press release
PRESS RELEASE. For a gaming community to complete 4 years in the crypto gaming industry is a remarkable achievement to say the least. CropBytes was launched during the 2018 bull run, and the team’s strategy and agility towards changing market scenarios and needs of the community have enabled the game to sustain and grow over the years. What started out as a NFT based game with initial flash sale, is now a game with a sustainable economy with a mix of FTs and NFTs with over 550k downloads and adequate liquidity is the market.
With the first few months fo launching the assets in erly 2018, the initial version of the game was launched which was a big hit and it drew attention of the early adopters of crypto-based games. As the players grew, so did the demand for game assets and goods in the game. This set the ball rolling for the expansive game economy we see today.
Building a web3 games for the Bulls & the Bears
When the game’s acceptance grew and more players began to hold assets in the game, the CropBytes team saw that demand for NFTs decreased as the bear market loomed. Focusing on economics, the team reworked their approach, knowing that an only NFT game will not survive the following bear market. After extensive research and consultation the team concluded that adding FTs is critical to the economy’s sustainability.
The team then transitioned from traditional list trading to an order book exchange. The strategy succeeded, and CropBytes was able to successfully navigate through the initial bear market with the game’s players not abandoning ship as was the case with some other games.
Not just running the NFT hype
CropBytes started with a rudimentary economy and elected not to go too far, such as establishing an inflation or deflation protocol, but even then, the team had a strategy for what needed to be done in the next couple of years. A prime example of this is that the gamers were aware from the start that a ‘Version 2’ of the economy, also referred to as the ‘Service Economy’, was on the way. The team had intended to deploy it in 2020, but decided to push it ahead determined that an exchange where players in the game could buy, sell and trade FTs was the need of the hour so players can grow the value of the assets over time.
The importance of 2020 and CropBytes’ involvement
The CropBytes team gained the knowledge of studying market cycles after running the game for more than two years and hence anticipated the approaching bull market of 2020. That’s when it started, as the team was fully prepared with essential features and a great product along with the new in-game referral plan that attracted numerous people from new demographics like South America and Southeast Asia. This tremendous influx of gamers presently accounts for about 45% of all active users, and growth is still being experienced even now.
Numerous established participants had lost their source of income when the pandemic first began, and CropBytes thus became their sole option for financial security, which ended up bringing together the team and the community. It was the most pivotal point in CropBytes’ journey, and the team has witnessed countless participants increase their portfolio by more than 8,900% alone during that time.
CropBytes’ gamers are hence more devoted to their CropBytes metaverse assets than they are to their actual world assets. They exist in the metaverse and actively participate in the economy’s growth on a daily basis.
CBX IEO, partners and overall journey
The goal of starting and developing the game on a centralized platform was to establish a strong foundation and create a fully functional balanced economy before releasing the game to larger markets. According to the roadmap, several in-game additions such as Pro-Animals, Breed Feed Crafting, Breed Feed Market, Superhero Breeding, New UI, and others have been successfully released.
Furthermore, the native token, CBX, debuted on Bybit and MEXC following a successful launchpad setup by the exchanges and with support from notable industry leaders like Sandeep Nailwal (CEO & Co-Founder of Polygon), Siddharth Menon (COO & Co-Founder of WazirX), as well as various major VCs such as Draper Dragon, Exnetwork Cap, and others. Nischal Shetty (CEO & Co-Founder of WazirX), Harsh Rajat (Founder of EPNS), and many additional crypto industry luminaries also contributed.
‘While NFTs are the most popular form of game assets, fundamentally it may not be sustainable in open economy. Using real world economics of commodities games assets have to be designed accordingly to make them fungible. This addresses the biggest problem with NFT that is liquidity and attracts more capital over time.’
– Siddharth Menon, Founder Tegro
CBX token is CropBytes’ metaverse token. It is possible to observe numerous projects distributing tokens even without a product in existence these days. CropBytes team has run the game for the first 3 years and built an established community with TRX, aother popular token. It was only in Nov 2021 that CropBytes was listed on a joint platform by Bybit & MEXC and this greatly assisted the veteran players who remained by CropBytes’ side.
What else should we know about CBX?
The plans for CBX are long-term, as the price is not based on ‘hype’ but rather value. Over the course of four years, the asset value progressively increased and is currently worth more than 50 times its original purchase price.
Also, as good projects usually take time to reach their potential, the fact that the players who signed up at the beginning are still hanging on to their assets and have expanded their portfolio by over 40x to 50x is a true testament to CropBytes’ robust and sustainable economy. Future plans revolve around working on the metaverse, mini-games, the service economy (which will be in various phases), and much more to come.
About CropBytes
CropBytes is a one-of-a-kind farming simulation game. Starting a ‘crypto farm’ entails more than just growing digital crops and raising animals, since the project’s major goal is to be at the heart of the cryptocurrency gaming revolution with its inherently constructed game economy.
Its goal is to provide its customers with an effective platform for leveraging the power of crypto in order to both play and earn in the digital world, and is both iOS and Android compatible. To date, CropBytes has managed to gain over 550,000 signups and 15,000 average monthly active users. It is one of the most talked about gaming initiatives in this entire sector as it strives to do its part for the Web 3.0 gaming revolution.
The global community of believers consists of gamers from Philippines, Thailand, Indonesia, Venezuela, Russia, Brazil, Vietnam, Argentina, Spain, India.
Everyday, 1000’s of gamers are joining this revolution, consistently contributing to the growth of the CropBytes’ sustainable economy. Today the game is far more diverse, immersive, rewarding, and collaborative…. just like the real world. This world provides more opportunities and a place for ambitious crypto farmers to thrive. Today CropBytes’ identity has adapted with its growing community and renewed vision.
Join the CropBytes movement, where every gamer has the power to build and own their crypto farm and grow this sustainable metaverse. #FarmOnCropBytes
Check out the website, whitepaper and Twitter as well as Telegram channels for more information.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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