NFTs, the Multiverse, and Play-to-win
Non-fungible tokens were one of the few areas of cryptocurrencies that saw growth in 2021. (NFTs). NFTs, or tokens that are linked to specific works of digital art, were all the rage in the blockchain-based finance market in the second half of the year.
This included not only major crypto players, but also individuals, businesses, and organizations that seemed to have nothing to do with the blockchain.
The metaverse was a major factor in the development of NFTs. Simply expressed, the metaverse is the concept of an online virtual environment in which real individuals can exist and interact with one another using digital representations of themselves known as “avatars.”
The popular MMORPG of the 2000s, Second Life, was an early example of a metaverse.
Play-for-profit is not technically part of a metaverse, although it is closely related to one. Given that residents of the metaverse may and do use NFTs to adorn their personal virtual real estate, it stands to reason that these items can also be traded amongst themselves.
Playing video games in order to earn money is called “play-to-earn.” As the name implies, players of play-to-earn (p2e) games compete against one another in online fights and challenges for the chance to acquire non-fungible tokens (NFTs).
Therefore, there is a chance to make money from playing the games, as NFTs can be bought and sold for the actual, real-world, fiat currency. It is feasible, but not assured, that you will incur losses rather than gains when engaging in p2e.
Although the NFT, metaverse, and play-to-earn sectors have taken a significant hit in 2022, they are still active and important components of the crypto space as a whole.
Despite the popularity of commercially available virtual worlds like Second Life and OpenSim, some companies, like Paradox, are continuing to develop their own metaverses and platforms for interacting with them.
Who Created the Paradox?
Paradox was founded in 2022 by Fasial Tariq, a former car rentals company boss from Northampton, England, and self-proclaimed entrepreneur Amio Talio, who is perhaps best known for apparently writing off a £180,000 Lamborghini sports car and setting up his own “university” that offers people the opportunity to learn how to be wealthy in three months for an undisclosed fee.
Talio’s absence from the search results on the UK’s Companies House website is a possible red flag. There may be a perfectly reasonable explanation for his disappearance from the records, but the fact that he portrays himself as an entrepreneur who can educate people about business skills may discourage potential investors from putting money into Paradox.
Similarly, it’s unclear what kind of unique knowledge or experience a former car rental firm CEO would need to successfully head a metaverse company. However, blockchain-based enterprises led by professionals in the subject have been successful, so it’s feasible that Talio and Tariq are the right people to lead this effort.
The online game Paradox Metaverse serves as the backbone of the Paradox network; it was developed using the same Unreal Engine that underpinned the popular Fortnite. Through it, users can communicate with one another, travel to different alien realms, and take part in various activities.
A VC firm called Paradox Ventures is expected to benefit from the Network, and eventually, the Network will be managed by a DAO called ParaDAO. Paradox Events is a strange offshoot that plans to promote “online boxing matches,” along with a launchpad called ParaPAD and a decentralized exchange (DEX) named ParaSWAP.
Also Read:-How to Make Money in the Metaverse?
What is the Paradox Coin?
The Paradox Network uses its own cryptocurrency token called paradox coin (or PARA on the ticker), which is issued and traded on the network. In addition to fueling the entire Paradox ecosystem, this cryptocurrency is utilized to compensate users for completing certain tasks within the game’s ecology.
Pre-launch funding for the cryptocurrency came in three waves: a seed fund raised $3.12 million, a presale brought in $1.08 million, and a public sale netted $408,000. On November 17, 2022, the token was first traded publicly.
Although it would be premature to discuss the price history of the paradox coin when it had only been openly traded for a few hours at the time of writing, it is important to note that at the time of writing, the coin had a total supply of one billion, and its value was between $0.11 and $0.12, as estimated by CoinGecko.
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Summary
There is no comprehensive whitepaper available for the Paradox Network or the PARA coin, which is the system’s native cryptocurrency. Though the system’s website refers to a “whitepaper,” that document is just a shortened and reorganized version of the Paradox homepage.
Since it is not clear whether the network uses its own blockchain or not, it is unclear whether the paradox coin cryptocurrency could even be called a coin, since it would be more accurately described as a token if the platform relied on a different blockchain, such as Ethereum (ETH).
The system does not clarify the current situation, which may cause concern given that it appears to have intentions to establish a blockchain in the third quarter of 2023. Whatever the case may be, a potential investor may be put off by the lack of specifics provided.
Also Read:-What is Metaverse Crypto? What is the Metaverse Crypto NFT Game Blockchain?
Just because something was designed with the finest intentions does not mean it will succeed. You should be cautious and do your own research before investing in a paradox coin at this early stage, as is the case with any cryptocurrency. Do not invest more money than you can afford to lose, as it is important to keep in mind that prices might fall as well as rise.
