Overlord (LORD) crypto token tanked despite play-to-earn sector FOMO

overlord lord game token
image from medium.com

Key Overlord Takeaways:

  • Overlord (LORD) Coin declined 88% after the last peak.
  • The game token consolidated amid the rise of P2E games.

YEREVAN (CoinCHapter.com) – LORD, the native token of Overlord, a role-playing page on the Binance Smart Chain (BSC), lost 88% since it peaked at $0.023 on Oct 28. The downside move came amid the boom in the play-to-earn (P2E) games market, but LORD slept through it all and flatlined throughout November, additionally tanking on the 15th of the month.

Overlord Token to USD Chart

Overlord (LORD) sank 40% and recovered in one day. Source: LORD on CoinMarketCap.com
Overlord (LORD) sank 40% and recovered in one day. Source: LORD on CoinMarketCap.com
Also read: Metaverse token market jumps 13% as AXS, MANA, SAND rally

The LORD coin price unexpectedly sank 40% only to jump back up hours later and settle at $0.0027, as seen on the chart above. Besides the sharp drop, Overlord has not seen any significant price movement in weeks.

Overlord token declined 88% since late October. Source: LORD on CoinMarketCap.com
Overlord token declined 88% since late October. Source: LORD on CoinMarketCap.com

In detail, Overlord coin is not new to the GameFi sector, and it scored a few key partnerships back in September. For example, the game collaborated with Berry Data, a community-verified price oracle on BSC. The latter provides off-chain data, as well as NFTs for the game.

Additionally, Overlord token is among the “best of GameFi” on Binance Smart Chain, according to the analytical platform GenXAnalytics.

Also read: Floki Pet World is here, as its IDO went live on Nov 12

However, the game’s passive price action does not correspond to the general uprising on the P2E game market.

P2E sector on the rise

Play-to-earn-style games have gained substantially in Q3-Q4. According to the Q3 Dapp Industry Report, various DeFi platforms have brought gaming to the forefront. The number of Unique Active Wallets (UAW) on gaming-related blockchains increased by 140% quarter-on-quarter in Q3.

The growth of various P2E projects within the past two months shows that Q4 might reflect a similar increase. Moreover, some experts see the industry growing 100 times in the upcoming years. Ben Heidorn, the co-founder of Blockade Games, shared his opinion in a recent interview.

The end goal [of P2E games] is the same, to give people a means by which they can change their own lives. […] It is going to become 100X from what it is today in the next few years.

said the executive.
Also read: Facebook leaves metaverse token Decentraland (MANA) with an 80% bull run setup.

In detail, the play-to-earn mechanism is a way to monetize the video game industry, enabled by cryptocurrency and blockchain technology. If a game is good enough, the digital assets at the core of the game gain value, which makes the creators gain as well, subsequently making it worthwhile to build the game in the first place.

Thus, the overall rise in the sector should benefit all the games making up the pool. However, the P2E’s good name and earnings don’t seem to affect Overlord’s token. The daily trading volume stood at $51,332 on Nov 16, a 34% decline from the previous session.

The upcoming month will show if Overlord can gain momentum or stay on the outskirts of the industry.

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