Defi Kingdoms, a metaverse-based blockchain game, is experiencing a rise in activity due to the push that metaverse projects are now having in the market. According to Dappradar, the activity on the game has risen considerably. This is also accompanied by the rise in the price of its native token. JEWEL, issued on top of the Harmony blockchain, a token that reached all-time high (ATH) levels in a sideways market.
Defi Kingdoms grows among its peers
After recent Web3 frenzy, Defi Kingdoms, a play-to-earn (P2E) game with non-fungible tokens (NFTs) as part of its structure, has been gaining popularity among the new wave of blockchain games.
The number of users of Defi Kingdoms has increased by more than 300 percent in the previous month. According to statistics from Dappradar, a decentralized finance (defi) activity tracker. In the same period, the number of transactions on the network has more than quadrupled, hitting 7.32 million.
The game’s native coin, JEWEL, has seen a growth in value. Which includes completely decentralized financial activities that users may access without playing it. Such as staking and liquidity mining. In the midst of a broad cryptocurrency market fall, the token’s price reached ATH levels today. Shattering the $20 dollar threshold.
The rise of decentralized gaming
Last year was the year of NFTs and the metaverse. According to Square Enix president Yosuke Matsuda, who addressed the matter in a letter. While smaller firms had previously created initiatives based on similar ideas. The sector began infusing funding in a more significant way last year. As a result, initiatives like Decentraland and The Sandbox, which have been around for a long time, are already reaping the benefits of this drive.
Due to its play-to-earn characteristics, Axie Infinity became one of the most popular decentralized games this year, appealing to those with poor incomes in countries like the Philippines and Venezuela, who perceived a bigger income playing these than working in standard professions in their nations.
Traditional gaming firms (such as Square Enix and Ubisoft) are now attempting to incorporate these components into their game ecosystems, proposing to develop token currencies and markets that would allow these universes to be self-sustaining in the future. However, AAA game studios have yet to develop an iteration of a major franchise that incorporates NFTs.