Nexon’s blockchain arm has launched a new token to boost user engagement and ecosystem growth in its web3 game.

South Korean video game developer Nexon’s blockchain subsidiary NEXPACE has announced the launch of its own cryptocurrency to enhance user participation and drive ecosystem growth within its web3 game called MapleStory Universe.

In a Medium announcement on Aug. 27, NEXPACE said the so-called NXPC token is designed to allow players and community members to contribute directly to in-game content creation, a role traditionally reserved for game developers.

MapleStory Universe, a web3 spin-off of Nexon’s 2003 2D online game MapleStory, is built on the Avalanche blockchain and incorporates non-fungible tokens at its core. The NXPC token is expected to allow contributors to interact with in-game items, promoting a “natural flow of community-driven growth,” the company said. While specific details were not disclosed, it is expected that the token will also be based on the Avalanche blockchain, in line with the game itself.

NEXPACE says the token would allow contributors to interact with in-game items within the game, promoting a “natural flow of community-driven growth.” While the company did not specify, it is supposed that the token would be based on the Avalanche blockchain just like the game itself.

This isn’t Nexon’s first foray into the world of cryptocurrency, though it represents the company’s dedicated efforts focused on the blockchain sector. The company previously purchased over 1,700 (BTC) for approximately $100 million. At the time, Nexon chief executive Owen Mahoney said the purchase “reflects a disciplined strategy for protecting shareholder value and for maintaining the purchasing power of our cash assets.”

A widely followed crypto believes that Solana (SOL) can reasonably climb by more than 850% before the current cycle expires.

Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana appears to be mirroring the price action of Ethereum in late 2020 just before ETH skyrocketed to its all-time high (ATH) of $4,878.

“If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1,000 SOL is a reasonable target.”

But Kaleo notes that Solana can climb even higher if it truly follows ETH’s 2020 script. In August 2020, ETH traded at around $308 before witnessing a parabolic rally to its all-time high in over a year.

“Let’s just assume [Solana is] where ETH was in August of 2020 then and we get a 1,400% pump to $2,000+ from here.”

At time of writing, Solana is trading for $146.74, up slightly in the last 24 hours.

The analyst is also keeping an eye on the price action of fellow layer-1 protocol Avalanche (AVAX). According to the crypto trader, AVAX’s current price action is reminiscent of its movements during the first half of 2021.

Back then, AVAX witnessed a deep drawdown prior to a vertical rally that sent the altcoin to record highs of $144.96.

“The current drawdown reminds me of what we saw in 2021 – pump to start the year, bleed off, send to $100+.” 

At time of writing, AVAX is worth $21.43.

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“Blockchains are the most advanced tool any organization can leverage to maximize efficiency, maintain compliance and protect consumer data – vital components for a government serving its constituents,” said John Wu, president of Ava Labs, an Avalanche ecosystem development organization.