The cryptocurrency market’s bearish downturns can sometimes uncover some hidden gems which somehow manage to stand out by maintaining a bullish momentum. This time our focus is on a cryptocurrency called FARA which is the native token of Faraland, a blockchain-based RPG game.
FARA is currently trading at $0.8834 on Decoin after gaining by 8.93% in the last 24 hours, making it one of the top gainers in the crypto market which is currently experiencing another bearish wave. It started trading on Decoin in mid-June, starting at $0.32 before bottoming out at $0.26 a few days later. Its performance has been relatively sideways or locked in a ranging movement until July 9th when a strong bullish breakout sent it soaring to a monthly high of $1.
Faraland currently has a market cap of $5.39 million which is quite low in crypto terms and a circulating supply of 4.78 million FARA coins. Note that the blockchain-based game has been around for less than a year, meaning it is still in its early stages and can potentially unlock more popularity in the future.
How does it work?
The year 2021 has undoubtedly been great for the crypto market including non-fungible tokens or NFTs which have become very popular. Numerous projects that focus on NFTs have been launched and Faraland seeks to explore their potential. Its approach is particularly interesting because the gaming industry is already one of the most enticing and lucrative segments that can reap huge benefits from blockchain integration.
Regular gaming titles such as League of Legends, Fortnite, and The Legend of Zelda attract millions of people. Most RPG games allow players to deploy a strategy that largely involves selecting characters that increase their winning potential. This also extends to the character's arsenal which might be the difference between winning and losing. But what if you could purchase those in-game characters and other useful items? What if you could also sell them for a markup depending on the type of value they have? It turns out this is the model that Faraland is pursuing thanks to blockchain technology.
There is already a market where users can select and purchase characters. Each in-game character exists as an NFT and has unique traits. They can be a human, elf, orc, fairy, demon, angel, and even a dragon. Players can equip their characters with armor and weapons that are also going to be NFTs. This highlights Faraland's in-game purchases mechanism. Players can use the FARA token for any purchases within the game.
The tokens can be acquired on exchanges such as Decoin which introduces some interesting dynamics. For example, if you build up a character with unique skills and armor and they end up being a hit, you can potentially sell at a higher price if you wanted to and cash out real money. This approach not only provides extra utility and value to the FARA token but also for the NFTs on the platform.
Faraland already has a strong community of more than 60,000 people, which means it is off to a great start for a relatively new project. Its unique approach as one of the first games to leverage a blockchain-based approach to facilitate in-game purchases through NFTs might fuel more participation. Its popularity might further be supported by the fact that it is a multichain game that will be supported by Ethereum and Polkadot.
Faraland has already earned a good reputation especially after it was listed as one of the top 20 most valuable builder programs by Binance. The blockchain game is a pioneer in its segment and it will soon be available on mobile, allowing it to potentially unlock more growth for the FARA token.