- Chumbi Valley to distribute staking rewards, CHMB token keeps sliding.
- NFT items keep high value, Seed Chumbis to receive another airdrop in April.
- Game prepares teaser for announcement coming April 14.
Chumbi Valley will unlock its first batch of CHMB rewards after a 90-day token staking period. The game is still in its pre-launch period, where NFT trades, holding the rare characters and staking are the sole source of income.
Chumbi Valley is in the category of up and coming promising games. It relies heavily on NFT promotion and exclusivity.
However, CHMB holders are complaining of a falling market price. At the same time, the unlocking event will add to the token supply and possibly pressure prices even more.
CHMB lost around 40% of its value in days, down to $0.007 after holding just above $0.01. The asset has been sliding since its launch, after briefly touching a peak of $0.11. CHMB is currently rather illiquid and has no in-game utility, hence the low activity. Staking, unfortunately, has not offset the market losses.
How Chumbi NFTs Perform
Contrary to the fate of the token, Chumbi Valley has a highly successful NFT model driven by scarcity.
There are only 4,100 items on OpenSea, preserving a price of 0.35 ETH with 3K ETH in turnover. The newly minted NFTs from Generation 1 are also slow to arrive, with time between payment for Pods and the hatching event.
In the past three months, the average Chumbi sale price was above 1 ETH, with regular sales of high-priced items. None of the NFTs have been tested in a live game, and Chumbi Valley is one of the last projects to tease an alpha release.
Recently, the NFT collections were listed on Treasureland, displaying the price of Chumbis in MATIC tokens.
The owners of Genesis NFTs, also known as Seed Chumbis, will give special privileges to owners, hence the incentive to hold. The next airdrop of items arrives on April 26. Players receive both functional and esthetic equipments, to be added to their characters or land plots when the game launches.
The last item to be airdropped, Nimble Boots, will double the character’s speed and is so far the equippable NFT with the most significant utility.
