With the recent upward movement in crypto markets, it's exciting to see some of that enthusiasm spilling into splinterlands as SPS has broken through the $0.01 mark. This post is aimed at those that may have discovered splinterlands recently through its SPS pump.
What is SPS?
No, it's not Stiff Person Syndrome, but its splinterlands governance and rewards token that powers everything in the game. Splintershards (SPS) is not a simple in-game token that you earn as part of playing splinterlands. The token is especially important as it allows all SPS holders to participate in decisions that affects the game and its future. These decisions that SPS holders can vote on are done via the proposals. These proposals are driven by all parties i.e, community members, splinterlands devs and Decentralized Autonomous Organization (DAO). This decentralized approach is in line for the fundamentals of crypto and harnessing a player-centric ecosystem where your vote does matter and does weight in the decisions regarding the game.
As SPS is both a currency within the game and a token that players that trade or stake to earn additional rewards. If you want to be long-term in the splinterlands ecosystem, it will be in your interest to accumulate SPS as it can yield benefits in the rewards you received from battling as well as overall community participation.
Why Does SPS Have Value?
While the price of SPS has been on a decline for almost 3 years and its crazy to think that it was at one point over $1, but the value of the SPS goes beyond its price in the crypto market. Its value lies in its utility within the game and the governance it offers. When you hold and stake SPS, you don't just hold a token -- the token allows you to actively participate in the governance of Splinterlands.
Obviously, the other main reason for SPS having value is that SPS is rewarded for various in-game activities such as winning battles, placing in paid positions for tournaments, staking SPS, holding splinterlands validator node, etc.
What Drives the Price of SPS?
The price of SPS may be influenced by several factors, some which include the following:
- If splinterlands get mass adoption that means more players which means more demand for SPS, driving up its value. If new players want to participate, they will need SPS, which will drive demand for it.
- As we have seen the past month that when the wider crypto market is pumping, it will spill over. We have seen Bitcoin break new highs and this has had an effect to SPS breaking past the $0.01 mark.
- As I have mentioned in a previous article, the splinterlands team is constantly pushing out new features and updates frequently to the platform. While many of these updates don't impact SPS directly, its still a positive sentiment to see an active development team constantly supporting the game.
Why Now Could Be the Time to Invest in SPS
This should not be treated as financial advice, but with the recent price increase in SPS, people will probably start to wonder if now might be a good time to invest in SPS? Most splinterlands assets are at multi-year lows and if you are interested in playing splinterlands for the long-term, then its going to be in your interest to have SPS and a decent collection.
Now its important to keep in mind that the entire NFT and Web 3.0 ecosystem has been on a massive decline for the past three years and we don't know if this will continue its decline. I have written previously about the why the splinterlands cards are decreasing and its largely a printing issue where you have many more cards being printed and not enough demand to keep up with it. So its best to be mindful about your long-term expectations.
Splinterlands and SPS is not a get rich quick scheme (go find a meme coin for that) and it will require a long-term hold but for those that are committed to playing the game and engaging in the community, then SPS can offer real benefits.
Concluding Thoughts
In summary, SPS is more than just a cryptocurrency; it's the beating heart of Splinterlands. With player-driven governance, strategic value within gameplay, and the potential for staking rewards, SPS holds a unique position in the gaming and crypto space. Whether you're here for the game or as a long-term investor, understanding and leveraging SPS could be a game-changer.
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