In the recent wake of meme token crashes and failed projects like Terra and Voyager, looking for high-quality utility token projects has been high on the average crypto investor’s agenda. One of these projects, a metaverse token called Metacade, is gaining a lot of attention from industry enthusiasts. In this article, we’re going to explore the project and find out why it’s being talked about as the next hottest utility token. What is a Utility Token? A utility token is a cryptocurrency that performs a specific function within a project’s ecosystem. This might mean access to certain network features or being offered discounts for using the utility token in transactions. Generally, they are specialised for use in the network they’re intended to be used on. For example, Filecoin allows users to rent out their unused hard drive space. Others use the FIL token to access this storage space, making it a utility token. We wouldn’t call Bitcoin a utility token because the network doesn’t offer any specific service in exchange for Bitcoin; it acts as a transaction medium.
What is Metacade? Metacade is an up-and-coming crypto project that is aiming to be the ultimate community hub for Web3 and metaverse gaming. They are building a virtual arcade where users can go to discuss the latest in Play2Earn, collaborate with some of the brightest minds in Web3, and have their say on the future of GameFi. From a gamer’s perspective, Metacade aims to be a one-stop shop where anyone can log on and play the best Play2Earn titles, discover trending games, and compete in competitions to earn even more from their favorite games.