Bitcoin users who have been keeping a close eye on the progress of Spells of Genesis may have noticed how the price per blockchain-based trading card has gone up over time. In fact, the value of the in-game BitCrystals currency has been on a steady increase as well and currently sits at the $0.0366 USD mark per token. But what has been causing this increase, and will this trend continue over time?
BitCrystals Burning Creating Scarcity
Spells of Genesis has become a very popular trading card game in recent months, as it is the game to incorporate blockchain technology at its core. By issuing in-game trading cards over the blockchain, players can prove ownership of their assets at any given time, as well as take their assets outside of the game as well if they desire to do so.
What makes Spells of Genesis such a unique concept has to do with the in-game BitCrystals currency. A total of 100 million BCY were created when the project was announced, of which 30 million belong to EverDreamSoft, the company responsible for creating the game. The remaining 70 million BitCrystals were distributed during the Token Sale, and any unsold BCY were burnt shortly afterwards.
But there is more to this concept than just burning the unsold BitCrystals supply, as 50% of all card sales income is burnt once per month as well. In doing so, Spells of Genesis has a thriving economy, as the in-game currency supply dwindles every single month. This makes BitCrystals more scarce every month, which will eventually lead to a price increase.
Judging by the current Bitcrystals price on CoinCap, that price increase has been steadily happening for the past few months. Whereas the value of one BCY was around $0.015 at the end of September, it is now getting close to the $0.04 mark. As the supply of in-game BitCrystals declines every month, it is very likely this trend will continue over the months to come.
Growing Card Sales Will Further Boost BCY Price
The number of blockchain-based trading card sales has seen a healthy boost as well by the look of things. The website displaying which trading cards can be purchased with BitCrystals shows how several cards are out of stock, whereas the available supply of others is running fairly low.
Spells of Genesis Founder Shaban Shaame commented:
“We are thrilled how the community responded. BitCrystals and Spells of Genesis cards quickly became the most traded asset on counterparty. We sold in 3 months a total value of 3,085,571 BitCrystals, which is worth roughly US$85,000 and we burned half of them.”
Overall, it looks like this game is seeing a fair share of success, and the more people play, the more valuable the in-game currency becomes. This is one of the major reasons why Spells of Genesis has become such a success story over the past six months. As more cards are created and purchases, the amount of BitCrystals will keep reducing every month, making every token more precious to players invested in the game.
What are your thoughts on the success of Spells of Genesis so far? Will the value of BitCrystals continue to appreciate? Let us know in the comments below!
Source: News Tip Via Email
Images courtesy of Spells of Genesis