An update - sixty days since starting an account in DeFi Kingdoms.
The article linked below does a far better job of describing DeFi Kingdoms than I ever could. Whilst the recent drop in Jewel and ONE tokens is not unexpected, it was fast and deep. Jewel went from a headline $22 to $7.50, and ONE went from $0.35 to about $0.17. Both have stabilized and may recover along with the rest of the crypto market.
This has not concerned me in the slightest. In fact, I took the liberty of “catching falling knives” and bought into more ONE as the price collapsed. Most additional was bought between $0.25 and $0.22. But this was not to purely speculate on ONE. It was to take advantage of more ONE to buy stuff in Harmony Dapps that are on my radar screen, and they are just an awful lot cheaper now in USD terms than they were last week.
My “hero” count in DeFi Kingdoms is now 32. Their USD price has more than halved, but their utility value (income earning potential) has remained the same. What really drove me to accelerating my hero ownership (NFTs) was a pre-announced airdrop of the Crystal currency that will be used in the Avalanche version of the game - Crystalvale, starting some time in Q1, 2022. It was announced, amongst other complicated formulae, that a Crystal token will be airdropped to the owner of every Hero (this is simplified), so I just went hell for leather to purchase Heros. Their floor price has not changed much in Jewel after its devaluation against the dollar this week, so they got cheaper in real terms. I used ETH to buy more ONE. Those stories of ETH seeing $20K before the end of 2021 are now just a laughable history of other uber-hyped claims of value.
Just that one decision to game in DeFi Kingdoms has lead me into other areas that now constitute a planned 20% of our crypto portfolio in 2022. There is a common theme. The NFTs will be bought on the premise that they have an income earning potential besides just a floor price. I have just bought into my fourth type of NFT, and one sold within 18 hours of listing. Strange how that can happen when the NFTs are still in mint. Two side benefits of this - the first is that I learned how to create multiple accounts in one metamask wallet and has forced me to start to document a Technical Infrastructure Plan since “crypto” has morphed into a being like a hydra, and needs to be contained (backed up, documented, schematized) befre I lose the plot. The second is that I have opened an account with OpenSea to sell NFTs other than on the ONE network. Compared with Harmony costs are a shocking revelation in the real world. The cost of ETH gas for the NFTs was over 30% of the actual cost of the NFTs. And there was a one-off joining fee on OpenSea equivalent to $85. If anyone said you can start this trading NFTs on a shoestring either had 24 carat gold shoe laces, or was just plagiarizing what a gazillionaire like Snoop Dog may have said for Bored Ape Yacht club.
Anyway, despite the tanking of the token values, the combined liquidity pair interest and the Hero income is about $200 per day. That is not small change at 7 days per week. So my interest remains very strong in this field, even though I expect earnings to reduce somewhat on an exponential basis.
https://dappradar.com/blog/play-to-earn-defi-kingdoms-rise-to-success
The game now has analytical tools that would put the best corporations to shame. That is a techie side to it, but use of APIs and RPCs are extensive in this game designed for Web3, and it is wonderful to see how fast such apps are being built.
Edited. Just seen a similar post about DFK at this link. Worth a read for anyone interested in gaming.