In the past few days, another digital asset has been making waves in the field of GameFi. BIGTIME, a cryptocurrency with a focus on gaming and NFTs, in its first week of trading, has seen a remarkable 250% increase in value. After debuting at $0.07027, the token reached its all-time high of $0.341 just one day later.
Last week, BIGTIME made its debut on exchanges like OKX and Coinbase, immediately experiencing a substantial spike in trading volume and circulating capitalization. This meteoric ascent comes at a time when the total crypto market capitalization increased by only 2% to $1.056 trillion over the same period.
What Is Big Time NFT Game?
In the fast-evolving landscape of GameFi, there’s a new player on the scene that’s generating a lot of excitement among gamers and blockchain enthusiasts alike — Big Time. Big Time is a free-to-play action-adventure massive multiplayer online role-playing game (MMORPG) powered by “Openloot,” a provider of decentralized solutions for web3 games, offering marketplaces, NFT management platforms, and support services.
The blockchain-based game offers players a chance to earn NFT rewards and BIGTIME tokens as they embark on their virtual adventures. Big Time’s captivating storyline revolves around a world on the brink of extinction, with various factions and dark forces battling in a space-time-altered reality.
What’s Behind Big Time’s Popularity?
On October 10, Big Time launched its “pre-season,” where it immediately enjoyed great success among its community — thanks to the possibility of earning crypto coins within the game.
Apparently, the game’s success is attributed to its innovative monetization system, allowing players to earn multiple NFTs and BIGTIME tokens during their gameplay. While NFTs can be sold on secondary markets, BIGTIME tokens can be spent on in-game upgrades or traded for stablecoins.
Since its launch, the game has achieved significant milestones, including selling over 100,000 NFTs worth over $100 million and amassing a pre-registered user base of 1 million. Furthermore, various blockchain-based organizations like Yield Guild, Merit Circle, and Avocado have invested heavily in the game, further fueling its growth.
What is BIGTIME Token?
The hype extends to the newly launched BIGTIME crypto, which opened with a massive spike in its early trading hours, quickly reaching a circulating capitalization of around $40 million. This cryptocurrency, an ERC-20 token on the Ethereum blockchain, is currently listed on various exchanges like Uniswap, Coinbase, Kucoin, OKX, and Bitget.
BIGTIME tokens, the game’s native cryptocurrency, play a central role in the game’s economy. Players can use them for refining, crafting, and upgrading items, speeding up crafting times, and accessing exclusive Prestige portals.
According to Big Time’s wiki page, the BIGTIME token is
- The main cryptocurrency used by Big Time to fuel its economy,
- a fair launch token with no allocation to the team or investors, and
- primarily acquired through in-game drops
Big Time has a total supply of five billion BIGTIME tokens. Among these, 60% will be allocated to the players through in-game acitivies, 20% will provide liquidity and support project development and operation, and the rest of the 20% will be used for marketing and community activities.
BIGTIME: Beyond In-game Currency
In the world of online gaming, virtual currencies have become a norm, often limited to in-game use. Meanwhile, BIGTIME is not just a typical in-game currency. BIGTIME tokens are, in fact, a cryptocurrency.
The key feature of BIGTIME tokens is that players can export them from the Open Loot platform to their individual crypto wallets. Once these tokens are transferred, players gain the capacity to execute all standard cryptocurrency operations, including trading and transferring them as they see fit.
In essence, BIGTIME is not just about in-game assets; it’s about owning a piece of the virtual world that can be taken beyond the game.
Big Time Game Economic Model
Fairness and equality are ongoing concerns in gaming. Players who can afford in-game purchases usually gain an unfair advantage.
Meanwhile, Big Time’s “Cosmetic-Based Economy” redefines in-game spending, promoting fair play. Unlike games like League of Legends or Fortnite, where purchasing skins can lead to pay-to-win scenarios, Big Time’s approach centers on non-gameplay-affecting cosmetic items. This allows players to personalize their characters and enhance their gaming experience without gaining any unfair advantages over others.
Potential Risks of Holding BIGTIME
However, there’s a caveat to the BIGTIME crypto’s rapid rise: its tokenomics reveal an impending inflation issue that could lead to a significant increase in the number of tokens in circulation over the next three years. Currently, only about 3% of the maximum supply of 5 billion tokens is in circulation.
It’s vital to be aware of the inherent risks associated with holding a token like BIGTIME. The potential for a sharp depreciation in value as new digital tokens enter the ecosystem is a real concern. Success for tokens like BIGTIME largely depends on a steady influx of new users and consistent token buybacks to stimulate demand.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
