Blockchain game and meta-madness are quietly pumping Bitcoin?
Blockchain games hit the market in early 2018 when titles like Axie Infinity came out. Axie Infinity builds on many previous games like CryptoKitties by adding more active gameplay like combat and offering better in-game economics.
In February 2020, Decentraland officially released its public platform. Although Decentraland was originally founded around 2015, it has made some changes in the virtual world where the selling price of digital real estate has increased significantly.
However, now that blockchain-based gaming seems to be slowly becoming mainstream, NFT marketplaces and digital asset exchanges offer gamers utopian places to get value from the in-game experience. It does this through the regular buying and selling of items around the world.
In particular, the development of Axie Infinity uses blockchain games from this perspective. Data from The Block Research shows the growth in daily active users and market size of Axie over time.
Daily users and market volume | The source: The block
While the number of daily active users continues to rise, the market volume is falling. This could also be due to the emergence of newer, more affordable platforms that attendees may flock to.
Based on the data collected by DappRadar, blockchain gaming generally has a usage level comparable to DeFi applications and has a total weekly user count of more than 5 million.
Number of users of blockchain games, DeFi, exchanges | Source: The Block
But that’s not all, in the last week Metaverse tokens have gained quite a bit of price and received a lot of attention on social networks when the giant Facebook announced the renaming to “Meta”.
Now that Metaverse has a roadmap for human-to-human and crowd interaction, one of the best ways to accomplish that goal is through games. This seems to combine the best of the blockchain world – NFT and gaming, thus empowering blockchain gaming giants like MANA, SAND and AXS.
In particular, the trend towards massive participation in Metaverse-related tokens can be seen in the Metaverse Index (MVI). MVI tracks the prices of several major tokens in this category. On November 2nd, the index gained nearly 72% in just one week.
As more companies move into the blockchain gaming space, even the leading companies seem to be shifting their focus. In fact, the market has raised a lot of money because most of it is backed by leading venture capital firms. In fact, several companies will have “unicorn” status by 2021, with valuations in excess of $ 1 billion.
Following the recent Facebook rebranding announcement, major blockchain game tokens like MANA, SAND, ENJ and even AXS have seen impressive growth. Their increasing capitalization paints an optimistic picture for the broader market.
Additionally, at the time of writing, AXS is the fewest among the top metaverse tokens. On the flip side, AXS continues to lead the way with $ 190.9 million in revenue from decentralized applications for the past 30 days.
Log revenue | The source: Wu blockchain
Even if the blockchain gaming industry continues to grow, it is still in its infancy. In addition, it is currently difficult to predict how the technology might ultimately be implemented for games and game-like experiences.
Bitcoin price target $ 90K
Bitcoin bulls haven’t given up hope of a big breakout yet, but for now the bears are putting the price under pressure and keeping the price below $ 61,000.
Data from TradingView shows that the November 5th bull breakout above $ 62,000 hit strong bear defenses and was immediately rejected.
While some traders may be bored with Bitcoin’s sideways movement, the independent market analyst “Rekt Capital” released the following chart highlighting that BTC is converting a large level of resistance into support.
BTC / USD 1-week chart | The source: Rect capital
“Even though BTC has been flat for weeks … It has successfully retested the previous large resistance area (red) to the new support (green).”
What happens next, if BTC holds that support and moves it up, analyst Michaël Van De Poppe has outlined a potential path that price could follow by the end of 2021.
“Bitcoin is still on the way to $ 90,000.”
Another, simpler and easier to understand prediction from Twitter user GalaxyBTC sees a breakout target of $ 80,000.
BTC / USDT 4-hour chart | The source: GalaxyBTC
“Try to think things as simply as possible. $ 60,000 is a new $ 40,000. The next $ 80,000. “
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According to AZCoin News