Can the once-popular Metaverse Hotel counterattack again? | Investing.com

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Investing.com – In the real world, a hotel is a place that provides paid accommodation, usually for a short period of time. It can be an ordinary sleeping room or a luxurious resort. Hotels are common destinations for business trips, meetings and vacations.

It didn’t take long for the hotel concept to take hold in the ever-expanding world of cryptocurrencies, non-fungible tokens (NFTs), and virtual reality. Bit Hotel is an online social NFT game that uses Bit Hotel Coin (BTH) as the in-game currency.

With over 18,540 cryptocurrency tokens currently available, with more entering the market every day, this asset class has expanded to reflect nearly every aspect of life. This metaverse is fast becoming a reality, with social media, tech companies and celebrities like Mark Zuckerberg all believing that it will merge with reality in the coming years. In fact, the Facebook founder was so convinced of the metaverse’s potential that he even renamed the company Meta Platforms (NASDAQ: ).

Bit Hotel has everything for Metaverse and NFT enthusiasts

bybit

The Bit Hotel website describes the agreement as:

“Users can compete to earn Bit Hotel tokens and earn native NFTs. These NFTs have in-game availability and consist of characters, hotel rooms, furniture, and other items with special functions.”

An NFT is a non-fungible unit of data stored on the blockchain that can be sold or traded. Types of NFT data units are often associated with digital files, such as photos, videos, and audio.

The Metaverse is a network of 3D virtual worlds focused on social connection. Futurism and science fiction often describe it as a hypothetical iteration of the internet, a single, universal virtual world facilitated by the use of virtual and augmented reality headsets.

In the Metaverse, Bit Hotel is a resort.

BTH token

Bit Hotel’s native cryptocurrency is BTH. In an article published on Bitcoin.com in February of this year, the author described how people playing the game Bit Hotel made money at the same time. Players earn or show their friends by collecting digital properties and other NFT items and characters.

Every room and common room in Bit Hotel is a chat room where users can communicate or trade with other players. Players can also compete in mini-games to earn token rewards, which can be exchanged for in-game assets. They can also “cash out” in-game earnings and receive BTH tokens.

Bit Hotel has sold millions of dollars worth of digital real estate. An investor can become the owner of a hotel room in the Metaverse.

BTH to be listed at the end of 2021

On March 28, BTH ranked 4806th among all coins. It started trading in December 2021 at 6.9 cents, and its price fell to 3.218 cents by the end of March.

BTH chart, source: CoinMarketCap

As can be seen from the chart, shortly after BTH started trading, it rose to a high of 22.44 cents. But it has been trending lower since then.

BTH has been on a downward trend and this could be an opportunity for investors interested in BTH.

Among the more than 18,540 cryptocurrencies, many coins follow the movement of and. Since March 27, the two leading cryptocurrencies are attempting to break out of the wedge formation to start a new rally.

Bitcoin weekly chart, source: CQG

Bitcoin weekly chart, source: CQG

As shown, Bitcoin futures fell from $69,355 in mid-November 2021 to a low of $32,855 in late January 2022. Bitcoin futures traded at $47,325 on March 31, close to a new 2022 high of $48,000 set earlier this week.

Ethereum weekly chart, source: CQG

Ethereum weekly chart, source: CQG

During the same period, Ethereum futures fell from $4,902.75 to a low of $2,158. Currently, the price of Ethereum is $3417.50, the second-ranked cryptocurrency also started to rise in late March.

high risk high reward

Investors, traders, gamers, and those looking for a vacation spot in the metaverse can consider BTH at 3.218 cents. Of course, owning hotel rooms and vacation properties in the Metaverse is a risky investment, as is investing in cryptocurrencies.

Because cryptocurrencies and real estate in the metaverse are high-risk assets, it is possible to lose your entire principal.

[This article is from Yingwei Caiqing Investing.com, to read more, please log on to cn.investing.com or download Yingwei Caiqing App]

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(Translation: Pan Yiheng)

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