Gods Unchained, Investment down 50%, Am I Still Bullish? Opportunity or Lost Cause?
Posted On July 16, 2020
I’m a very picky ‘NFT investor’.
Gods Unchained is my second real investment along side Decentraland.
The first 1-2 months saw my 100 ETH Investment go to atleast 2x.
Now? Dropped to below that 100ETH.
What went wrong?
For a project where marketplace activity is ESSENTIAL, (trading card game), and most cards are a few cents to a couple dollars, paying $2.50 per transaction makes 0 sense.
Even if there’s bargains listed, (there are plenty), the gas fees puts people off.
A top tier project going to 33 ETH weekly volume is worrying. BUT there’s some better days in sight.
Am I Still Bullish?
Long term hell yes. Specifically 3 things make me bullish.
Projects that have bottle necks but have the funding and right minds to solve and push forward are actually opportunities.
Gods Unchained are moving to solve their scaling issues, (solves gas issues, ‘Our plan is for Immutable X to support more than 200 million trades per day while consuming less than 30% of Ethereum’s capacity.’).
Order books are REALLY thin. Even though some cards have gone down 50%+, there’s only ~10-20 cards, (1 ETH worth of volume), that will double the ‘value’ of this card.
Their goals are BIG and they’re well funded. Killer combo.
“With these changes and mobile in the works, we think that Gods Unchained will be ready to start scaling to the big leagues and hit the goal of 1M players.” – source.
With the above 3 points, we know that they are working to solve these issues and it’s just a matter of time till people start paying attention and volume increases again.
Usually, well funded projects, (during presale), will sustain good volume for a long time. Eg, Decentraland and Cryptokitties.
There’s also, this,
13,000+ ETH worth of market cap,
14,400+ unique wallets! (That’s a lot).
There’s a strong economy here, it just isn’t enabled due to gas fees issues and delays in marketing/user acquisition due to this, but when it will be, and they ramp up their marketing, we should see some serious momentum here.