JEWEL Crypto: How This Crypto Could Stay Hot in a Sideways Market
The crypto markets has been in a noticeable slump since shortly before Thanksgiving. Well, for the most part that is. On the other hand, JEWEL crypto has been a diamond in an otherwise rough patch. And if the DeFi Kingdoms game it powers continues to gobble up the attention of GameFi gamers, it could be considered to be trading at a discount right now.
But before we get into the ins and outs of JEWEL crypto, let’s take a look at what GameFi is and why it’s surging in popularity.
In its simplest of terms, “GameFi” is a portmanteau of “gaming” and “decentralized finance” (DeFi). These types of video games are built on blockchain technology. By pairing this with NFT concepts, GameFi allows players to be the sole and verified owners of the virtual elements of the games they play. And those elements can become valuable commodities in the real world.
However, this isn’t the only feasible financial gain that players can make. In some, there is an opportunity to trade, mine and stake real cryptocurrencies. The most popular GameFi example is Axie Infinity – which is powered by AXS crypto. To put its popularity in perspective, Axie Infinity generated $365 million in revenue in August of 2021. That amounted to a 769% increase in revenue compared to June 2021.
What’s more, some players of the game are earning upwards of $500 a month by playing. And all that activity has pushed the value of AXS up more than 12,000% compared to this time last year. Impressive? Absolutely. But now it appears that Axie has some competition in the GameFi space. Its name is DeFi Kingdoms. And that could bode well for its native JEWEL cryptocurrency.
JEWEL Crypto Could Be Lifted by a Continued Surge in Popularity
The goal for most crypto creations is for a continued climb in value. But in some cases, this can backfire. AXS is just such an example. In order to play Axie Infinity, you need to pony up some crypto. And with the high value of its native token, it got expensive to get started.
Talking to one gamer who started playing it this past summer, the cost of entry was around $600. That’s about 50% more than a new PlayStation is selling for these days. But remember, this isn’t about just blasting away at enemies while an 11-year-old bad mouths your mom. The point of entry is an investment opportunity. And unlike all those hours wasted on Call of Duty back in the day, these gamers are making some decent money.
Now enter DeFi Kingdoms. In many ways, this game is still in development. But as it begins to roll out its metaverse-creating game play, its user base is growing rapidly. As it stands, the number of users of DeFi Kingdoms is up more than 287% in the past month. And that’s despite the fact that some important features of the game have yet to go live. All of this suggests a bullish future for JEWEL crypto.
Right now, players of DeFi Kingdoms have the opportunity to enlist heroes to defend their gardens (where farming tokens are unlocked), swap tokens with other players and earn staking bonuses.
But going forward, players will be able to purchase land in order to grow their kingdom and invest in its growth. It sounds a bit like Sid Meier’s Civilization – but with a Zelda-esque look. But again, this isn’t just about dominating the enemy. This is GameFi. And it could turn into a lucrative endeavor for some.
How to Get Started
There’s no need to get into all the inner workings of starting a DeFi Kingdoms campaign. The project’s website has a helpful tutorial to get started. But it’s worth noting that before you get started you will need to use one of the following browsers:
This is because you will have to use a browser with a Metamask wallet extension installed. And the four browsers above all support Metamask. Though it might be worth mentioning that the game developers suggest Chrome as their preferred browser.
And lastly, you’ll need to have some Harmony One crypto in your Metamask wallet to get started. This is because DeFi Kingdoms is hosted on the Harmony blockchain. So in order to get started, you’ll need some to cover gas fees and some to subsequently convert to JEWEL crypto.
As the user base grows, demand for JEWEL crypto could surge. And naturally, that could push up its value. Considering that the user base has already grown significantly without all of the game’s features having been rolled out, this seems possible.
A JEWEL Crypto Price Prediction
If DeFi Kingdoms gets anywhere near as popular as Axie Infinity, it would be surprising to see JEWEL crypto stay in the $20 range for much longer. And it floating near the $100 range sometime this year seems quite likely. But in order for this to happen, the developers behind the game and its native token will need to take advantage of some of the current hype and start introducing more features.
Sure, farming and staking can be somewhat lucrative. But as the GameFi model has already shown, the real money (and interest) is in digital real estate. If that feature is introduced before too much more competition, we anticipate big things for JEWEL crypto in the not-too-distant future.
Gaming has already captured the attention of folks around the world. And that was when the only way to earn money from it was to go pro. Now that financial incentives are being introduced for everyday gamers, GameFi is likely a trend that will only continue to grow. And that could mean a big rise in value for the native tokens of these games.
About Matthew Makowski
Matthew Makowski is a senior research analyst and writer at Investment U. He has been studying and writing about the markets for 20 years. Equally comfortable identifying value stocks as he is discounts in the crypto markets, Matthew began mining Bitcoin in 2011 and has since honed his focus on the cryptocurrency markets as a whole. He is a graduate of Rutgers University and lives in Colorado with his dog, Dorito.