no issue locking their token and not selling. Even though right now there is only about $10K locked on the xBlade 180-Day Bond, I would not be surprise if the team roll out more Bond on xBlade 180-Day, they can probably lock easily no less than 5M xBlade in total, or $200K.
Tri was right! Surprise!!!
Anyway, it’s quite phenomenal that the total locked into xBlade staking is crossing 6M xBlade and probably come to the tune of 7M-8M for the months to come (Wallet number 6 of top holders):
Project Developments to Unfold
I will have a more thorough update on product development later on. But for now these are some idea we have been thinking over:
- Changing Project Name and Token Ticker to better reflect our shift from GameFi to Metaverse.
- Building a world map for our Metaverse.
- Building a environment art style.
- Building Avatar characters style.
- Working on back-end structure to build an in-game decentralized exchange (DEX)
- Finalizing PvP Mode 2 for our current CryptoWar mini-game. When the PvP Mode 2 is released, we will also limited P2E and only allow P2E to be active at heroes from level 33 and below. Heroes go beyond level 33 will no longer able to play P2E.
- Finishing bridge to ThunderCoreHub.
Product developments have some important progress over the past month and I will have a more detail writing about what we will do in the next update.
Disclaimer: Not financial advise. I hold $xBlade. I’m the Co-CEO of CryptoWar xBlade. This article reflects my personal observation and thinking and not team’s official opinion.