Matic price explodes as crypto racing platform gets into gear

The price of Matic Networks’ token MATIC is steadily racing toward a new all-time high after blockchain-based game Battle Racers launched its crypto-collectible crates sale. Crates are available in Gold, Silver, Bronze, and Wood varieties, each at a different cost and with a varying chance to find legendary items within.

According to Coinmarketcap, MATIC is up around 10% on the day at press time, trading at roughly $0.037.

This price surge coincides with Battle Racers’ developer Altitude Games launching the sale of Season 1 crates with in-game items, each issued as a non-fungible token (NFT) on the Matic Network sidechain. 

As mentioned in the announcement, there are four types of crates with varying rarities costing 0.03–0.7 ETH. Each contains between one and four random parts for cars that are exclusive to Season 1.

The non-fungible nature of these parts means that after all 7,800 crates are sold, they will never be mined again and would only be obtainable on secondary markets.

Interestingly enough, MATIC’s all-time high (around $0.044) was registered on May 21—the same day Battle Racers launched its presale.

As Altitude Games CEO Gabby Dizon noted in a recent tweet, Matic Network’s platform was chosen because it allows playing NFTs without any transaction fees, contributing to mass adoption.

For now, Battle Racers is only available as an early access title on the game’s website, but will eventually go live on blockchain gaming platform Decentraland.