I've been playing play2earn games as part of my low cost crypto accumulation strategy. The game I'm enjoying the most is Rising Star. Its a music/band based card game - where you collect cards (band members, instruments, etc) and do missions (gigs, music lessons, festivals, etc). The game is built on the Hive blockchain. You can start playing without any investment, and start earning straight away.
Credit: In game screenshot from within Rising Star
Time to cash out ? - The price of Starbits is high and the price of Hive is low
I've noticed what looks like a decent opportunity within the game this week - the price of the in game currency, Starbits, which you can trade on Hive Engine has gone quite high. The price is currently at around $0.0003/Starbit, which is roughly double what it has been for the last two months (see below) !
Credit: Price graph screenshot taken from Hive Engine on 28/01/22 @4.38pm GMT
On Hive Engine, you can sell Starbits for HIVE (HIVE.SWAP), and currently the price of HIVE is quite low at $0.9152/Hive, noting that it was at around $1.3/HIVE two weeks ago - so its quite low.
Credit: Screenshot from Binance of Hive/USDT on 28/01/22 @4.38pm GMT
So cashing out Starbits into HIVE seems like a bit of a good deal at this point in time. I've taken as much out as I can over these last few days to take advantage, although a lot of my Starbits are locked up in cards that I bought (although I have managed to sell a few).
Plus there is one other consideration you can add, to make another gain when Hive is on the up. Hold out for HIVE to return to its normal price, and then convert your HIVE into HBD (Hive Backed Dollars) which are soft pegged to the dollar. Also noting that you can currently get 12% interest on HBD paid monthly when HBD is transferred into your savings on Hive Wallet (which is what I'm going to do as I'm building up my HBD hodl cushion).
Or, you could just wait for the roles to reverse again, and trade back into Starbits for use in Rising Star.
Heres an example calc of what that might look like:
- Lets assume we have 10,000 Starbits (which is not an unreasonable sum to get over a day or two within the game depending on level)
- @$0.0003/Starbit -that gives the equivalent of $3
- Converting to HIVE @$0.9152/HIVE would give 3.278 HIVE
- You HODL for a while assuming prices might revert to something similar to previous at some point later (warning - I'm making a BIG assumption here)
- Convert your HIVE back @$1.3/HIVE = $4.2614
- Convert that back into Starbits @$0.00015/Starbit = 28,409 Starbits (would probably be a bit less as some exchange fees will get carved off each time)
- That equates to 184% gain !
If you wanted to cash out from Rising Star into HBD, here's what you'd need to do:
- In Rising Star use the 'withdraw' function, to move your Starbits into Hive Engine
- In Hive Engine sell your starbits for HIVE (you actually get HIVE.SWAP)
- In Hive Engine use the 'withdraw' function to move your HIVE (HIVE.SWAP) into your HIVE Wallet (at that point it is HIVE)
- Wait until the price of HIVE recovers to $1.3
- In HIVE WALLET, use the 'market' function to covert HIVE to HDB
- In HIVE WALLET use the 'transfer into savings' function to move the HBD into your savings where it will get 12% APY.
For info, I also took the advantage of the low HIVE price and converted 20% of my HBD into HIVE, which I'll convert back again when HIVE Picks up again.
All of the above assumes you have access to Hive Engine and HIVE WALLET - but if you are already playing Rising Star, then its most likely that you do. If you dont, and you like to accumulate crypto from games, blogging, etc - then check the HIVE blockchain out - its great !
And as above, I'm making quite a big assumption that things will revert and return to the prices they have been - which I may have completely wrong. However, I'm in it for the long run, and I havent bet my life savings on this - so should be ok.
Best of luck - do your own research, do your own due diligence - and make your own decisions.
Links:
Rising Star - free play2earn crypto game - music and band based card game on the Hive Blockchain - its fun !
Other
Rollercoin - earn free crypto playing games with this fun mining simulator game
Coinbase https://www.coinbase.com/join/JBVEN3 free crypto from their learn and earn function
KuCoin Online crypto trading - with lots of trading functionality, offers and trading bots
etoro https://etoro.tw/3cnyeJs online crypto and stock trading
Nexo https://nexo.io/ref/d23jpvszkx?src=web-link earn great interest rates on the crypto you hodl with Nexo
CAKE DEFI https://app.cakedefi.com/ Referral code 877089 - Free $5 crypto and ~35% APY staking
