Monday, August 21, April 2023 – Crypto prices might be dumping, but fantasy sports-focused gaming platform Battle Infinity’s IBAT token has risen 150% in the past seven days.
Every day the IBAT price is making new near-term highs as momentum continues to build. At least three factors are thought to be driving the price higher.
IBAT price on course to keep pumping higher
The IBAT price continues to appreciate. At the time of writing, the IBAT token has risen 20% in the past 24 hours.
IBAT’s relative strength index (see chart below) shows continuing strong support from traders for the bullish uptrend. There is no sign of the current price uptrend being broken.
The surge is being driven by positive news flow surrounding the play-to-earn games platform.
Battle Infinity recently burnt some of its token supply and announced a major milestone on the road to the launch of its IBAT Premier League fantasy sports game.
With the fantasy league product launch in the works, IBAT is also likely to benefit from the hype as the Cricket World Cup looms.
IBAT 1-day price chart August 21, 2023, on MEXC exchange. (Courtesy TradingView)
IBAT has been trending at No.1 gainer on the MEXC centralized exchange and on top decentralized exchange trading and data site DEXTools, as shown below:
Project burning 50% of team token allocation turbo-charges IBAT price
Firstly, the announcement on August 17 that 50% of the tokens allocated to the team had been burnt has certainly attracted buyers.
On the day the burn news was released, the IBAT price pumped 100%, rising from $0.000.406 to $0.0008402 in minutes.
Battle Infinity tokenomics saw 10.5% of the total token supply of 10 billion go to the team, so 1.5 billion tokens will be burnt.
Blockchain projects burn tokens by sending them to dead addresses which can only receive and cannot send, effectively removing the tokens from supply.
Ethereum blockchain on-chain data site Etherscan shows the full details of the IBAT burn transaction.
Burning mechanisms are price-supportive because they reduce the supply of the crypto asset.
IBAT Premier League app development is complete – watch out Dream11!
Secondly, the token-burning news follows the previously announced news that the development of the fantasy sports app has been completed. For long-term holders of the project who bought in the presale, this has been the most important near-term milestone on the roadmap.
It shows that the wealth of gaming development experience embodied in the team has been able to deliver on its central aim. Building a metaverse for gaming was undoubtedly an ambitious task.
IBAT has positioned itself as a metaverse-centric platform for hosting various games and will be open to third-party developers. However, its flagship fantasy sports product will be the key conduit for onboarding players and attracting game developers to build on the platform.
Backend and frontend testing of the IBAT Premier League app was completed on July 20, and the report posted to the Github code repository site.
Followers of the IBAT X account (formerly Twitter) were informed of the major milestone achievement on the same day:
Indian-based Battle Infinity has built a cricket fantasy league as part of its IBAT Premier League platform.
How Web3 Battle Infinity can take on and beat legacy fantasy league competitors
The project claims the product is superior to the current legacy offerings in the Cricket-mad country, such as the product offered by top incumbent Dream11.
Data from December 2022 showed Dream11 had 160 million active users in India alone.
It doesn’t take much imagination to work out that if Battle Infinity captures only 1% of that user base, it will be onboarding more than 1 million users.
But the team plans to aggressively target the legacy space, so the sky’s the limit for customer acquisition. IBAT could be on the cusp of delivering one of the major Web3 experiences in gaming.
As a decentralized platform, Battle Infinity’s cricket fantasy league will offer play-to-earn economics, where players are rewarded for their skill at picking players.
By incorporating NFT technology into the IBAT Premier League, users will be able to track the performance of their players in real-time and earn rewards, as well as trade their in-game assets.
The timing of the app rollout is on schedule to coincide with the start of the Cricket World Cup 2023 in October.
More community incentives – IBAT staking and ambassador program
Battle Infinity also provides a flexible staking service that enables token holders to generate passive income by staking their IBAT tokens to earn a generous APY of up to 25%.
Also, for those community members who want to be part of helping the project grow, you can join its ambassador program. Complete the application form on the website to be considered for the Battle Infinity Ambassador Program.
Among the perks available to ambassadors are $5 for every referral made (the person referred will also receive $5) and early access to upcoming releases and beta versions.
For more on the project, check out the Battle Infinity Whitepaper 2.0.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
Credit: Source link
