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NFT Gaming: Bit Hotel Could Become The Metaverse Vacation Hotspot

By Andy HechtCryptocurrencyMar 31, 2022 20:27
au.investing.com/analysis/nft-gaming-bit-hotel-could-become-the-metaverse-vacation-hotspot-200503850
NFT Gaming: Bit Hotel Could Become The Metaverse Vacation Hotspot
By Andy Hecht   |  Mar 31, 2022 20:27
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  • Bit Hotel has it all for metaverse, NFT devotees
  • Rewards are BTH tokens
  • BTH tokens have been trading since late 2021
  • Trend now lower for token in the top 26% of asset class

In the physical world, a hotel is an establishment that provides lodging for payment, generally on a short-term basis. Facilities available when booking a hotel room can range from a modest place to sleep to a luxurious resort. Hotels are common destinations for business travel, conventions, and vacations.

It didn't take long before the hotel concept took hold in the ever-expanding world of cryptocurrencies, non-fungible tokens (NFTs), and the metaverse. Bit Hotel is an online social NFT game that uses Bit Hotel Coin (BTH) as its in-game currency.

With more than 18,540 cryptocurrency tokens now available and more coming to market each day, the asset class has expanded to reflect nearly every aspect of life. The metaverse is fast becoming an alternative reality that social media, technology companies, and some CEOs like Mark Zuckerberg believe will merge with reality in the coming years. Indeed, the Facebook founder is so convinced of the metaverse’s future potential he renamed his company Meta Platforms (NASDAQ:FB).

Bit Hotel Has It All For Metaverse, NFT Devotees

Bit Hotel’s website describes the protocol as:

A social-first play 2 earn NFT gaming metaverse, in which users can compete to earn Bit Hotel tokens and acquire native NFTs. These NFTs have in-game usability and consist of characters, hotel rooms, furniture, and other artifacts that have their own perks.”

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

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

In the new world of the metaverse, Bit Hotel is a vacation spot.

Rewards Are BTH Tokens

Bit Hotel’s native cryptocurrency is BTH. In an article published in February on the Bitcoin.com website, the author describes how those playing the Bit Hotel game can make money simultaneously. Players compete to collect digital real estate as well as other NFT items and characters to earn income or display them to their friends.

Each room and common room in Bit Hotel functions as a chat room where users can hang out, communicate or trade with other players. Players can also compete in mini-games to earn token rewards as well as redeem them for in-game assets. They can also “cash-out” the in-game earnings and receive BTH tokens.

Bit Hotel has sold millions worth of digital real estate. A motivated investor can become the proud owner of a hotel room in the metaverse.

BTH Tokens Have Been Trading Since Late 2021

On Mar. 28, BTH was the 4,806th token out of 18,543 in the asset class. The tokens began trading in December 2021 at 6.9 cents and were one-third the price by late March at 3.218 cents.

Bit Hotel/USD Chart.
Bit Hotel/USD Chart.

Source: CoinMarketCap

The chart shows that soon after BTH began trading, it rose to a high of 22.44 cents. But since then, it has been trending lower, making lower highs and lower lows.

Trend Now Lower For Token In The Top 26% Of Asset Class

BTH has been trending lower, which could be an opportunity for investors interested in the volatile cryptocurrency asset class.

Many of the more than 18,540 cryptos follow the leaders, Bitcoin and Ethereum. Since Mar. 27, the two leading cryptos have been attempting to break out of wedge patterns to the upside.

Bitcoin Futures Weekly Chart.
Bitcoin Futures Weekly Chart.

Source: CQG

As the chart shows, Bitcoin futures dropped from $69,355 in mid-November 2021 to a low of $32,855 in late January 2022. At $47,325 on Mar. 31, Bitcoin futures were trading close to the new high for 2022 of $48,000 they hit earlier this week.

Ethereum Weekly Chart.
Ethereum Weekly Chart.

Source: CQG

Over the same period, Ethereum futures fell from $4,902.75 to a low of $2,158 per token. At $3,417.50 currently, the second-leading crypto was also breaking out to the upside in late March.

Only Invest What You Are Willing To Lose

Investors, traders, gamers, plus those looking for a vacation spot in the metaverse could consider Bit Hotel at the 3.218 cents per token level. Owning hotel rooms and vacation property in the metaverse is, of course, a risky proposition, as is investing in cryptocurrencies.

The one rule to follow remains constant: only invest or speculate with capital you are willing to lose, as cryptos and metaverse real estate via NFTs are highly risky assets that have the potential to become a total loss. Remember, in the metaverse retirement is only in our minds.

NFT Gaming: Bit Hotel Could Become The Metaverse Vacation Hotspot
 

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NFT Gaming: Bit Hotel Could Become The Metaverse Vacation Hotspot

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