Dogecoin is a fun cryptocurrency which is also known as joke currency. It was introduced in 2013. After getting presented in the market, the currency soon gained its own fan following and reached a high level of popularity among crypto lovers across the global crypto space. The doge currency soon reached a market capitalization worth US$60 million in January 2014. MMORPG means Massively multiplayer online role-playing games.
Here, a player can accept different roles in video games, and they can play it with other players with whom online interaction has been made possible. It primarily works like this, once a player starts playing the game he/she gets rewards points if successful progression is being made. These reward points are in the form of Dogecoin.
This game currency Doge is equivalent to the value of Dogecoin. As per the developer of the game currency, 1000 Doge is equal to 1 Dogecoin. Dogecoin, as we have seen is extremely popular in the crypto community and among entertainment consumers. These community members are called ‘Shibes. The coin is active in the crypto market and hence has a volatile structure. However, so far the currency is showing an increasing trend, so much so, that at one point it reached a market capitalization of beyond $1 billion.
A developer said that one could go on Dogescape and undertake an activity to complete the quests and earn Dogecoins in return. Another way would be to find items on the platform and sell them to other fellow players on the platform itself. The has not decided any fixed cost of the Doge coins; they are defined by the players active on the platform (who deal in this).
For example, suppose one player finds a diamond skull while playing the game. Finding skull on the game is a rare moment, only 1 out of 56,890 chances of possibilities come true. A player hence tries to sell it for 50,000 Doge. However, he/she is not able to find any buyer as the market price of the skull is 23,000 Doge. In such a case, a person can hold its diamond skull until the market does not increase the value, and once the value is up to the expectations, the player can sell it.
After one point, the player can convert a certain amount of doge for dogecoin. The platform would take a cut of 5 percent for processing the transaction. At present, the developers are running a fundraising round to fund the project.