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JP Morgan CEO Flip-Flops on his Crypto Position while Companies like Metacade Excite Investors

News Desk
News Desk
News Desk
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News Desk
The latest news, comment and analysis from our crypto news desk.
February 13th, 2023

JP Morgan CEO Jamie Dimon recently hit the headlines by decrying Bitcoin as a “hyped-up fraud” and a “pet rock”. The comments were made in testimony to the US Congress, where Dimon also expressed no surprise at the recent collapse and bankruptcy of FTX, which he had previously described as a “decentralized Ponzi fraud”.

Many observers were surprised at the broadside, considering that JP Morgan has appeared to be a firm advocate of blockchain technology. It is backing the Ripple network despite its ongoing legal battle with the US Securities and Exchange Commission and launching a JP Morgan metaverse app in Decentraland.

As JP Morgan’s crypto position becomes uncertain, companies like the online gaming platform Metacade are doing the opposite – filling investors hunting down the next big metaverse platform with confidence about the project.

What is Metacade?

Metacade is building the largest virtual video game arcade using blockchain technology, offering gaming fans globally the opportunity to create a vast community of like-minded enthusiasts. Gamers will be able to experience the broadest range of classic arcade titles alongside brand-new Web3-fuelled metaverse games. It aims to become the one-stop shop for gaming fans searching for the most extensive choice of play-to-earn (P2E) games anywhere in the GameFi sector.

Metacade’s integrated P2E mechanics look set to position the platform at the forefront of the GameFi industry in the coming months and years, with so much more than simply access to P2E gaming. Community is at the heart of everything, and members are incentivized to contribute to building Metacade into a friendly, inclusive social networking hub. Each time users post a piece of content on the hub, they stand to earn crypto rewards.

These interactions form the basis of the platform’s Create2Earn scheme, one of three additional earning streams that sit alongside the primary P2E capability. The others are Compete2Earn and Work2Earn.

How does Metacade work?

The MCADE token enables the growth of Metacade’s platform and community, with inherent value derived from several internal and external sources. Community members contribute to the development of Metacade by staking tokens to enter online tournaments and prize draws as part of the Compete2Earn scheme and using MCADE tokens to access pay-to-play arcade titles as they would in real-world video arcades.

Revenue is generated from a range of external sources, too, including adverts on the hub, similar to those found in mobile games, charging outside gaming studios to release their games on Metacade via the platform’s launchpad tool, and hosting the most exciting Web3 job vacancies on the hub’s careers board from Q1 2024 as part of the Work2Earn initiative.

This final earning strand offered by Metacade’s novel community hub provides members access to paid opportunities in the GameFi and wider Web3 industry. Potential earnings can be made via gig work, paid beta testing, and, eventually, full-time career opportunities in other Web3 companies.

Metacade: Driving GameFi innovation

While Metacade looks set to become a leader in how users are rewarded by GameFi titles, its novel plans also make provision for Metacade to become an innovator and leader in the broader metaverse gaming industry. Much of this innovation will be generated via their ground-breaking Metagrants scheme.

Developers can submit ideas for new games exclusive to Metacade into an application pool. These proposals are then considered by MCADE token holders in the community, before being voted on to ensure only the games they truly want go into production. Grants are awarded to the most popular proposals, which developers use to turn ideas into reality. The scheme launches in Q3 2023, with the first new titles hitting Metacade’s lexicon in Q1 2024.

Metagrants will provide an enormous range of benefits that will be felt beyond the virtual walls of Metacade’s arcade, as it leads the way in GameFi development. While the platform gains enormously from evolving with the regular release of the best new GameFi titles that incorporate cutting-edge Web3 techniques, the community is engaged throughout the entire development process with testing opportunities.

Meanwhile, developers profit from the exposure to essential Web3 programming and development experience, which drives their careers forward. The wider GameFi and Web3 industries benefit accordingly from the hottest new talent being able to fill job vacancies. Overall, Web3 techniques could develop much quicker as a result of these opportunities.

MCADE: The best crypto investment to buy now

While JP Morgan’s CEO flip-flops around the question of crypto, the metaverse, and makes a mockery of his company’s investment in Decentraland, Metacade continues to gather tremendous momentum during its presale event. After raising $5 million in just 10 weeks, the hype continues to grow, with a total of $6.3m now raised to date.

MCADE is currently available at $0.014, a value that will increase over the coming weeks, as the presale progresses to an eventual price of $0.02 when the coin hits public exchanges. Demand for the MCADE token is expected to surge when it breaks into public consciousness, so it’s likely the early investor will be rewarded handsomely.

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.