I've been slowly accumulating PsyberX's native token LVL for the past week or so and the more I think about this project the more bullish I get.
I made a post last week going over a general overview of what PsyberX is and how the ecosystem is going to work. Last week they did a tier 1 NFT airdrops for people that were holding more than 5 million LVL tokens (Which is about 1% of the total supply) at the time of the snapshot which ended on October 17th.
NFT airdrops for tier 2 and tier 3 is still currently ongoing, if you want to qualify for the tier 2 NFT drop you will need to hold at least 1 million LVL token and 300,000 LVL token for tier 3 by the end of November 10th, 2021.
Besides the sweet NFTs and the founder title, you can receive from the Tier 2 and Tier 3 airdrops, the fact that this token only has a max supply of 500 million and it is currently trading for an insanely low price of $0.00067 per LVL token makes me extremely bullish.
The crazy thing is that the daily trading volume of this token averages less than $1000, mostly because the game is currently still early in the development stage and also the fact that not a lot of people have heard about this game outside of the Hive community.
They haven't discussed much about the utility of LVL token other than the fact that you will use it as an entry fee to play the actual game and potentially earn more. I assume they will implement some sort of staking mechanism to incentivize holding LVL tokens for additional benefits and I am also going to assume that there will be a marketplace where we can purchase and sell weapons and other in-game items using the LVL token.
It's not entirely sure if they will be releasing another native token in the future, sort of like how Splinterlands have with SPS and DEC but just from the token supply perspective of LVL, I can easily see this token reaching over $1 once the game is out and they have a functioning ecosystem in place where you can play to earn and buy/sell in-game assets.
Hell, the game doesn't even have to be that impressive as long as they have a functioning ecosystem in place. Let's be real, all the other play-to-earn games out right now are pretty pedestrian at best when it comes to the actual gameplay so the bar is already set pretty low. Not only that, I haven't heard of any crypto-related FPS games, they are usually card games or very basic rpg style games so basically this will be the first of it's kind.
Also, the fact that it will be built on the Hive blockchain means you won't have to worry about high fees, unlike the games that are built on Ethereum or other blockchains so I feel like having a functioning marketplace for the game won't be a huge issue.
I mean look at THORChain a coin that has the same max supply as LVL and it's trading for nearly $10 a token with the Market Cap of 2.6 Billion Dollars. The Market Cap of LVL is ONLY at $343,781 imagine what will happen to the price once it reaches a couple of million.
I know there is more to it than just comparing the market cap of the coin and the max supply of the token when it comes to determining the actual price of the coin but this can serve as a quick reference guide to where the coin could be potentially heading in terms of price action.
So this concludes my article on why I am so bullish on LVL tokens and why I will be continuing to purchase them while the price is still cheap. I haven't been this excited about a crypto-related game since I first discovered Splinterlands back in 2018 another game that is built on HIVE blockchain that is doing extremely well.
Well, it's time for me to purchase more LVL tokens (not financial advice)
If you are curious about this project head over to their HIVE profile
and don't forget to join their discord channel over here - https://discord.gg/dVnzrEsGkN
