Tamadoge Game Raises $8.5 Million in Presale, Here is a Close Look at the State of Play-to-Earn Industry
- Reportedly, 600 million Tamadoge tokens have been sold during the presale, from a total of 1 billion available in the current phase.
- The Gaming market cap today is $7.08 Billion, 0.8 percent down in the last 24 hours.
- The financial aspects of the Play-to-Earn market are usually powered by tokens and NFT (non-fungible tokens).
In the past few years, Play-to-Earn (P2E) games have rocked the cryptocurrency and blockchain industry. It is safe to say that P2E will play center stage in the next cryptocurrency bull market. Moreover, the P2E has shown great resilience by surviving several bear markets. Additionally, institutional investors and retail traders have proliferated the P2E industry in the past few years.
A fast-growing play-to-earn game that is built on the Ethereum network via the ERC20 standard, Tamadoge, has announced that it has raised over $8.5 million from its presale program. Reportedly, 600 million Tamadoge tokens have been sold during the presale, from a total of 1 billion available in the current phase. Worth noting, that the Tamadoge token has a total supply of 2 billion tokens.
Notably, Tamadoge rewards its players for how diligently they look after their Tamadoge Pet. By taking their dog for walkies, feeding it, clothing it, and honing its skills for battle with other pets, players earn dogepoints. With their Dogepoints, players can then convert them into TAMA tokens.
According to the project, each unique pet has a 3D avatar version that is being designed to be fully integratable with augmented reality metaverse worlds.
Play-to-Earn Market Watch
Traditional games have depended on developing quality games but excluded players in their profit sharing. For instance, a traditional car racing game could reward players with more points that earned new cars. However, players could not sell or buy their cars from one another, leaving the company as the only provider.
The play-to-earn industry has changed the narrative by giving players a chance to exchange their collectibles for real-world cash. Thereby attracting more players and investors seeking to make profit gains.
Notably, the GameFi market cap today is $7.08 Billion, 0.8 percent down in the last 24 hours. The financial aspects of the game are usually powered by tokens and NFT (non-fungible tokens).
The Sandbox (SAND) is the leading decentralized GameFi project with a market capitalization of $1,489,206,612. Axie Infinity (AXS) follows closely with a market capitalization of $1,299,775,654. The Enjin Coin (ENJ) ecosystem closes the top three with a market capitalization of $523,794,653.
Arguably, the success of play-to-earn projects lies in their ability to communicate with each other. Blockchain developers have been working on interlinking GameFi projects with others in order to open up their overall experience.
Their efforts have however been exploited by attackers, leaving the networks secluded from growth prospects. Earlier this year, attackers compromised Axie Infinity’s Ronin Bridge and stole over $600 million worth of digital assets.
Meanwhile, blockchain investigators have tracked the Ronin hacked funds to the Bitcoin network from crypto mixers including the recently U.S sanctioned Tornado Cash among others according to research.