Fantom Network (FTM) is turning up as one of the most scalable solutions for decentralized projects. Fantom was purpose-built for decentralized finance, and partnered with ChainLink (LIINK) to gather pricing information and offer a platform for easily accessible apps.
But the cross-section of DeFi and gaming meant Fantom was quickly adopted for play to earn games. Getting to know FTM and the specifics of Fantom Network may be key to early access to appealing game projects and earning opportunities.
Why Fantom Network is Different
Fantom Network runs on three parallel networks, including its native blockchain supported by 52 validators. FTM tokens, however, have been minted both on Ethereum and Binance Smart Chain. FTM is able to give access to multi-chain projects, opening up more opportunities to add players.
Fantom Network claims to support 1,151,412 accounts on its native blockchain, with another 57,245 wallets on Ethereum and 30,278 addresses on Binance Smart Chain.
Fantom Network uses a proprietary wallet prompting a strong password and generating a keystone file that needs to be kept safely. For some users, wallet generation may be hampered, and there have been reports of problems with releasing FTM tokens after staking.
RISK WARNING: Do not attempt to generate a Fantom wallet on any site outside Fantom.foundation. Copycat sites offer wallet generation and can steal assets.
The easier approach to FTM is to use the token through MetaMask or Binance Wallet to connect to projects.
Getting Access to FTM Tokens
The most direct access to FTM is through the Changelly brokerage, which allows both token swaps and direct card purchase. FTM is tradable on Binance for international buyers and also supported on the Crypto.com platform
FTM still has a relatively low per-unit price, hovering around $2, with some potential to grow if its ecosystem expands.
FTM is also available through decentralized exchange pairs, though this type of swap may require fees for some versions of the tokens.
FTM tokens have multiple functions, such as staking and locking in tokens for voting. The exact usage within play to earn games is still uncertain. The Fantom Network already carries NFT collections and some of the first metaverse projects such as Supa Foundation.
What are the Risks for FTM
The FTM asset has a circulating supply of about 2.5B tokens. Because of the high transaction speed, FTM sees significant usage.
However, FTM may see some problems with bridging between blockchains, as the supply is limited on some networks. It is best to check conditions and wait for bridging in cases of low liquidity. Other assets, including USDC, Wrapped Ethereum (WETH) and the dollar-denominated DAI coin can be bridged without problem.
Which Projects are Coming to Fantom Network
Most Fantom projects are still centered around decentralized forms of financial operations.
Announcements for new games, however, are starting to trickle in. Fantom Wolf Game and Tankwars Zone have announced their future launch. Fantom may also carry an NFT rental hub, Trava NFT Rental.
NFT rental for play to earn will allow players to pay a fee and use valuable items for gaming, while earning rewards for both the player and the owner.
