Why Essence is Falling (And how to Save it)

As many of you know, the well-anticipated release of Earth's cryptocurrency, Essence, was released on June 2nd, marking the start of a new era of Earth2. However, since it was released at $0.15 USD, it has been on a steady decrease, as shown below (Source: CoinGecko). In this article, I'm going to discuss why Essence's price is falling, and how Earth2 can make it go back up again.

1. Why Essence is Falling

Essence's release, on June 2nd marked a huge milestone for Earth2, showing that Earth2 can deliver on its promises, and creating a decentralised way to get money out of the game. However, in the following days, because the hype died down, the price would drop. When demand drops, that pushes the price down and it seems that there is either not much demand for Essence or too much supply chasing too few buyers, hence the price is dropping. This was pretty bad for the community as a whole, as that means that their hard-earned Essence is slowing becoming worth nothing but dirt. So, how can Earth2 turn this around?

2. Add More Uses for Essence

Right now, there are simply not many ways to use Essence. Sure, you can stake your essence on content contributions, claims, and T3 tiles, but all that really does is give you more Essence.  Currently, all you can do is get it for cydroids, and using it to upgrade properties, which there is no point in doing if you can't even sell your properties! So, what does E2 need to do? Add more uses. Simple as that. Add many more uses for Essence, so much that people will actually need to buy some to do what they want. Currently, I have enough Essence to make enough cydroids for thousands of years. 

3. Make Essence a Part of Living

Another way you can easily make Essence go up, is to make it about more than Earth2. People buy Bitcoin because they think it's a valuable investment. You need to make "Essence" synonymous with crypto. Earth2 can do this by making it a currency in other games as well, or maybe just giving it to random people on the blockchain. You need to make it a cryptocurrency, not a random game currency you can buy.

So, that's my breakdown of Essence in it's current state. I feel very excited the future, but also a little scared. What happens if Essence becomes almost worthless? All that work, meaning almost nothing. Something I think we should remember is that while the developers can add tons of new features, it's down to us to use the Essence to the best of it's capabilities, boosting the price. Hopefully this gives some insight on the state of Essence today.