#46 Crippled Crypto
Crypto plummets overnight
This weeks private podcast. Discussion whether $4k was the top for ETH.
China Cracks Down On Crypto
Want to know where prices are going next? Check out our Cheat Sheet.
Bucking The Trend
Crypto gaming has been taking off and under reported compared to the NFT mania. Less than one year ago, Axie Infinity game was launched with its token AXS. In that short time the marketcap of AXS has risen to an impressive $3.8billion and AXS is one of the few cryptocurrencies that is up today (+0.5%) at time of writing . What is it exactly and what is the purpose of the AXS crypto token?
AXS is the governance token for the Axie Infinity game. Token holders will be able to shape and vote for the direction of the game universe. This is unlike traditional games where all decisions are made by the game developers. AXS holders will be able to stake their tokens to earn more AXS and even vote for governance proposals.
The Axie Infinity game allows players to collect monsters to battle and also earn in-game items and currency. The difference between a crypto game and a regular game is the items and tokens earned within the game exist on the blockchain. This means they can be traded outside of the application on crypto currency exchanges.
What’s more interesting than what Axie Infinity does is its P/E ratio. Since AXS is not an equity, the P/E is estimated looking at the Fully-diluted market cap compared to the revenue generated for users of the protocol. From this list Axie Infinity has the best P/E ratio at 5.79x and has generated 245m in revenue.
These numbers dwarf all the competition in the crypto space. One other notable project is yearn.finance with a current P/E of 8.83x. The news that China is cracking down on crypto buying could have short term negative impacts on the AXS price. This could be a great value buy at the right time, for the right price.
NFT Give Away
We are giving away an NFT. The winner will be selected at the end of the day (EST) 09/30/2021. How to qualify:
1 Ticket per paid subscriber
2 Ticker per FGNEWS token holder (must also be paid)