Cryptocurrency update: Polkadot jumps 15.6%; Ethereum gains 6.6%, MIR4 is all the rage

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Polkadot has registered the highest gain of 15.6% to $2,213.67 in the last 24 hours. This has made the crypto the ninth largest, pushing USD Coin to 10th. The second-largest virtual token, Ethereum also increased by 6.67%  to $3,433.74. XRP gained by 5.16% to $86.21. Bitcoin, The biggest and the oldest cryptocurrency slipped by 0.15% and was trading at $49,955.06 on September 1st. Others like Dogecoin and Binance coin were trading in green, while the rest were in red.

Cryptocurrency Prices

*All prices as of 1 September 2021, at 8:30 AM, Table Source: Coinmarketcap.com. Conversion rate for the USD to INR used was $1=Rs 73.06

MIR4 game is popular despite all the negative reviews

Despite poor reviews on Steam and mobile devices, MIR4 a video game is soaring in popularity as players can mine for cryptocurrency as they play, Business Insider, reported on Tuesday. In the real world, these cryptos can be exchanged for dollars.

The multiplayer online role-playing game’s tokens called DRACO have seen a 200% jump in the first 24 hours of going live. Yesterday, the price of the token was down to $2 from its peak of $6.25 three days ago. Though it may not be equivalent to the massive heights of Bitcoin or Ethereum, its nothing either. And that may be the secret of its success, it added.

DRACO are utility tokens from the game that allows players to collect them in exchange for an in-game resource called Darksteel. Alternatively, players can also mine for Darksteel as they complete tasks and spend more time in the game.

These utility tokens are blockchain based which are used to fund a company, project or product. In this scenario DRACO will in turn help developers fund the company.

Ever since Non Fungible Tokens (NFTs) started gaining prominence, the role of blockchain in gaming has been a much talked about subject. Another play to earn game, Axie Infinity based on the Pokemon Go’s concept of following pets recently hit $1 billion in trade volume. The NFT based game generated nearly $780 million across 1.4 million transactions.