Parallel, a sci-fi gaming ecosystem, has seen its PRIME token double in value since the July 31st beta launch of its flagship digital trading card game.
The price increase comes as Parallel finally begins to see rewards for years of effort, according to crypto educator DeFi Dad. He told The Defiant that Parallel's team "wants this more than everyone else. They want to achieve greatness. And they are hungry."
Parallel's trading card game involves reducing an opponent's "life" points to zero through playing cards - some being "unit" cards that attack, others being "effect" cards that unlock abilities.
The biggest strength of Parallel's game appears to be its rich, survival-themed backstory and lore. "It's a captivating story of survival and determination that is truly one of a kind," said ParallelAIRev, the largest PRIME token holder.
Interest Building, But Volume Has Room to Grow
While interest in Parallel's NFT cards has grown over the past 90 days, trading volumes remain far below all-time highs. September 2021 saw over 14,000 ETH in weekly volume, but recent weeks have barely crossed 100 ETH after lingering under that threshold for much of 2023.
Established Market for Trading Card Games
Parallel enters a market with proven demand for trading card games. Magic: The Gathering, with tens of thousands of unique cards, generated over $1 billion in 2022 revenue. Pokémon began as a video game before establishing a hit card game and multimedia franchise. Yu-Gi-Oh built a successful brand purely around a fictional card game.
Many crypto projects want to replicate this gaming success. Yuga Labs, creator of Bored Apes, is expanding into games like Dookey Dash. TreasureDAO aims to become the next Nintendo. But crypto-based games face skepticism from many gamers wary of NFTs.
What is Parallel Building?
Parallel's main game focuses on digital cards sold optionally as NFTs. The NFT cards may provide different in-game abilities or external benefits. With over 6 million Parallel NFTs on OpenSea, the project plans to expand the card sets beyond the initial Alpha collection.
In 2021, Parallel raised $50 million from Paradigm at a $500 million valuation. Like Pokémon, Parallel is diversifying beyond just the card game. There's a comic book series and an "AI game" called Colony.
Persisting Through the Bear Market
Parallel impressed DeFi Dad by over-delivering despite 2022's crypto winter. "They are a great example of a team that persevered through a terribly challenging time," he said. Their hunger and determination could be what's needed to succeed long-term.
Can Trading Card NFTs Find Mainstream Appeal?
While projects like Parallel show promise, NFT-based trading card games have struggled to attract mainstream gamers. Most players simply don't trust NFTs yet. But quality games like Parallel that focus first on great gameplay could demonstrate the benefits of true digital ownership. If they build compelling universes and experiences, over time they may win over initial skeptics.
What Will It Take for Crypto Gaming to Compete with Established Franchises?
For crypto games to compete long-term, they need more than hype and speculation. They require great game design, rich worlds, and ongoing value. Successful franchises like Pokémon consistently release new games, cards, shows, and movies that expand the universe. Crypto projects need these engaging stories and experiences.
If they can build enduring games people love, while providing real ownership of assets, crypto gaming could eventually mimic the success of traditional franchises. But it takes time to earn trust and create beloved characters and gameplay. If projects persist and perfect their craft, mainstream adoption could happen.
In summary, Parallel's recent growth shows promise but crypto gaming needs to improve to seriously compete. With determination and great game design, these projects may slowly win over initial skeptics. But it won't happen overnight - building a beloved franchise takes years. The crypto teams who want it most and never give up could make history.