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Metacade vs. Filecoin: Which Cryptocurrency Will Be More Successful

While Filecoin may rise in price in 2023, the price gains will be moderate at best, and given the problems, it is quite possible that the price will not rise at all. On the other hand, Metacade is still at the beginning of its pre-sale phase, which means that its price will be the lowest it is right now. Metacade is a decentralized Metaverse arcade that aims to become the main platform for the complete GameFi space.

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With the crypto crash behind us, 2023 will be the start of the market recovery, and some cryptocurrencies seem to have more potential than others. Metacade (MCADE), whose pre-sale has just started, seems to bring better returns than the once-popular cryptocurrency Filecoin (FIL), which is struggling to regain its former value.

Read more about Filecoin and Metacade and find other interesting business news with the born2Invest mobile app.

What is Filecoin (FIL)?

Filecoin is an open-source decentralized data storage marketplace, protocol, and cryptocurrency. Filecoin allows anyone to rent out unused storage space on their computer to others using the Filecoin protocol. Think of Airbnb, except instead of renting out your apartment, you rent out your computer.

This kind of data sharing allows users to get extra storage space when they need it, and on the other hand, make some money renting out unused computer space. The value of the proprietary FIL token, which was launched in October 2020 at a price of about $30, rose to a peak of nearly $200 in March 2021.

Why is Filecoin (FIL) crashing?

However, this peak value of nearly $200 did not last long. In July 2021, the price value dropped to $45 and then recovered briefly before falling rapidly again in September 2021. Since then, the value of Filecoin (FIL) has steadily declined and currently stands at just over $4. While the crypto crash in 2022 didn’t help matters, Filecoin’s market value had been falling long before, and its inability to recover its losses points to further problems ahead. While the original business idea was new, implementation has been anything but smooth.

Meanwhile, data storage is being built to store more data for a smaller amount. Most people simply use cloud storage solutions, which are becoming increasingly popular, to store even large amounts of data from larger companies. This means that the demand for a decentralized storage application simply can’t keep up with what Filecoin has to offer.

Businesses prefer to use a name they know, such as Amazon, and individuals rarely have a need for more computer storage. These are the main reasons why Filecoin (FIL) has fallen so dramatically and why it doesn’t look like it will recover in 2023, with experts predicting modest gains at best.

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What is Metacade (MCADE)?

Metacade is a decentralized Metaverse arcade that aims to become the main platform for the complete GameFi space. This platform aims to offer a wide range of P2E games and build a huge community of players and game enthusiasts.

The platform offers you a whole range of ways to earn MCADE tokens. The platform includes not only P2E games, but also incentives to get involved in the community. For instance, users are rewarded for writing reviews, posting top alphas, or even testing games during the development phase. Metacade will attract both hardcore and casual gamers, as the platform will host tournaments as well as big prize draws.

And if that wasn’t enough, Metacade also offers its users the opportunity to help shape the future of Metaverse gaming. Users will be able to vote on which game developers will receive grants to develop new titles on the platform. The ability to communicate in real-time with like-minded users and have a direct line to developers puts Metacade in a category all its own in terms of control.

Even passive investors get their seat at the table, as token holders have the ability to deploy tokens for increasingly larger amounts. In the future – Metacade is looking to transition to a DAO – the largest holders will be given key positions on the platform, underscoring Metacade’s community-first approach to gaming. This gives an unprecedented level of control to Metaverse users, who will help shape the games of the future.

Here’s why Metacade (MCADE) will be more successful than Filecoin (FIL)

While Filecoin may rise in price in 2023, the price gains will be moderate at best, and given the problems, it is quite possible that the price will not rise at all. On the other hand, Metacade is still at the beginning of its pre-sale phase, which means that its price will be the lowest it is right now.

Thanks to its broad-based model that can become the ultimate GameFi hub for the next generation, Metacade’s popularity should skyrocket as more people discover it.

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The wide appeal to both hardcore and casual gamers who want to help shape the future of online gaming will ensure the longevity of the project and provide plenty of potential. And as the community grows, developers will flock to bring their ideas to life and create a whole new generation of games centered around Metacade.

The opportunity for Metacade’s growth to pick up steam in 2023 is there and holds real potential. For these reasons, Metacade will have a greater ROI than Filecoin in 2023 and beyond.

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(Featured image by Bybit CC BY 2.0 via Flickr)

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First published in CRYPTOMONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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Michael Jermaine Cards is a business executive and a financial journalist, with a focus on IT, innovation and transportation, as well as crypto and AI. He writes about robotics, automation, deep learning, multimodal transit, among others. He updates his readers on the latest market developments, tech and CBD stocks, and even the commodities industry. He does management consulting parallel to his writing, and has been based in Singapore for the past 15 years.