Three cryptocurrencies to look out for – Axie Infinity, Tezos, and Meme Moguls | Mint
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Business News/ Brand Stories / Three cryptocurrencies to look out for – Axie Infinity, Tezos, and Meme Moguls
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Three cryptocurrencies to look out for – Axie Infinity, Tezos, and Meme Moguls

Meme Moguls is essentially a memecoin trading platform and a P2E game in one.

Three cryptocurrencies to look out for – Axie Infinity, Tezos, and Meme MogulsPremium
Three cryptocurrencies to look out for – Axie Infinity, Tezos, and Meme Moguls

Axie Infinity and Tezos were once rising stars, but bad decisions by the teams led to big mistakes and declining users. Still, those who got in early on the currencies did extremely well.

What happened to Axie Infinity?

At the height of the P2E (play to earn) game’s popularity in 2021, Axies (The NFT-based creatures required to play the game) were selling for hundreds and sometimes thousands of dollars.

People from high-income countries were buying Axies and then giving “scholarships" to Phiilippinos, who were able to support their families by playing a game. 

Jihoz, one of the main team members, has a degree in Economics in Developing Countries and talked about Axie Infinity as a way of providing a Universal Basic Income. 

Unfortunately, due to the rise of bots playing the game, and Axie team failing to save the inflationary reward currency SLP.

Since then Sky Mavis, the team behind Axie Infinity, has worked on the gameplay a lot and found ways to increase the spending of SLP and AXS. It’s still no longer a way to earn money for most though, and AXS has never recovered. But many people continue to play the game, even if just a fraction of the users in 2021.

Yesterday they announced a relaunch of the original game with new game mechanics. So far the market has not responded although on-chain transactions are up.

Tezos can’t fight the rising token inflation

Tezos went from being a valuable currency to a weak one. And though they are a blockchain, rather than a P2E game, there are some similarities to the problems faced by Axie Infinity.

Just as the infinite supply and lack of utility cause SLP to fall drastically, (leading to it not being worth playing the game), the emissions of Tezos (XTZ), the currency of Tezos, have been the downfall. 

And to make things worse, on-chain active wallets have been decreasing with very few people using their dApps. Objkt.com is an NFT marketplace offering unique 1/1 artworks. It’s the chain’s number one dApp. 

The meme world moves fast - and that’s where Meme Moguls comes in

Although Tezos and Axie Infinity are doing badly now. Axie Infinity was Binance Launchpad’s most successful project ever.

Meme Moguls aims to be the next big thing in the P2E NFT.

Meme Moguls is essentially a memecoin trading platform and a P2E game in one. MGLS is the reward token but is also used for various things in the ecosystem, and, unlike SLP, has a finite supply. People will also be able to mine NFTs that they can then sell on Opensea.  This project is unlike anything seen before and aims to unite the memecoin community to help them get ahead in crypto trading.

Visit Meme Moguls

Disclaimer: This article is a paid publication and does not have journalistic/ editorial involvement of Hindustan Times. Hindustan Times does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein.

The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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Published: 29 Nov 2023, 01:13 PM IST
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