The saga of the FTX crypto-exchange bankruptcy took a further turn with the news of the arrest of Sam Bankman-Fried in the Bahamas. With the FTX founder announcing that he will not fight extradition, Bankman-Fried will face eight separate charges in the US, including wire fraud, campaign finance irregularities, and money laundering.
If found guilty on all charges, Bankman-Fried faces serving up to a maximum of 115 years in jail; however, the actual time the FTX founder is likely to face inside will be much less.
With the continuing fallout from the crash of FTX, investor confidence in cryptocurrency remains low. However, it’s not all bad news, as the new GameFi project Metacade announced its beta presale round raised almost $1 million in just three weeks. Here’s why Metacade appears to be successfully riding out the waves in the crypto market caused by FTX.
What is Metacade?
Metacade is an exciting new GameFi platform set to revolutionize the gaming industry. It is a unique community hub where gamers can enjoy the best range of games in the metaverse while networking and collaborating to shape the future direction of the platform and Web3 gaming.
The platform’s primary feature is its vast catalog of play-to-earn (P2E) titles, giving gamers a chance to earn a real income as they play exciting games. In addition, Metacade features initiatives that provide earning opportunities and allow game enthusiasts to add value to the market.
Metacade’s innovative MCADE staking system is just one of several revenue streams available to users, helping Metacade to become a stable self-sustainable platform that generates passive income. Users may also be rewarded for writing reviews, sharing knowledge and alpha, and other social interactions.
There are also opportunities for developers to gain funding to build their games with the help of Metagrants, plans for career development with a jobs board, and the intention for the community to become a fully-fledged DAO by the end of 2024.
How does Metacade work?
Gamers will find a range of 2D gaming titles on the Metacade website, each of which allows users to access a platform portal. Players will also be able to access leaderboards, game reviews, and the most advanced alpha in the GameFi space.
In Q3 2023, Metacade will release the Metagrants initiative, allowing game developers to submit proposals for new games. These game ideas are voted on by the community, meaning that those titles the audience wants to play are the ones that get created. The successful developers receive Metagrant funding to support their designs, and the first fully-developed Metacade game will hit the platform in Q1 2024.
To ensure the smooth operability of the platform, Metacade has several incoming revenue streams to provide the required funding to operate the community, fund Metagrants, and allow customer rewards. These include:
Play-to-play arcade titles
Advertising space
Prize draws and tournaments entry fees
A gaming launchpad
External Web3 job postings
Why has Metacade been so popular in the presale?
The platform’s roadmap, available on Metacade’s white paper, shows plans for a hub that is quite unlike any other GameFi project. With most other metaverse gaming projects reliant on a minimal number of USPs, Metacade’s plans to continually evolve with regular releases of new titles provide a level of longevity that is lacking in their competitors.
Metacade has a huge focus on security. To keep its native token, MCADE, and the platform secure, Metacade submitted its specification, smart contract, and team details to CertiK for an audit. This demonstrates to its community a huge level of transparency and readiness to fix any issues as soon as they arise.
This attention to detail and reassurance, lacking in some other areas of crypto, has given early investors plenty of confidence that the team behind Metacade knows what they’re doing and will protect their funds. This level of security is essential for investors who are concerned about the fraud allegations faced by the FTX founder.
In addition, Metacade builds even more confidence through its plans to transition into a DAO by the end of 2024. Metacade prides itself on being a platform run by gamers, for gamers. As a result, investors can sink their funds into the project, knowing that it isn’t beholden to a small number of people. This level of community-mindedness is a desirable feature for any investor, especially those investing in gaming platforms.
Is MCADE a good investment?
With the beta phase of the Metacade presale selling out in just over three weeks – despite the headlines and scandal surrounding FTX founder Sam Bankman-Fried – the platform’s potential is evident. Although the beta price of $0.008 per MCADE token has increased by 25%, there is still excellent value to be had by investing now.
There are nine presale phases before Metacade hits the exchanges, with the price increasing in each phase. MCADE tokens are currently in their 1st presale stage, valued at $0.01 each. With the closing presale price rising to $0.02 per token, there is still plenty of opportunity to get a good deal on an early investment.
You can participate in the MCADE presale here.
Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.
