There’s always a bull market somewhere.
Parallel, a gaming ecosystem whose flagship offering is a sci-fi digital trading card game, has seen its PRIME token double since the game’s beta version went live on July 31.
DeFi Dad, a popular educator and investor in the crypto space, thinks that Parallel’s founders are finally beginning to see the results of their efforts. “Put simply, [the Parallel team] wants this more than everyone else,” he told The Defiant. “They want to achieve greatness. And they are hungry, which was impossible not to take notice of even prior to the bear market.”
Parallel TCG (trading card game) involves getting an opponent’s “life” down to zero. Gameplay is characterized by playing cards, some of which are “units,” involved in attacking, with others being “effects,” unlocking specific powers.
ParallelAIRev told The Defiant that they are the largest individual holder of the PRIME token and that lore – the backstories that provide context for the game – is one of Parallel’s biggest strengths.
“The IP and storyline is the richest within Web3,” they said. “It’s a captivating story of survival and determination that is truly one of a kind.”
Interest in the NFTs has been picking up over the past 90 days.
Still, current volumes have a long way to go to reach all-time highs. The project topped 14,000 ETH in September 2021, and even with the recent momentum, weekly volume has barely begun to cross 100 ETH after languishing under that level for much of 2023.
Trading Card Games
There’s an established market for franchises with major trading card game components — Magic: The Gathering, a game with tens of thousands of different cards, generated over $1B in revenue in 2022, according to its parent company Hasbro.
Pokémon, which started as a video game, quickly established an accompanying trading card game before branching into movies, merchandise and more video games.
And Yu-Gi-Oh is a wildly successful franchise built on a manga about a fantasy card game.
Overall, many projects in the NFT space have been trying to crack the formula for a successful gaming franchise.
Crypto projects looking to get into gaming face an uphill battle — many gamers just don’t trust NFTs.
Parallel’s primary game, Parallel TCG, centers on digital cards, which can optionally be purchased as NFTs. “The NFT version of the cards may change the in-game experience you have while playing Parallel TCG or may be used to provide you different experiences outside of the Parallel TCG game,” says the project’s website.
There are a whopping 6.1M Parallel NFTs, according to OpenSea. The project dropped them as part of a Parallel Alpha collection that was completed in January. An expansion of the NFTs beyond the initial set is planned.
Parallel raised $50M from crypto venture firm Paradigm in 2021 at a $500M valuation.
In keeping with franchises like Pokémon, Parallel isn’t limiting itself to one offering. There’s a comic book series with two issues in print. And there’s another game called Colony, which the company is billing as “the world’s first AI game.”
DeFi Dad applauded the mettle that the Parallel team showed through the bear market. “Parallel is a great example of a team that over-delivered during a terribly challenging time in our industry,” he said.