Cracking the Top 10 GameFi projects volume list since March, play-to-earn platform Metaverse Miner is now the first major space-themed metaverse project on the blockchain thanks to Gameplay and Tokenomics.
However, despite its innovative gameplay and novel concept, Metaverse Miner saw a significant drop in trading volume and the price of its token, META, since its peak in November.
In this article, we’ll explain Metaverse Miner’s unique features and competitive advantages, plus some drawbacks, so you can assess its potential for the near future (and in galaxies far, far away).
Data Overview of Metaverse Miner
According to the latest data from Footprint Analytics, Metaverse Miner currently sits in fifth place among GameFi projects in terms of trading volume, with a substantiation gap with DeFi Kingdoms and Axie Infinity.
Footprint Analytics – Top 10 Games by Trading Volume
Compared to March 2021 when it first launched, Metaverse Miner’s trading volume started to rise from Sep. 2021, at around $70 million, and peaked at $140 million in November. This was due to the game’s innovative gameplay, the integration of multiple play modes to attract players, and the metaverse boom at the time.
Footprint Analytics – Metaverse Miner Monthly Trading Volume
Footprint Analytics – Metaverse Miner Transactions Number vs Users Number
6 Ways to Play Metaverse Miner
The Metaverse Miner ecosystem is built on three assets: META tokens, Planet NFTs and Miner NFTs. There are 6 main ways to play.
• Become a Star Master
Players can become a Star Master (basically, an intergalactic landlord) by participating in the planet’s NFT auction, and gaining ownership of an entire planet. A Star Master can enjoy most of the proceeds from the land.To keep running these proceeds, the players need to invite more users to participate.
• Become a Star Lord
Instead of being a Star Master, players can participate in the game or to own a miner NFT (“miner”) using USDT to buy from the planet NFT, and become a Star Lord. A Star Lord can mine the planet with considerable earnings.
• “Energy Value” is required when mining
Energy value is like the cost of electricity needed for mining, which can be charged using USDT.
• Collecting energy by staking a miner NFT
Players can stake the miner NFT to obtain “energy” in the form of META, of which the Star Master owns 5% and the miner NFT owns 95%.
• Leasing a Star Master’s mines for revenue
Players can earn a portion of the planet NFT holder’s earnings by paying rent and owning the right to use the Star Master’s mines.
• Become a Collector
Miner NFTs come in a variety of forms and incorporate effects such as 3D and AR to meet the needs of different players’ collections.
Screenshot Source – Metaverse Miner
Tokenomics of Metaverse Miner
Metaverse Miner’s Token is META, the only in-game token in circulation. Players must use META to bid on and buy planet NFTs. Other tokens, like stablecoin and other game tokens, will be used for community governance.
META has a supply of 21 million tokens (which is the same amount as BTC’s supply) and has strong deflationary properties by adopting a multi-dimensional burning destruction mechanism.
According to Footprint Analytics, since the launch of the game, the META’s price gradually went up until Nov. 24, when it peaked at $18.
Due to a yet immature ecosystem, development costs were high and many players began to sell, causing a precipitous decline in META’s price.
Footprint Analytics – Token Price Trend of META
Summary
Metaverse Miner is the first space-themed GameFi project and has been one of the top 10 GameFi for nearly 3 months, building a complete and relatively playable metaverse world for players.
Compared to other games (such as Axie Infinity and Decentraland), Metaverse Miner has a few unique properties:
• Its token, META, is designed with a deflation mechanism, unlike other projects that require the issuance of additional tokens.
• NFTs in Metaverse Miner can gain revenue continuously.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
