Thetan Arena, a new metaverse play-to-earn game, has quickly gained popularity and amassed more than double the number of players as Axie Infinity. The growing on-chain activity on Thetan Arena makes it on par with the dominant games in the play-to-earn domain. Many analysts consider Thetan Arena to be the next Axie Infinity in popularity and success.
Although both Thetan Arena and Axie Infinity are play-to-earn games based on blockchain technology, many argue that the games are not comparable. While Axie Infinity's gameplay heavily depends on luck and the quality of your axies, Thetan Arena combines a player's skills with teamwork, bringing it to a whole new level.
Vietnamese developers-led game studio, Wolffun Game, is behind the development of Thetan Arena. Thetan Arena is a MOBA (multiplayer online battle arena) e-sport game. Officially launched on 27th November, the game has done well in attracting the attention of both investors and players. Thetan Gem token (THG) is its governance token and, at the time of writing this article, has a market capitalization of more than $300 million. The market performance of THG can be considered quite volatile.
In September 2021, THG started trading after an IDO that faced two consecutive cyber attacks. In late November, THG jumped to its all-time high of $20 from its IDO price of $0.08 giving early investors more than 26,000% ROI at the all-time high. Presently, THG has retreated to about $4.85, according to CoinMarketCap.com. The current market valuation is only a tiny fraction of Axie Infinity's AXS tokens, but the user growth of Thetan Arena is impressive.
When we look at the raw blockchain data, Thetan Arena's figures are tiny compared to Axie Infinity's. Thetan Arena has some catching up before it becomes a real threat to blockchain game giants like Axie Infinity. According to DappRadar, Thetan Arena has a daily 4,800 active users and a weekly 26,500 active users. Compared to these metrics, Axie Infinity stands higher with a daily 106,000 active users and a weekly 302,000 active users.
The co-founder of Axie Infinity, Aleksander Larsen, also commented that Thetan Arena's website's daily active user numbers are mainly the off-chain users. The off-chain users rarely interact with the blockchain economy. He even commented that it would be difficult for Thetan Arena to convert these off-chain users to on-chain users without a stable economy.
Thetan Arena is a multiplatform play-to-earn free-to-play blockchain game compatible with Android, iOS, and Windows. Players can earn THC tokens by battling others with gaming skills and teamwork. These tokens can then be used to speed up in-game progress and buy heroes, abilities, and weapons. The players very well received the first week of the launch as it ranked first on Apple App Store in 11 different countries. Many investors have also speculated that Thetan Arena and Axie Infinity are not direct competitors and may coexist peacefully.
Thetan Arena's early rise in popularity can be attributed significantly to giving players the option to play the game for free and earn immediately. Most of the games in the current market require an initial investment, which usually ranges from a few hundred to thousands of dollars. This creates a market gap for the existing play-to-earn games. Thetan Arena has targeted this problem well, and unlike Axie Infinity, it requires no initial investment to get started. But like Axie Infinity, Theta Arena also has a paid option where players can buy NFT Heroes in-game. Owning NFT Heroes allows players to participate in various special events and earn more THC tokens. The THC tokens serve as utility currency, and the THG tokens serve the purpose of governance purely.
Axie Infinity's gameplay is just like that of Pokemon Go, except Axie Infinity is strictly an NFT game. It employs a turn-based card game where players can decide what their axie will do every turn. It has two modes, PvE mode (Adventure) and PvP mode (Arena). But the game is allegedly not fun to play. Players have been complaining that the game feels like a chore rather than something they would play for fun.
Thetan Arena begs to differ in this aspect with its engaging gameplay. It is a MOBA e-sports where players compete with other players using their skills and teamwork. There are different game modes, including Battle Royale, Deathmatch, Superstar, and Tower Seige. Apart from being a play-to-earn game, it is fun to play in itself. Some players complained about team gameplay flaws, but the response has been much better than Axie Infinity.
In 2021, we witnessed the steep rise of projects related to play-to-earn games and the metaverse like Axie Infinity, The Sandbox, Decentraland, Illuvium, and many more. In 2022 also, metaverse will remain a big investment trend among big investors. The community has shown a growing desire for play-to-earn models and interactive entertainment. This year, we can witness a further shift from passive recreation, like televisions, towards blockchain games.
The gaming industry is growing tremendously with no signs of slowing down. It has a 9% compound annual growth rate with over 3 billion players. With more and more gaming giants realizing the potential of blockchain in gaming, we are about to see yet more play-to-earn games flood the market in 2022.
In the cryptocurrency market, play-to-earn game tokens and metaverse tokens have soared. With positive effects, there have been downsides, too, for example, the security attacks faced by Illuvium and the phishing attacks in the entire community. But commonly, when there is such a large community, there are bound to be some vulnerabilities. In 2022, we may see Axie Infinity turn a new leaf or Thetan Arena emerge as the top play-to-earn game. Thetan Arena shows more promise in a low barrier of entry and more engaging gameplay. But there is a long journey before it beats the market giant Axie Infinity.
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