Today, the crypto exchange Bitfinex announced the listing of the PORTAL token, from the eponymous Web3 gaming platform.
This Bitfinex #TokenTuesday welcomes $PORTAL!@Portalcoin allows gamers to move between games with a transferable asset 🎮
Connecting games and gamers to form an ecosystem in #Web3 gaming!Discover more:https://t.co/HB4tPvGKg7 pic.twitter.com/wzOUh19pI5
— Bitfinex (@bitfinex) May 21, 2024
It is the native token of the homonymous multi-chain system and web3 gaming platform.
Web3: Bitfinex lists the crypto PORTAL
The token Portal landed on the crypto markets only at the end of February, less than three months ago.
The opening price, 2.9$, turned out to be excessive, so much so that already on the first day of trading it closed at 2.3$.
After having risen to 2.6$ in the first decade of March, probably thanks to the recovery of the crypto markets, it then began a long descent, which still seems to be ongoing.
During the month of March it already fell below $2, and in mid-April, during the pre-halving retracement of Bitcoin its price also dropped below $1.
The minimum peak was reached yesterday at $0.7, but today it is showing a +11% probably thanks to the rise of Ethereum.
Indeed today’s +22% of ETH is also dragging along many altcoins, including some smaller ones like the Portal token.
Moreover today’s rebound of Portal follows the historical low, so it could also appear as a good sign, especially if the crypto markets continue to perform well awaiting the possible approval of the ETF on ETH spot by the SEC, which should arrive on Thursday.
The game Portal
The crypto Portal project aims to bring together games and players from various blockchains on its cross-chain platform, in order to create a unique Web3 gaming ecosystem.
Cross-chain support is achieved thanks to a partnership with LayerZero, allowing a seamless multi-chain experience.
The idea is to allow the exchange of different cryptocurrencies and different tokens among various games, in order to concentrate the exchanges on a single platform.
Thanks to the collaboration with LayerZero Portal, it facilitates a multi-chain experience connecting a variety of Web3 games, and hosts the Portal Passport function that allows access with a single identity to various games and the possibility of using all the assets owned by the player on blockchain on all integrated games.
Indeed, the Portal technology offers players access to a wide range of games, with the intention of paving the way for a gradual transition from Web2 games to Web3 ones.
PORTAL is the native token of the platform, within which it performs many functions, including access to exclusive NFTs, voting rights in governance, staking, and in-game use for the purchase and sale of gaming items.
Web3 games are growing a lot, so much so that according to some estimates the size of this emerging market could exceed $600 billion by 2030. The overall valuation of this market in 2023 was $154 billion.
Bitfinex and the listing of the crypto Web3 PORTAL
The opening of the PORTAL token deposits on the exchange took place today, while the start of trading on Bitfinex is scheduled for May 24, provided that the liquidity requirements are met. On Bitfinex, PORTAL will be tradable in US dollars (PORTAL/USD) and Tether tokens (PORTAL/USDt).
Bitfinex is a digital token trading platform launched in 2012, and provides traders with a suite of advanced features and graphic tools. It also provides access to peer-to-peer financing, an OTC market, and margin trading for a wide selection of digital tokens.
The strategy of Bitfinex focuses on providing support, tools, and innovation for experienced traders and liquidity providers worldwide.
The Head of Tokens of Bitfinex, Henry Child, commented saying:
“While the Web3 gaming sector continues to attract a growing number of users and games, projects like Portal, aimed at unifying the entire ecosystem, provide a solid foundation for the cryptocurrency gaming ecosystem. We are excited to include $PORTAL in our range of token offerings.”
The exchange is part of the iFinex group, which also includes Tether.
The Web3 gaming
Online gaming is a very vast and deep market.
What has always been very difficult, however, is to make different games interact with each other, for example allowing a player to use the same digital items he owns on different games.
The blockchain solves this problem, especially when using cross-chain solutions like those of LayerZero.
Indeed, digital objects on blockchain reside on the blockchain itself, and not within a game. In this way, using suitable protocols, an object on blockchain can be easily used within multiple games.
Furthermore, the use of blockchain allows users to actually own, first-hand, digital assets, and also enables very easily the exchange with other users.
At this point it is easy to imagine that in the future there will also be a market for web3 game items within which users can sell and buy digital assets to be used in different games.
