Popular crypto analyst and influencer Elliot Wainman says gaming-based blockchain projects will be the next big driver for cryptoasset adoption.
Speaking in a recent YouTube video, Wainman highlighted the importance of gaming to the cryptoasset industry.
As reported by The Daily HODL, he said:
Games are the only thing that I see as truly decoupled from the crypto ecosystem. Because when you play a game and you enjoy the actual game, it has intrinsic value.
Wainman noted the “staggering growth” of the blockchain-based game Axie Infinity as an example of the industry’s potential:
Axie Infinity and its other counterpart token, the Smooth Love Potion, are part of the Axie Infinity ecosystem… The Axie Infinity ecosystem has $27 million dollars in volume on its trading market, and 24,000 active traders with 49,000 active sales. And this is just in the last 24 hours. If we start getting crazy and go for the last 30 days you see that they have $344 million dollars in volume, with 132,000 traders and almost 850,000 trades. What you see here is users and user adoption.
I’ve been saying this for so long, that users are the key, because if you have users, then you have network growth, and if you have network growth with [a] hard-cap supply of assets, then you most likely have asset appreciation. It’s a very, very clear way to drive value to crypto ecosystems.
Axie Infinity is “an NFT-based online video game developed by Vietnamese studio Sky Mavis, which uses Ethereum-based cryptocurrency AXS (Axie Infinity Shards) and SLP (Smooth Love Potion).” It is “a trading and battling game that allows players to collect, breed, raise, battle, and trade creatures known as “axies”, which are digitized as NFTs.”
Prominent crypto YouTube channel “Coin Bureau” also featured Axie Infinity in a recent video. The show’s host “Guy” told followers that the price of AXS was likely to continue higher due to the token’s massive surge in adoption:
In terms of how high AXS could go by the end of the year, I reckon $100 is a more and reasonable expectation, especially if Axie Infinity continues to see user adoption.
According to data by CryptoCompare, AXS is currently trading around $36.80, down 7.68% in the past 24-hour period.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.