GameFi Token BIGTIME Skyrockets 250% in Debut Week; Analysts Voice Supply Worries

Just last Wednesday, BIGTIME entered the scene on chosen exchanges like OKX and Coinbase.

In an astonishing turn, BIGTIME's value surged by an impressive 250% in a mere five days. However, there's a lingering skepticism among some analysts who observe a dwindling accessibility for new players entering this blockchain-based game.

The native token of the multiplayer blockchain game "Big Time" has had a remarkable inaugural week. It was introduced to a variety of exchanges, including OKX and Coinbase, just last Wednesday. Since then, its market value has shot up by 254%, reaching $0.251. At its peak on Friday, it even hit a high of $0.32, according to Coingecko data. Over this five-day period, the entire cryptocurrency market capitalization saw only a modest 2% increase, totaling $1.056 trillion.

Big Time immerses players in diverse historical eras, offering a cosmetic-driven economy that empowers players in the creation and trading of cosmetics and non-fungible tokens (NFTs). To delve into crafting, players must first obtain SPACE, the virtual land equivalent within Big Time. Utility NFTs like Armory, Forge, and Time Warden, linked to SPACE, play a crucial role.

Time Wardens function as workshops for crafting, upgrading, and recharging hourglasses—an NFT highly sought after by players to earn BIGTIME tokens.

These BIGTIME tokens serve in forging Forge and Armory items, as well as granting access to exclusive zones known as prestige portals. With a total supply of five billion, players can acquire them through in-game drops. Those aspiring to accumulate BIGTIME must equip themselves with hourglass collectibles for their adventures.

As per Delphi Digital, merely 5% of the total supply has been distributed to players through airdrops and is currently being traded in the open market. This distribution pattern likely skews the demand-supply balance in favor of bullish trends. However, the surge in price may be short-lived.

Delphi Digital's weekly report, released last Friday, suggests that while temporarily restricting the circulating supply might prop up token prices, an eventual dump is inevitable. This could potentially lead to enduring damage to reputation. This situation underscores the risks associated with prematurely introducing a fungible token in a game's developmental phase—especially before a sufficient player base exists to absorb the sudden supply surge.

The analysis of Big Time's economy, centered around cosmetics and player empowerment, as provided by Delphi.  

The report highlights that long-term players are currently earning substantial amounts, ranging from $200 to $2,000 per day. This shift has made it less likely for players to engage in the game purely for leisure, as there is a strong incentive to cash out.

Faced with the choice between hunting in-game creatures for gold to upgrade armor or opting for an almost instant cash payout for an equivalent amount of effort, rational players are likely to choose the latter. This shift has become evident in Big Time, according to Delphi. The rapid increase in the price of NFTs needed to collect BIGTIME has also made the game increasingly inaccessible for new players.

The token's fully diluted value in comparison to its market cap is notably high, indicating the potential for supply inflation and subsequent sell-side pressure.

Blockchain analyst Loch remarked:

 "The tokenomics are quite dubious. No one is sure about the exact market cap. The FDV is ridiculously high at around $1.2 billion, while the market cap is much lower at around $40 million," in a statement on X.

Since the launch two days ago, $BIGTIME has surged by almost 400%.@playbigtime is an AAA blockchain game that recently launched its token.

However, the tokenomics are quite dubious. No one is sure about the exact market cap. The FDV is ridiculously high at around $1.2 billion,… pic.twitter.com/x40pwTPhJV

— Loch (@loch_chain) October 16, 2023

Read more: Binance's Game-Changing Move: Unveiling BIGTIME Perpetual Contracts - A New Era in Crypto Trading