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CryptoBlades: My Strategy During the Current Crash!
If you have been following the latest news regarding the NFT gaming space you would have definitely read a lot of mixed reviews about what exactly is happening with CryptoBlades. If you are already involved with the project this article might give you some insights about what is happening with the project and what could be the potential outcomes.
I would like to clarify this strategy is based on my personal experiences and analysis and DYOR before taking any action yourself.
What Exactly is Happening to CryptoBlades?
The best way to understand what is happening with CryptoBlades is to analyse the price action of it’s native SKILL token. For over 6 weeks it had been lazily swaying between the range of $1 to $2 at times even dipping under $1. This was the time when early adopters moved into the project and started playing around and figuring out what the game was like.
The earnings in terms of SKILL token was really good and you could make 1-2 SKILL tokens a day, however it did not make much news as there were not many people interested in trying something which just gives $1 a day.
However many early entrants like me noticed that the Dev team was not anonymous and seemed very enthusiastic and committed about developing the game. So we kept playing and stacking up the SKILL tokens. At that time you could buy 4 NFT characters and matching swords for under $20 and that was what my initial investment in the game was. Sometimes I would reinvest the SKILL earned to buy better swords and keep levelling up my characters regularly. Honestly speaking this game was not in my Top 3 favorites at the time and I would play like 2-3 times a week.
Things started getting exciting once Binance announced the MVB (Most Valuable Buiilder) list of Top 10 projects that it had shortlisted and CryptoBlades made it to the list. This coupled with the fact that the dev team announced new things planned in the roadmap like Shields and PVP there was a mad rush. Their telegram group which just had a thousand users earlier was now seeing thousands of new people joining everyday. Everyone wanted to try out the game and you needed SKILL to buy the characters and swords. This sky-rocketed the demand for SKILL token which within 10 days did more than 100X and even hitting $175 at a point. This price action made it the top most trending token on CoinGecko which gave it even more attention and new users in masses started to FOMO in the project as the 1 SKILL earned a day meant $1 but now that daily earning was $150.
This however created a problem for the devs, they had not expected the userbase to grow so quickly so fast and realized the pump in SKILL was not going to be sustainable. They took the most logical step at that time and reduced the rewards per fight and also changed the mechanism to link rewards to $ value rather than fixed SKILL amount. This caused a correction in the price as people who had just bought SKILL at $150 were not happy that their daily earnings were falling drastically.
The people who were panicking were mainly the recent FOMO joiners as they did not know how to react to the sudden loss. As they started panic selling their SKILL tokens, their NFTs and swords at dirt cheap prices it had a snowball effect on even some of old players. There was a wave of FUD on the group that this was going to be a rug pull, the devs have abandoned the roadmap, they are scamming new joiners. This caused further sell pressure and at a point SKILL dipped to $30 level.
People who had bought 5 star swords a few days back for $500 were now selling them for $50 thinking it would go to $5.
I must appreciate the dev team that they tried their best to remain calm and stick to their plan and launched the Shields in preparation of upcoming PVP gameplay. They tried several tactics to control panic selling of SKILL but they knew very well that after a 100X growth some level of correction is to be expected.
What is My Strategy for CryptoBlades?
As I joined the project very early I bought my 4 characters and matching swords really cheap and slowly kept stocking up on SKILL tokens. This helped me buy the Shields which were released recently without having to invest separately from my pocket. Keep this in mind as this reduces my capital loss risk to a minimum and do not use this strategy if it means you have to buy in from scratch now.
I am still very bullish long term on this project as the dev team is really engaged and keeps communicated about their plans regularly on Telegram and Discord. I am using the following approach to handle the current dump in their token price:
· Create a Second account with 4 Characters and Matching Swords: From the leftover SKILL tokens from my main account I created a second account for CryptoBlades and bought the full set of 4 characters and a matching 5 star swords. I am doing this in the anticipation that if after the launch of PVP there is a second wave of pump of SKILL token I should be able to take double advantage of it.
· Keep Leveling up my Characters: Now the reward rate for fights has drastically been reduced and that’s why the majority of users have stopped playing. I continue to use up the full 200 fight stamina of my characters everyday even if it means a net loss of $0.50 daily considering the higher gas fees due to rise in BNB price. I think this is a small expense and will be more than worth it as higher experience characters will be worth much more during the PVP gameplay.
· Buying Shields for both Accounts: I have minted both kind of shields- Templars as well as Defenders as It appears they will be useful to get an edge during PVP.
As you can see I am continuing to play the game despite the zero to negative returns currently as I am still positive that the game will recover soon and their token might hit a new all time high. However you must note that I never speculate in gaming tokens as they are high risk. I always try to improve my NFT stats so I am able to earn the max rewards through gameplay. This helps me minimize my risk due sudden fluctuations in native token of the game.
Considering the uncertain nature of crypto world I am aware that it is possible that the game might not recover soon but that is the risk I am willing to take consider how big the rewards will be if it soon recovers even stronger. How much time CryptoBlades will take to get on track is something we will just have to wait and watch.