It has been one of the hardest few weeks in crypto’s relatively short history, with the entire market taking a nosedive and some tokens almost wiped out entirely. These events may not be anything to do with blockchain gaming and NFTs per se, but they certainly affect them.
Token Gamer and NFT Insider have decided to combine forces to launch a weekly podcast, Mint One (formerly WAX Lyrical). John Nichols of NFT Insider and I will discuss a new topic every week, as well as feature special guests. If there’s a topic you’d like us to cover, make sure you let us know through the Token Gamer Discord or Twitter, or the NFT Insider Discord or Twitter.
In last week’s episode, John and I took on crypto media and how to know who to trust and who is being paid to shill. This week, we address a torrid 7 days between the two episodes.
Episode 24: What Does the Crash Mean for NFTs and Blockchain Gaming?
This wasn’t the episode neither John nor I wanted to create this week, particularly with things as bleak as they are. Nevertheless, it’s important to address the crashes when they happen, and making a positive and jovial episode felt disrespectful to the people who have been seriously affected by the Terra collapse.
As many in the sector will know, this week we saw the algorithmic stablecoin, $UST, depeg from its 1:1 with the US Dollar, causing the entire Luna ecosystem to collapse in on itself. UST has lost its 1:1 peg twice before, once in May 2021 and once again in January this year, but this third time appears to be terminal.
As much as I want to deep-dive why it happened, the rumored causes, and the effects, I’m not an economist and I don’t have a background in finance, and neither does John. So, we opted to stay in our wheelhouse and discuss how this crash may impact NFTs and blockchain gaming.
I think it’s fair to say that trust in crypto is at one of its lowest points presently and that will reflect in both of the aforementioned sectors. Nevertheless, this week also saw a $1.13m sale of a Bored Ape, and Otherside land has also been snapped up. As for blockchain gaming, it’s far too early to gauge anything meaningful, though as I mentioned in this episode, there are certainly benefits to a cooling-off period for NFT games. The infrastructure is lacking and release projects are sparse, so that’s a silver lining I have chosen to cling to.
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