‘Off the Grid’ GUN Token Sinks Following Game’s Avalanche L1 Launch

The GUN token tied to in style battle royale recreation 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 the moment 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 shortly peak after which lose worth as extra customers get their arms on the cash and begin buying and selling them out there. 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 power to commerce in-game gadgets as NFTs, which some enterprising gamers have preempted via a thriving black market across the recreation forward of the mainnet rollout.

The sport’s replace may also allow the usage of GUN as a correct crypto token. It at the moment acts very like 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 informed gamers that the “migration of recreation 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 the moment in circulation, with a lot of that circulating provide devoted to the Binance Launchpool rewards marketing campaign for customers of that crypto alternate.

Such a small float signifies that the market cap for GUN sits beneath $47 million as of this writing. Nonetheless, 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 the moment ranked because the 662nd most respected general cryptocurrency primarily based on market cap. Nonetheless, its FDV outranks most of the most respected gaming tokens with a lot bigger circulating provides, comparable to Gala Video games (GALA), Axie Infinity (AXS), and Ronin (RON).