Coinbase’s announcement of the Pirate Nation (PIRATE) token listing resulted in a dramatic 150% price increase, highlighting the growing interest in blockchain-based gaming tokens.
The token, now tradeable on crypto exchange Coinbase, saw its market cap rise to $74.3 million, ranking it 2668th among cryptocurrencies, with a 24-hour trading volume of $56.6 million.
The exchange has noted that trading of this asset is only possible on the Ethereum network (ERC-20). It is strongly advised that this asset not be transferred to other networks, as this may result in the loss of funds.
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According to Coingape, the new listing is part of Pirate Nation's broader strategy to leverage blockchain technology within its gaming ecosystem. The game, which integrates the PIRATE token for in-game purchases and rewards, employs a unique pre- and post-Token Generation Event (TGE) strategy. Before the TGE, the game used off-chain points called Booty to engage users and balance the in-game economy. Post-TGE, 47% of the token supply was allocated to the community, fostering player-driven economies.
The game uses Booty points, which can be earned in battle and by completing special tasks. These points are used to purchase in-game items to upgrade pirates and ships. This strategy keeps players active and balances the game.
The PIRATE token's listing on Coinbase not only validates the game's innovative approach but also sets the stage for future growth and broader adoption. As the game continues to attract a dedicated player base, the token's utility and value are expected to increase.
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