I decided after the last bull market to avoid mega low-cap tokens.
But that doesn’t mean some of them don’t have legs.
Why No Degen?
If you recall back in 2021, I mentioned some low-cap tokens I “wanted to throw a few bucks on”.
Most failed. But this is not why I’m avoiding them now.
I want to stay disciplined and remain in “best of breed” tokens.
There’s no need to go further. The asymmetry I’m looking for can be found in even the highest-cap tokens.
And we all know, even me, Mr. Discipline, is probably not just going to invest in just one low-cap token if I decided to jump back into that world.
It’s never just one. One leads to another, leads to…
And I don’t like how people use the word “degen” unironically.
You’re admitting you’re being reckless with your money. And you’re laughing about it.
This is fine in a bull market, but we’re not in one, and we’re approaching a bear market all across the board.
This “LOL Degen” shit is not the play.
This was peak 2019-2021 market top talk. It had a place there. But it no longer does.
Look, you can do whatever you want. In fact, this blog post is for the people who want to play the lottery.
And if you’re going to play the lottery, you may as well buy lotto tickets which could give you the most potential return for your money.
When it comes to investing in Web3 gaming and the Metaverse, I of course love the sector, but I don’t think going hard into one project’s token is a great idea given the inevitably high fail rate most of these projects will suffer.
Just today for example, the Metadams gaming project appears to have finally shuttered for good. That’s a good 500-600 ADA I’ll never see again. But I understood the risk, and this won’t be the last time I lose money in this space.
The lowest cap token I hold is ILV as many of you know, the token for the Illuvium project.
Even this was a stretch for me since I already own land there.
But the game is close to coming out, it has a lot more of a certainty on that front, and along with the staking and revenue distribution, it was too hard to pass up.
Just remember though, most of these games won’t even make it to launch.
However, there are two Web3 games in which the general consensus will agree have a real chance of being right there on par with the best Web2 titles out there.
Now you don’t need to be able to compete with the most popular titles out there in Web2, you can do just as well with a game similar to Roblox or even Candy Crush.
But if you want the rest of the gaming world (and the 1 Billion people who play them) to take you seriously, you will need one or two bell cows like this who can compete at the highest levels.
One of those bell cows is Illuvium, and the other is….
Star Atlas
And I know cinematic sequences don’t always look like the actual game, but if you’ve been following the project even a little, you know it’s damn close.
But I Thought It Was Dead?
Star Atlas has had its share of setbacks.
I was thinking of doing a deep-dive for this blog post, but I don’t think it’s necessary. We’ll keep it brief on here like we’ve been doing.
Just know, this project has been “dead in the water” at least twice now, but just kept right on going.
The Star Atlas community is larger than Illuvium’s is, and they’re fiercely dedicated.
Star Atlas is on the Solana chain, and is easily Solana’s top metaverse/gaming project.
Now you may want to buy NFTs to play this game, which is understandable, but check and see if that’s even possible.
One of the big mistakes this game made was selling out all of its starships right away, shutting out future players.
To date, I don’t know if/how they’ve remedied this.
Even if we assume they have not, and it’s just going to be a few thousand players earning and trading amongst each other, there could still be crazy value here.
How? Well there could be tons of value, assuming that something like, I dunno, their governance token, had dropped to ridiculous levels compared to what the potential of this game could actually be.
Star Atlas’s governance token goes by ticker symbol POLIS.
It currently sits at 12 cents.
From CoinGecko
This is the type of chart I would expect to see for a completely dead project. But Star Atlas is far from it.
Please understand, outer space games take a looooong time to make for obvious reasons. And so much could still go wrong.
But as I said before, in this Metaverse 2.0 era we’re in, only two games are attempting to put Web3 on the permanent map.
And this is one of them.
Conclusion
Buying the POLIS token right now goes against everything I stand for when it comes to investing.
But this isn’t financial advice, nor is it ever.
I know a lot of you out there like this shit.
And to me, some shit just has a better risk/reward than others do.
— VP