With the crypto crash behind us, 2023 is set to be the beginning of the market recovery and some cryptos look to have more potential than others. Metacade (MCADE), with its presale just underway, looks to be a better return on investment than the once-popular Filecoin (FIL), which is struggling to regain any of the value it once had.
What is Filecoin (FIL)?
Filecoin is an open-source decentralized data storage marketplace protocol and cryptocurrency. It enables anyone to rent out unused storage space on their computer to anyone else using the Filecoin protocol. Think of it like Airbnb, only instead of renting out space in your home, you’re renting space out on your computer.
This type of data sharing allows users to find extra storage space when they need it and to make some money renting out unused computer space on the other side. Launching a price of about $30 in October 2020, the value of its proprietary FIL token rose to a high of just under $200 in March 2021.
Why is Filecoin (FIL) Falling?
Its peak of nearly $200 didn’t last long and it fell to $45 in July of 2021, briefly rebounding before it started falling rapidly in September of 2021. Since then, Filecoin (FIL) has seen its value diminish, and as of writing, its value is listed at just over $4. While the crypto crash of 2022 didn’t help, Filecoin’s value was dropping long before that and its inability to regain any of its losses points to more trouble ahead. While the idea was a novel one, the application was anything but smooth.
Data storage facilities are now being built to hold more data for a cheaper amount. The majority of people simply use cloud storage, which is expanding to hold even large amounts of data from bigger companies. This means that the demand for a decentralized storage application just isn’t holding up to Filecoin’s supply.
Businesses would rather use a name they know, such as Amazon, and individuals rarely need more computer storage. These are the big reasons why Filecoin (FIL) has fallen so dramatically and why it doesn’t look like it will rebound in 2023 with experts predicting it will see modest gains at most.
What is Metacade (MCADE)?
Metacade is a play-to-earn metaverse arcade, prepping itself to become the main hub for all things GameFi. It will host a vast range of P2E games, as well as build a community of gamers and gaming enthusiasts.
The platform is offering a slew of ways to earn its token MCADE. It will offer not only P2E games, but also incentives to engage with the community by rewarding users for writing reviews, posting top alpha, or even helping test games in development. Metacade looks set to attract both hardcore and casual gamers, with competitive tournaments and huge prize draws being put up for grabs.
And if that isn’t enough, Metacade will also offer users the chance to actually shape the future of metaverse gaming by voting on which game developers will receive grants to create new titles on the platform. Being able to communicate in real-time with like-minded users, as well as having a direct line to developers brings Metacade into a new class of its own in terms of control.
Even passive investors get their seat at the table with holders of the token being able to stake them for ever larger amounts. In the future, as Metacade aims to transition to a DAO, holders will be able to vote on who to place in key leadership positions across the platform, emphasising Metacade’s community-first approach to gaming. This gives an unprecedented amount of control to Metaverse users who will help craft the games of the future.
Here’s Why Metacade (MCADE) will be More Successful than Filecoin (FIL)
While Filecoin may rise in value in 2023, its gains will be moderate at best and given its troubles, it’s highly possible its coin won’t rise at all. On the other hand, Metacade is still currently in the early stages of its presale, meaning its price is the lowest it's going to be right now.
Metacade’s attractive and ambitious roadmap may see it becoming the ultimate GameFi hub for the next generation and its popularity looks set to rocket as more people discover it.
Wide appeal for both hardcore and casual gamers to earn and shape the future of online gaming, ensures the project’s longevity and creates an outstanding level of value. And as its community grows, developers will also flock to it to have a chance to get their ideas made into reality, creating a whole new generation of games with Metacade at the centre.
The chance for Metacade’s growth to take off in 2023 is there and has real potential. For these reasons, Metacade is set to have a larger ROI than Filecoin in 2023 and beyond.
You can participate in the Metacade presale here.
Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.
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