Price Dynamics of $GLX: Investor Dilemma and the Future Sports Gaming on Hive

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Gaming ecosystem on the Hive blockchain is growing

During the eelier Hivefest virtual session of interaction on X's Spaces and Leo's Threadcast as co-hosted by @hivefest and @Taskmaster4450le, we did some deep talks on Hive games and how they are positioned to bring more users to Hive blockchain. It is good to note that the gaming ecosystem on the Hive blockchain is growing and the gaming projects are growing in delivery and patronage, despite the long crypto market bear.

We now have NFT gaming projects on Hive covering battle and strategy, investment, farming, music, sports and the list continues. Genesis league Sports (GLS) is the sports gaming platform built by the creators of Splinterlands game to host the ever-growing catalog of games across a plethora of sports types. GLS is also built to secure partnerships with major sports leagues and organizations around the globe.

Being built on the Hive blockchain, GLS is a web 3 blockchain-based, play to earn gaming platform and ecosystem specifically designed for sports games and NFTs. Genesis League Goals (GLG) is the flagship sports game on the GLS platform created in partnered with Major League Soccer Players Association (MLSPA) to create a rapid tactic strategy game that will utilize NFTs, cryptocurrency.

$GLX - The Access Token of Sports Gaming on Hive

The GLS platform is designed as a user minded sports gaming platform where users can participate in the decision making and iterations in the game through the DAO system and governance toke n known as $GLX. Users with staked GLX will be able to create a proposal and vote same to add/subtract within the GLS platform. Presently, you can earn $GLX by staking $SPS and staking GLX too.

Staking $GLX presently attracts a 63% estimated APR and that would last for the next 48 days. The GLX market has been plunging after the initial hype pump that marked its all-time-high price of $0.3. This is because millions of GLX tokens are minted through staking and they are flooding the markets. No doubt that GLX would regain its value, but that would be when the reward system of games on GLS platform are live. We are anticipating this to happen for Genesis League Goals in Q4, 2023 according to the latest game's update.

While many holders of GLX are giving up in the possibility of its price recovery, long term investors are buying cheap GLX tokens in the Hive layer 2 markets at almost a no price. Priced at $0.0035, one can get as much as 285 tokens with one dollar. In fact, a million GLX tokens costs about $3,500. That is a small amount considering the role that GLX would play in the GLS ecosystem. It would not be bad to call it an Access token (in the words of Taskmaster). It's use case would grow as more games are added to the GLS platform. Already Chibi Dinos is also on build.

Long Term is Better

Drawing benefits form the high volatility of cryptocurrencies would depend on an investor's readiness to go in for the long run. However, it's a hard thing to hold on to the long run. My 13k GLX in stake was worth around $400 some months ago but has been crushed down to $49. That is about one-tenth of the initial value.

At this point, it is meaningless to FUD, rather I see an opportunity to gather more cheaper tokens so that a seeming recovery in the price in the future would be meaningful. What do I mean? If an investor was buying $GLX when it was $0.1 to $0.3, what stops you from buying when its now $0.0035? This is by far a good discounted price to help an investor position for the next bull run.

It may take some more years...

I think it doesn't rally matter. This is because is a long term investment and should be approached with that understanding. Buying GLX at $0.0035 is too discounted a price if GLS would serve its design purpose. I think, I'll buy some more at this cheap rates so I can maximize some more profits over the next 43 days of staking rewards.

Conclusion

Splinterlands team had promised that "GLS according "will prove a watershed moment for blockchain technology’s permanent presence in the future of mainstream gaming." I would say, sports gaming in particular. We hope to see a future when there could possibly be 100 sports games on the GLS platform and then, the utility of GLX would have become so significant. Don't you think that a $20 GLX is possible?

In all, this post is not an investment advise. It's just my muse bothering my investment in GLX token of the Genesis League Sports platform.

More information on Genesis league Sports

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How do I stake glx because its just lying in my wallet

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You'll have to transfer to the FLS account then stake it there. Just 45 more days to earn interest.

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