TerraUSD (UST) and LUNA’s crash is causing tension among South Korean play-to-earn (P2E) projects and their tokens, such as C2X, a blockchain gaming project on the Terra mainnet developed by Com2uS.
See related article: Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’
Fast facts
- Local gaming giant Com2uS’s P2E cryptocurrency C2X saw its price plunge from around US$2 to US$0.85 since UST’s de-pegging incident, according to CoinMarketCap data.
- C2X said it has decided to switch its mainnet from Terra to an alternative, which has yet to be revealed.
- NH Investment & Securities has lowered the target stock price of Com2uS Holdings from 175,000 KRW (US$136.90) to 125,000KRW (US$97.79), reasoning that the Terra LUNA debacle cast uncertainties over the P2E business.
- South Korean gaming developer Netmarble’s MBX coin, which has no affiliation to UST or LUNA, is currently trading at US$8.71 after it climbed up to US$51.15 on May 6.
- WeMade’s WEMIX P2E cryptocurrency has also experienced heavy price fluctuations, but its turbulence has been apparent since before the Terra fiasco.
- Com2uS shares have dropped 10% in the past seven days; WeMade is down 4.35%, and Netmarble is also down 17.3% as of press time.
See related article: South Korea’s Kakao, Com2uS, others race toward the metaverse