Home > News > FTX: Taking Down a Crypto Giant – Why Projects Like Metacade (MCADE) Are Safer

FTX: Taking Down a Crypto Giant – Why Projects Like Metacade (MCADE) Are Safer

Alice Davies

The collapse of one of the leading crypto exchanges, FTX, in November 2022 shook the crypto community. FTX’s former CEO, Sam Bankman-Fried, was arrested in the Bahamas and faces extradition to the USA on charges of wire fraud, money laundering, and campaign finance irregularities. The FTX crypto crash added insecurity to the struggling cryptocurrency industry, which saw its fair share of challenges in 2022.

Market confidence has been rocked by the FTX crash, leading investors to search for safer projects. One project gaining serious momentum despite the FTX crypto debacle is the blockchain GameFi platform Metacade. Here’s why.

What is Metacade?

Metacade is creating the largest gaming platform in the metaverse, a virtual video arcade with a vast array of play-to-earn (P2E) titles. Using the latest Web3 technology and Ethereum blockchain, the platform will include everything from classic arcade titles reminiscent of yesteryear to brand-new games created especially for Metacade.

The roadmap, available on Metacade’s white paper, sees Metacade become a fully-fledged decentralized autonomous organization (DAO) by the end of 2024, giving members full autonomy over the platform’s future direction. Ultimately, becoming a DAO will look to protect Metacade’s community from the fraud seen in the FTX crypto scandal.

How does Metacade work?

The main appeal of Metacade is the range of earning opportunities on offer to members. In addition to its P2E capability, users can stake MCADE tokens – the platform’s native coin – to enter prize draws and tournaments. Furthermore, users can earn stablecoin by interacting with the community, sharing knowledge, reviewing games, and eventually taking advantage of Work2Earn opportunities on the platform’s jobs board, which will launch in early 2024.

Several different revenue streams will fund the Metacade platform, including:

  • Pay-to-play titles similar to those found in a real-world amusement arcade
  • Advertising on Metacade
  • Entry fees paid for prize draws and tournaments
  • Launchpad, a feature that allows external companies to pay to release their titles on Metacade
  • Web3 businesses paying to advertise job vacancies on the platform’s jobs board

The platform will introduce a Metagrants scheme for gaming developers from Q3 2023. This plan will allow developers to apply for funding to help turn their gaming dreams into reality. MCADE token holders will vote on game proposals, meaning only the most popular ideas will be designed and released on the platform. The first Metagrant-backed game will launch on Metacade in early 2024.

When Metacade becomes a DAO, as mentioned above, it will hand the decision-making process to its community. Additionally, all of the critical positions, including control of the multi-signature treasury wallet, will be held by community members.

Why is Metacade a safer investment?

Many GameFi platforms rely either on a single title or a minimal range of titles to hold their members’ attention. As a result, engagement with users is limited, and the users often become bored with the games available to them, causing them to leave the platform and the platform’s token value to fall. 

Metacade, on the other hand, is a multi-faceted, multi-layered platform whose constant evolution will be driven by the members’ thirst for new titles. Furthermore, with MCADE holders having complete autonomy and control over the direction the platform takes in the future, there is little risk of the core users becoming bored with the platform or its games.

The community-led model helps to reassure potential investors, especially with the FTX crypto scandal being top of mind. The platform will not be beholden to the whims and fancies of a few big-time players, like the FTX crypto model. Instead, Metacade will develop as a result of decisions made by the members in the best interests of the members.

This plan gives Metacade the longevity missing from other similar blockchain platforms. Investors can have confidence that their money is protected from the kind of cash runs that led to the FTX crypto crash.

Metacade has submitted everything – from the platform specification to the composition of the development team – for a Certik audit, providing its community with additional peace of mind. As a result, investors can rest assured that Metacade’s code works, the platform is secure, and that potential risks have been mitigated where possible.

Is MCADE a worthwhile investment?

Many investors took advantage of the beta phase of the presale, which saw more than $1 million raised in just over three weeks. During the second presale phase of MCADE, the token price increased by 25% from $0.008 to $0.01. It will continue to increase with each presale phase.

The value of MCADE will rise to $0.02 during the final presale stage, so those getting onboard early could see significant gains on their investment when the token becomes available to the public. However, with the presale continuing to attract serious investment rapidly, purchasing at $0.01 in the current phase is advised to ensure the best possible gains.

You can participate in the Metacade pre-sale here.

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