On Friday, 11th November, FTX, the second largest cryptocurrency exchange, caught the markets off-guard when it confirmed that it had filed for bankruptcy. A planned takeover from FTX’s main rival, Binance, failed to materialise, leaving markets reeling after the latest blow to hit cryptocurrencies in 2022. FTT tokens lost $2 billion in value and around 10% ($100 billion) from crypto market caps.
While the effects of the FTX crash extend well beyond their customer base, there are still excellent options for investors. One of which is Metacade. Here’s why the MCADE presale could reap investors’ rewards.
Why FTX Crashed
FTX’s crash was precipitated by a rush of customer withdrawals, leading to an $8 billion black hole in its balance sheet. This left most of the platform’s 1 million customers unable to access their funds. FTX’s main rival, Binance, announced an intention to step in and rescue FTX. However, after the hole in the balance sheet was uncovered, they pulled the plug, unable to provide the required liquidity.
Frantic searches for a new white knight came to nothing, and Sam Bankman-Fried, FTX’s CEO and founder admitted on Twitter that he’d made mistakes and “should have done better”. After filing for bankruptcy in the US, Bankman-Fried was replaced as head of FTX. What happens next remains to be seen. However, experts agree that this is a shock to the markets akin to the global financial crisis of 2008.
One cryptocurrency that looks well-placed to ride out the current market storm enveloping the markets is Metacade.
What is Metacade?
Metacade is a virtual online video gaming arcade hosted in the metaverse that aims to take the power of gaming out of the hands of large gaming corporations and back into those that matter, the gamers. Metacade will be the home of one of the broadest ranges of play-to-earn titles in the metaverse that will attract casual and seasoned gamers.
While gaming and gamers are at the centre of Metacade’s ethos, several multi-dimensional strands of the platform offer great hope of longevity. For example, it’s a place where developers can turn their ideas into reality. Those that need funding can apply for Metagrants; the community will cast votes to decide which games are developed.
There are several other opportunities for users to earn through the platform. Users can earn additional MCADE tokens through game testing, writing reviews, and sharing their gaming knowledge on the platform. Meanwhile, other plans for the platform will create a careers hub that will allow users to connect with leading Web 3.0 companies.
Ultimately, Metacade aims to become a fully integrated DAO that will see control and power handed over from the core developers to well-respected community members.
Why MCADE’s Presale Could Surge
FTX’s crash has severely shaken investor confidence in cryptocurrencies. However, there are grounds for optimism in some areas, particularly crypto tokens that point to a bright future, such as Metacade’s MCADE coin.
Metacade’s well-constructed roadmap and the multi-layered platform are something that offers excellent long-term potential for investors. It plans to place the future of the hub into the hands of the users and build a self-sufficient economy that will see a seamless flow of funds from investors and advertisers into the wallets of developers and gamers.
With several other GameFi offerings reliant on one or a small selection of titles to survive, Metacade’s broad range of titles as well as the social interactivity means that the community should always be able to evolve with the changing demands of the membership and marketplace. This level of security gives investors greater confidence in Metcade than in the overall crypto market since the crash of FTX.
Buy Metacade (MCADE) During Presale
FTX’s crash has undeniably impacted crypto markets, shaking investor and market confidence. However, newer projects still in presale status, such as Metacade, have been immune to the fiscal effects of the bankruptcy.
There are nine rounds to the MCADE presale, each of which sees a price increase. After beginning at 125 MCADE for $1, the price will rise to 50 MCADE for $1, meaning that those early investors have a chance to be rewarded with a return on their investment as the presale ends.
This, along with the exciting roadmap, means that buying Metacade during its presale could prove the perfect investment during this current market uncertainty.
You can participate in the Metacade pre-sale here.
Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.
