- Pixelverse rewards gamers with 30% of the total token supply.
- Although tokens are rapidly gaining popularity, their long-term impact will largely depend on sentiment and engagement.
Pixelverse (PIXFI), a non-fungible token (NFT) and gaming ecosystem of The Open Network (TON), launched its own token, PIXFI, on July 18. PIXFI has risen nearly 360% in the past day and is likely to rise even further.
Pixelverse’s PixelTap is a viral Telegram game that launched in March 2024 and reportedly added 50 million users to its player base in June.
Airdrops reward the community and players with NFTs of varying rarity based on the level of Pixeltap and Dashboard players and the completion of quests.
Could an airdrop be a breath of fresh air for this gaming ecosystem?
Pixelverse announced in a post on X (formerly Twitter) that it will be giving away NFTs to Pixeltap and Dashboard users based on their level of engagement on July 18th.
These NFTs will be available for collection one week later, on July 25th at 12:00 UTC.
Anyone who holds a rare, epic, or legendary NFT will immediately receive an airdrop equal to 10% of the total supply of PIXFI as a reward for their early support.
To encourage users to use Pixelchain, the EVM compatible Layer-2 of the TON blockchain, an additional 20% will be rewarded.
According to the airdrop documentation,
“Initially airdrops were seen as a way to reward real users and were welcomed by the community, but since then farming and Sybil attacks have become popular among hard-working users, and airdrops these days usually result in community outrage and a drop in the token price.”
They added that it was inspired by the battle pass concept and traditional venture capital profit sharing provisions.
What happens after an airdrop?
With a market cap of $355.7 million, PIXFI is listed on several centralized exchanges, including Bybit, HTX, Gate.io, and Bitget. Pixelverse closed a funding round in May, raising $5.5 million to fund its gaming ecosystem.
Source: PIXFI/USDT on TradingView
Short-term technical analysis suggests that the price could go much higher. This will depend on the hype on social media and the resulting demand. Selling pressure could spike after July 25th, when tokens can be claimed.
Realistic or not, PIXFI’s market cap in BTC terms is as follows:
The utility of the token and the popularity of the Telegram game PixelTap are key factors that will determine whether PIXFI continues to see strong performance.
If the price of Bitcoin (BTC) rises or falls sharply, the sentiment of the entire market may also change.