[PRESS RELEASE – Please Read Disclaimer]
14,000 projects exist on CoinMarketCap, and regardless of their existence as a layer 1 or 2, a DeFi, NFT, or metaverse protocol, the macro and micro headwinds facing all blockchain projects in this bear market are brutal.
How well prepared are crypto projects to survive this bear market?
According to Invest In Blockchain industry study, only 36 of the top 100 cryptocurrencies have working products and less than 50% of all projects with a token provide real utility to the end consumer.
Projects Enter Survival Mode
The bull market opened the floodgates to budding entrepreneurs, pioneers and developers, when fueled by generous VC funding, projects flooded the crypto market and sprouted fanatical up only hopium driven communities. However in the last 4 months, the bear market shone a spotlight on the aftereffect of an industry with too much money too quickly. The market has seen projects being created without a problem in mind, protocols without a product market fit or projects trying to unsuccessfully gain market share in an oversaturated and overforked ecosystem.
Coupled with the war on inflation, spiking energy prices and a crypto market that has dipped 60% since November 2021, projects have had to shed headcount, delay product launches and tighten their belts to survive the winter ahead.
The protocols are not dead, but as developers stop updating the project and traders stop trading the asset, their community’s rising demands and FUD on when progress stalls and utility diminishes gets louder and louder.
Introducing Candy Club, Instantly Elevating Token Utility
In light of the existing situation, Candy Club has launched the world’s first altcoin social casino where all ERC20 & BEP20 token projects can seamlessly swap their utility token for its CANDY derivative and enjoy the world’s most popular casino games, live casino games and slots.
“Altcoins are experiencing declines across the board, in marketcap, DEX trading volumes, community and social engagement, virtually every measurable metric. More than ever projects need to provide additional utility to their project and community in order to survive the bear market.” says Josh Galloway, President of Candy Club “Social gaming has proven time and time again to not only outgrow and thrive by providing content that is social, entertaining and engaging.”
With the global social casino gaming market valued at US$6.83 billion in 2022 and estimated to grow to US$8.7 billion by 2026, it is a nascent industry with endless room for growth. However, prior to Candy Club, only a handful of exclusive cryptocurrency utility tokens had the seamless ease of using their token as a playable currency inside these social casinos.
Revive Your Community & Crypto Project
Through Candy Club’s business model, all Ethereum and Binance Smart Chain utility tokens are accepted as playable derivatives inside the social crypto casino. This democratizes the opportunity for all altcoin projects and their ardent communities to participate in the social crypto casino blue ocean. Legally compliant and security battle tested, Candy Club will provide a social casino experience that is fun and socially engaging.
For Ethereum and BSC projects, the token utility provided through Candy Club aims to increase each project’s token transaction volume, maintain community support and potentially offer projects stronger treasury management and more efficient token burn through Candy Club’s exclusive revenue sharing program with all projects who join Candy Club’s social crypto casino revolution!
About Candy Club
Candy Club is the world’s first social altcoin casino that accepts all Ethereum and Binance Smart Chain projects with a ERC20 or BEP20 utility token. Legally compliant and security focused, Candy Club opens the social crypto casino gaming experience to over 14,000 cryptocurrency projects and over 73 million wallets.