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- 1 As per experts Memecoins, AI, and GameFi accounted for crypto activities this year.
- 2 AI took 11.3% of the market share, and GameFi and Memecoins accounted for 10.5% and 8.3% respectively.
Miles Deutscher, renowned crypto analyst said that there are some of the sections of the crypto ecosystem that will gain more traction in 2023. He said that these sectors are easily understood. This year AI technologies are booming and the sector is topping the chart list.
AI conversations have dominated most of the markets. The increase in the sector shows that this space is predicted to revolutionize the world. On the other hand, Memecoins are also growing in number, and several new projects have been launched. They attract attention from huge crowds due to their entertaining nature.
Although it fluctuates, tremendous prices are gained in a short time.
GameFi has made a comeback and is showing a sign of recovery. It is at its lowest in 2022 but the sector is enhanced with many financial companies investing in it with metaverse inclusion.
Artificial Intelligence
The data shows that artificial intelligence (AI) is the most popular crypto narrative of the year 2023. It has shown the biggest growth by far. The first AI surge was seen at the time of the launch of ChatGPT in November 2022. This has also shifted the interest of people towards AI-related cryptocurrencies.
The inclusion of AI in crypto space has changed the way common people look at crypto. It has revolutionized trading. The AI-powered algorithms analyze different data sets, recognize varied patterns, and perform trades with extraordinary speed and accuracy. This enhances the trading efficiency and also reduces the human errors.
The AI in crypto boosts blockchain performance by examining network data and transaction patterns. AI coins increase blockchain performance and increase the scalability and security of artificial intelligence.
AI is growing because of the advancement in technology. It has allowed us to build more sophisticated AI algorithms. The operational efficiency is enhanced and it has also improved the credibility. It also gives a competitive advantage. These are some of the reasons why AI tools mainstream adoptions are accelerated.
GameFi
GameFi is the second most popular crypto sector which accounts for 10.5% of crypto narratives interest in 2023. The users are attracted as they can earn while playing the game in the virtual atmosphere. Some of the big game companies have devolved into blockchain game development.
Gods Unchained (GODS), and Ronin (RON) have broadened gaming accessibility attracting larger audiences. The biggest gain in January 2023 is ImmutableX (IMX) where its price increased up to 7 times its yearly high.
GameFi is a play-to-earn game where players can earn crypto asset tokens through gameplay. It provides different elements of the crypto space like tokens, DeFi, and NFTs. The players can sell the NFTs through exchanges and marketplaces for fiat currencies or they can rent it on DeFi protocols.
GameFi is preferred as it is different from traditional gaming in that effort and time are exchanged for entertainment as well as ownership of digital assets. It is gaining more crowds as it has low barriers to entry and provides entertainment. NFTs act as securities that facilitate the monetization of certain game mechanics.
Memecoins
Memecoins is the third most popular crypto narrative in 2023 which has driven 8.3% of crypto narratives interest. Some of the meme coins gaining attention include Pepe which is a meme of Frog. Bonk is another meme coin that has reached the all-year high which was 129 times its January 1 price.
Dogecoin is the first memecoin that has started the trend of meme coins. Memes are a joke that is famous on the internet. The coin is inspired by these. Everyone wants to know about memecoin and the traction is driven by social media hype. It all started with a viral joke which is eventually on the system itself.
These coins are inflationary; which means there could be infinite supply. However, they are still volatile. People are fascinated by its entertaining nature and also with the idea of a chance to earn rapidly through it. Despite this, it is always advised to invest after thorough research and expert guidance.
Memcoins act as cultural signifiers. They show the internet culture. The communities formed around these coins grow on social media platforms.
Summary
AI, GameFi, and Memecoins attract a lot of crowds. The AI intersection with crypto shows the innovation exploration and collaboration in the tech-driven crypto sphere.
GameFi is the second most popular narrative. With the inclusion of Pixels integration with Ronin and Gods Unchained on Epic Games is broadening gaming accessibility.
Memecoins is the third popular crypto narrative which is showing a surge of attention towards it. In May 2023 Pepe leveraged the widespread appeal. In July sees the prominence of HarryPotterObamaSonic10Inu and later in the year Bonk captures the market’s attention.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
