Crypto prices might be dumping, but fantasy sports-focused gaming platform Battle Infinity’s IBAT token has risen 150% in the past seven days. 

Every day the IBAT price is making new near-term highs as momentum continues to build. At least three factors are thought to be driving the price higher.

IBAT’s value poised for continued ascent

The IBAT price continues to appreciate. At the time of writing, the IBAT token has risen 20% in the past 24 hours.

IBAT’s relative strength index (see chart below) shows continuing strong support from traders for the bullish uptrend. There is no sign of the current price uptrend being broken. 

The surge is driven by positive news flow surrounding the play-to-earn games platform. 

Battle Infinity recently burnt some of its token supply and announced a significant milestone on the road to the launch of its IBAT Premier League fantasy sports game. 

With the fantasy league product launch in the works, IBAT will likely benefit from the hype as the Cricket World Cup looms.

IBAT has been trending as the No.1 gainer on the MEXC centralized exchange and top decentralized exchange trading and data site DEXTools, as shown below:

50% Team Token Burn Propels IBAT Price Skyward

Firstly, the announcement on August 17 that 50% of the tokens allocated to the team had been burnt has attracted buyers.

On the day the burn news was released, the IBAT price pumped 100%, rising from $0.000.406 to $0.0008402 in minutes.

Battle Infinity tokenomics saw 10.5% of the total token supply of 10 billion go to the team, so 1.5 billion tokens will be burnt.

Blockchain projects burn tokens by sending them to dead addresses which can only receive and cannot send, effectively removing the tokens from supply.

https://x.com/ibatofficial/status/1692249981414162847 

Ethereum blockchain on-chain data site Etherscan shows the full details of the IBAT burn transaction.

Burning mechanisms are price-supportive because they reduce the supply of the crypto asset. 

IBAT Premier League App Development Finalized – Dream11, Take Note!

Secondly, the token-burning news follows the previously announced news that the development of the fantasy sports app has been completed. This has been the most critical near-term milestone on the roadmap for long-term project holders who bought in the presale.

It shows that the wealth of gaming development experience embodied in the team has been able to deliver on its central aim. Building a metaverse for gaming was undoubtedly an ambitious task.

IBAT has positioned itself as a metaverse-centric platform for hosting various games and will be open to third-party developers. However, its flagship fantasy sports product will be the crucial conduit for onboarding players and attracting game developers to build on the platform.

Backend and frontend testing of the IBAT Premier League app was completed on July 20, and the report was posted to the GitHub code repository site.

Followers of the IBAT X account (formerly Twitter) were informed of the significant milestone achievement on the same day:

📢 Hey IBATters,
We just got our IBAT PREAMIER League’s Frontend & Backend tested by our testing team who rigorously tested it to deliver a top-notch platform. Here is the link for the test reports.

📜Test Report – https://t.co/iOoEwcbJuc

Please stay tuned for more updates. pic.twitter.com/GlhmZHZZDM

— Battle Infinity (@IBATOFFICIAL) July 20, 2023

Indian-based Battle Infinity has built a cricket fantasy league as part of its IBAT Premier League platform. 

How Web3’s Battle Infinity Can Challenge and Surpass Traditional Fantasy League Rivals

The project claims the product is superior to the current legacy offerings in the Cricket-mad country, such as the product offered by top incumbent Dream11. 

Data from December 2022 showed Dream11 had 160 million active users in India alone. 

It doesn’t take much imagination to work out that if Battle Infinity captures only 1% of that user base, it will be onboarding more than 1 million users.

But the team plans to target the legacy space aggressively, so the sky’s the limit for customer acquisition. IBAT could be on the cusp of delivering one of the significant Web3 experiences in gaming. 

As a decentralized platform, Battle Infinity’s cricket fantasy league will offer play-to-earn economics, where players are rewarded for their skill at picking players. 

By incorporating NFT technology into the IBAT Premier League, users will be able to track their players’ performance in real-time, earn rewards, and trade their in-game assets. 

The app rollout is scheduled to coincide with the start of the Cricket World Cup 2023 in October.

Enhanced Community Rewards: IBAT Staking and Ambassador Initiative Introduced

Battle Infinity also provides a flexible staking service that enables token holders to generate passive income by staking their IBAT tokens to earn a generous APY of up to 25%.

Also, for those community members who want to be part of helping the project grow, you can join its ambassador program. Complete the application form on the website to be considered for the Battle Infinity Ambassador Program. 

Among the perks available to ambassadors are $5 for every referral (the person referred will also receive $5) and early access to upcoming releases and beta versions. 

For more on the project, check out the Battle Infinity Whitepaper 2.0.

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• Source: https://insidebitcoins.com/news/crypto-values-decline-yet-battle-infinitys-ibat-coin-surges-150-following-burn-and-app-achievement-updates