Paradox Crypto Value Nosedives
Paradox crypto has been trending online in recent months due to the booming Metaverse industry.
Unfortunately, many cryptocurrency traders and investors are not privy to the fact that the digital asset is part of a broader project encompassing blockchain gaming, play-to-earn (P2E), Metaverse, and non-fungible tokens (NFTs).
What is Paradox crypto?
It is the native asset of the Paradox Metaverse, a project announced in April 2022 by Paradox Studios, a UK-based development team. The company is behind a new blockchain game employing the P2E format, which is forecast to grow from $755 million in 2022 to approximately $3.6 billion in 2028 at a compound annual growth rate (CAGR) of 21.3%.
PARADOX has 12.7 million tokens in circulation from a total and maximum supply of 1 billion. As of the late evening hours of 14 February, PARADOX was exchanging hands for $0.01483. With this, the token had plummeted by 86% in value since its opening day, and 57% year-to-date (YTD).
Paradox NFTs are also attached to the project
The global NFT market sales have surpassed $48 billion and the Paradox Metaverse Official Collection has contributed its quota to this milestone.
The digital collectibles are integral to the blockchain game, as potential players must buy an NFT character from the 8,878 collections before they can access P2E missions.
Upon completion of missions, gamers are rewarded with an in-game digital currency called ‘P-bucks’. The P-buck tokens can be swapped for PARADOX.
In August 2022, the studio announced that it had enabled Paradox NFT staking, which will help gamers earn passive income.
As of 14 February, the Paradox Metaverse Collection had more than 1,400 owners, commanded a floor price of 0.0397 ETH (about $61), and had seen a volume of 199 ETH (approximately $310,000) on the largest NFT marketplace across the globe OpenSea.
As of the same date, the token had a fully diluted market capitalization of $15 million and was supported by centralized cryptocurrency exchanges Huobi Global and BitMart.
Author: Raphael Minter
Raphael Minter/ Albert Zuhnden (preferred pen name) is a crypto finance writer, data miner, and fundamental analyst. Raphael has written hundreds of articles about centralized and decentralized financial instruments such as precious metals, commodities, stocks, and cryptocurrencies. He broke into digital finance in 2016 and believes digital assets and blockchain technology is the future of finance.