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2021 has without a doubt shown bitcoin’s (BTC) hypersensitivity to a more massive market alongside some macro trends. The bigger public sentiment, these macro factors have also facilitated the rally of bitcoin, not to mention has helped the bigger market flourish.
The cryptocurrency community is well acquainted with the hype regarding nonfungible tokens (NFT) as this gave a helping hand to numerous cryptocurrencies hit their all-time highs. In line with this, gaming and the metaverse mania played a huge part in the popularity of specific altcoins within the crypto market.
Since bitcoin’s conception about 10 years ago, blockchain technology has been strengthened to redefine the gaming experience for both players and developers. Also, with innovations like smart contracts and NFTs, the same has been made possible as well. With that in mind, one begs the question as to how has this been sizing up in favor of the broader market and the entirety of the so-called pro-crypto narrative?
Blockchain gaming’s rise
Blockchain-based games rose to popularity back in early 2018 with “Axie Infinity” being the most notable.
As of late, these types of gaming titles may well seem to be getting quite the attention. Digital asset exchanges and NFT marketplaces have given crypto gamers avenues to acquire value from in-game experiences. Such is made through the purchase and trading of these in-game items regularly.
Metaverse hype train begins chugging
Meanwhile, this past week, these metaverse tokens have also piqued the interest of many crypto folks out there, a surge in its price as Mark Zuckerberg’s Facebook chose Meta as its new moniker.
Moreover, the metaverse has mass engagement and personal interaction for its roadmap and the most effective way to achieve such goals is through games. With this, it may well seem to incorporate the very best of gaming and blockchain world-NFTs.
It’s also worth noting that the recent influx into tokens concerning the metaverse could also be observed within the Metaverse Index (MVI). An index token that keeps track of the price of some well-known and established tokens within the category. In line with this, on November 2, the index had an impressive performance as it is up by 72 percent in a single week.
That said, more companies are paying attention to blockchain gaming as some of the top firms out there have set their sights on it. Additionally, the blockchain gaming market has raked in a huge sum of cash since a lot of these titles are supported by top venture capital companies. Some have hit what they call a unicorn status this year as their valuation is well above a billion dollars.
Albeit the fact that it’s constantly growing, the blockchain gaming industry is still considered on its budding stage. In addition, it’s pretty much difficult to tell at this point as to how the technology could eventually be applied across gaming and game-like experiences.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
