GameFi… What caused the rapid rise in the price of decentralized gaming tokens? Is there something preventing the gaming industry from continuing to grow in the near term? Find out by reading our new LATOKEN review.
Recently, some tokens of gaming decentralized projects have shown significant growth. For example, the Decentraland (MANA) token price increased by 300% over this week. Over the same period, the token of the game project The SandBox (SAND) has risen in price by 240%. Both of these game projects are building metaverses that allow players to make money from selling virtual assets. Impressive, isn’t it? However, what might happen next, and is it possible to draw any conclusions? Let’s try to figure everything out.
Is the growth justified or not? LATOKEN review
The announcement of the creation of the Facebook metaverse (META) could have contributed to the rise in the price of MANA and SAND tokens. The fact is that in his recent address, Mark Zuckerberg mentioned cryptocurrencies and decentralization. This may give reason to believe that these technologies, as well as existing projects based on these technologies, will be integrated into the social network. It might mean they can get direct access to its multi-billion dollar audience.
On October 28, Facebook Inc., which owns the social network of the same name, as well as such services as Instagram, WhatsApp, and others, announced its name change to Meta. This is necessary for users to perceive the corporation as a developer of the metaverse. According to the founder of the company, Mark Zuckerberg, product development will take about 5–10 years. The project is expected to support non-fungible token (NFT) technology.
However, since the growth of the GameFi industry has been driven by just one piece of news, should we expect long-term growth? We cannot be sure. Perhaps this was just a single impulse, but the direction of decentralized gaming projects may have great potential in the future.
LATOKEN does not give investment advice and cannot say anything about going into gaming assets right now. Do your own research to find out as much as possible and stay up to date with what is happening with GameFi and other crypto projects.
Justified popularity of GameFi & Axie Infinity
As cryptocurrency continues to be a global phenomenon, industries worldwide are looking for more ways to incorporate this blatantly revolutionary technology into their core products and services. In particular, online games have become fertile ground for interesting innovations in this area. Developers are inventing new methods of using cryptocurrency to buy and trade in-game goods, cosmetics, character unlocks, and more. The convergence of the virtual and the real — our metaverse — has never looked so good. This is why GameFi is so popular now, and for a good reason!
Also worth noting are the largest video game companies that include Sony, Tencent, Nintendo and Microsoft, each with over $10 billion in gaming revenue. Topping the list is Sony with a whopping $25 billion in revenue. Impressive, isn’t it?
In general, the gaming industry might be called a potentially promising direction, but when assessing it, it is also necessary to consider the general market mood.
It is not investment advice but we can single out Axie Infinity among the gaming projects, which we wrote about in one of our LATOKEN reviews. This project is trendy right now, and it is supported by such giants as Samsung, Ubisoft, HTC. What is more, the AXS token has risen in price by 2680% over the past four months. Now its price is over $136.
Do you want to start trading AXS? You can do it on the LATOKEN exchange!
Do you want to learn more about the most promising tokens through LATOKEN Review, and always stay up to date? To do this, just follow us on Medium, LATOKEN Blog, or LATOKEN VCTV channels.
About LATOKEN
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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.
