The GUN token tied to widespread battle royale sport Off the Grid launched Monday with the mainnet rollout of the Avalanche L1-based GUNZ gaming community. And forward of the in-game mainnet integration, GUN has continued to fall in worth over the course of the day.
GUN is at present priced simply above $0.76, down over 24% since launch, per information from CoinGecko. GUN rose as excessive as $0.115 earlier Monday, however has since dipped by almost 34% within the hours since touching that peak.
It is common for newly launched tokens to rapidly peak after which lose worth as extra customers get their arms on the cash and begin buying and selling them available in the market. However the GUNZ launch has left some as-yet-unanswered questions that will even be driving considerations across the full extent of the rollout.
Whereas the GUNZ community has launched its mainnet and the GUN token is now actively being traded, Off the Grid—the sport on PC, PlayStation 5, and Xbox—nonetheless has but to make the transition from testnet to mainnet.
Bringing the GUNZ mainnet into Off the Grid will unlock the flexibility to commerce in-game gadgets as NFTs, which some enterprising gamers have preempted by way of a thriving black market across the sport forward of the mainnet rollout.
The sport’s replace will even allow using GUN as a correct crypto token. It at present acts very similar to an in-game foreign money, and gamers’ GUN balances are set to be wiped within the transition to mainnet.
Gunzilla Video games didn’t instantly reply to Decrypt‘s questions relating to the timeline for Off the Grid’s mainnet launch.
Within the GUNZ Discord server earlier Monday, Gunzilla Video games Director of Web3 Theodore Agranat instructed gamers that the “migration of sport to mainnet will probably be labored on now,” however didn’t specify an ETA for the transition.
Simply over 6% of the whole provide of 10 billion GUN tokens is at present in circulation, with a lot of that circulating provide devoted to the Binance Launchpool rewards marketing campaign for customers of that crypto change.
Such a small float signifies that the market cap for GUN sits under $47 million as of this writing. Nevertheless, the totally diluted valuation or FDV for the token stands at roughly $760 million, after peaking above $1 billion earlier within the day.
GUN is at present ranked because the 662nd most precious total cryptocurrency based mostly on market cap. Nevertheless, its FDV outranks lots of the most precious gaming tokens with a lot bigger circulating provides, akin to Gala Video games (GALA), Axie Infinity (AXS), and Ronin (RON).
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