Crypto tokens attached to gaming and metaverse projects are soaring right now as the rest of the industry experiences a dip in prices. BTC started to drop off on Monday this week, dipping from $57,000 to $53,000 in the last four days sparking fears of a major correction. So far, it appears the correction will be no larger than around 10% as prices started to pick up and BTC found resistance.
Amidst that price slide project tokens attached to Gala games, Revomon, and Anrkey X have all experienced over 100% price hikes in the last 7 days. GALA leads the pack with a 145% increase from $0.08 to $0.21. This was mainly the effect of the token listing on Coinbase, giving many retail investors access to a cheap gaming token. Gaming projects on other networks are experiencing the same effect. The BSC-based project saw its native token DPS go up over 300% in the last 7 days.
A look at DeFi and Exchange projects ranked by market cap over the last 7 days reveals the opposite occurring in that sector. Leading projects all declined in the past week. LINK and UNI prices are down by 21 and 16% respectively. While BNB, the native token of BINANCE Smart Chain is down over 9% at the time of writing. It appears DeFi is taking a back seat as gaming promises to lead the industry into mass adoption.
Mass adoption
For those that have been watching the space closely this year, the pump shouldn’t really be a big surprise. Moreover, while some may think DeFi is dead, it’s simply changed form. Seamlessly finding its way into games to create a new category. One we are calling GameFi or play-to-earn. Platforms where players are given the chance to earn and stake tokens in return for their playing time. Making a passive income and having fun along the way. Sure, these are not triple-A games, but early adopters are reaping the rewards of supporting an industry still in its infancy.
The gaming narrative doesn’t appear to be calming any time soon. As record investment figures pour into gaming, NFT, and metaverse projects, spectators are asking themselves which one is likely to come out on top. While investors frantically scoop up land plots in popular virtual world platforms with the hope of explosive future gains.
The world is changing rapidly, helped in part by the onset of Covid-19. As space in the physical world becomes less appealing, investors and players are jumping headfirst into games that allow them to earn. Or, building out their fantasies in virtual world platforms that let them socialize, go to events, have fun and immerse themselves in.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, FLOW, ENS, AVASTR, BOSON, GMEE, SAND, MANA, AND OCEAN
