Blockchain gaming has quickly become one of the hottest industries in crypto. The crypto bear market that emerged at the beginning of 2022 is still not over. Despite this, investors poured $4.9 billion into gaming coins and blockchain games in 2022 alone. A recent report from DappRadar revealed interesting results. Accordingly, the popularity of crypto games has increased by over 2,000% from the first quarter of 2021 to the first quarter of 2022. The same report also pointed out that 52% of all blockchain activity in the first quarter came from blockchain games. In the midst of all these developments, analysts and crypto celebrities started making predictions for gaming coins. One of them was Hatu Sheikh, co-founder of Maker DAO. Sheikh said that two game coins excited him.
Gaming coins have huge earning potential
Gaming and crypto have long been intertwined. They are also becoming more closely related to each other thanks to the emergence of the Metaverse. Metaverse refers to a more physical version of the internet. It is an online space where people can interact using virtual avatars, own digital lands and buy and sell goods using local game coins. Last year, retail investor attention turned to Metaverse. Thus, many blockchain game companies started developing their own versions of Metaverse. As a result, the biggest Blockchain game Metaverses such as Axie Infinity, Decentraland and The Sandbox have emerged. These virtual worlds use their own cryptocurrencies to allow players to purchase land and digital. As in-game goods and the valuation of these companies increase, so does the price of these cryptocurrencies.
For example, the price of Axie Infinity (AXS) rose over 17,772% during the crypto bull run of 2021. The Sandbox (SAND), one of the leading game coins, gained 15,505% in the same period. Decentraland was also among those that had its share of the rise. MANA rose 4.115 percent towards the end of last year. However, in the bear market that emerged in 2022, the prices of these tokens dropped dramatically. For example, AXS has lost over 83% to date. SAND has dropped nearly 80% and MANA has dropped 73% to date. But despite this latest contraction, funding continues to flow into the space. Major game brands such as FaZe, Ubisoft, and Zynga have all made various partnerships. So they are planning to incorporate crypto into their structure. Also in May, venture capitalist Andreeson-Horowitz set up a $600 million gaming fund.
“I am very excited for these projects”
Maker DAO co-founder Hatu Sheikh believes in the future of the blockchain gaming industry. Sheikh founded Blockchain platform DAO Maker in 2019. Since then, the company has participated in thousands of crypto projects. Thus, he helped founding teams raise millions of dollars in various fields. Their project has more than 360,000 followers on Twitter. Also, the project’s native token DAO has seen a market cap of $100 million. So Sheikh is very knowledgeable in the blockchain game world. According to a recent email talk, Sheikh is on the rise about the entire blockchain gaming industry. However, it is particularly exciting for 2 of the game coins.
BarnBridge (BOND)
Sheikh says the BarnBridge project has grown from a market cap of $20 million to $100 million. With its rise in the bear market, it sees it as the best rising among the top 300 cryptocurrencies. However, he says it’s possible to think that there was hype with the product upgrade news shared on the project’s social media. However, a $3 million protocol has websites that get 20,000 visitors. Sheikh, “What is the importance of product upgrade for such a small project?” asks the question.
Sheikh says that this kind of rise is only happening in crypto due to its exposure to liquidity. He also points out that BOND is among the rare gaming coins listed on both Binance and Coinbase. He also states that it has one of the lowest market values of assets that have liquidity in both exchanges. There are many investors with limited options to invest in crypto. BOND is one of those options. Therefore, Sheikh predicts that even a small announcement can cause dramatic increases in price. The hype activities of the projects listed on the two exchanges are mostly inactive. That’s why Sheikh says it’s easier for BOND to think about it. As we have reported as Kriptokoin.com, BOND has made gains that attract everyone’s attention recently.
CEEK VR
Among the game coins that excite Sheikh is CEEK. Sheikh says he has come across assets with a P/E of 2 or less in the crypto market. Then he explains why. According to him, these projects are not on the radar of investors because they are not traded on the 2 major exchanges mentioned above. That said, he says the team behind CEEK has worked hard to provide a powerful Metaverse experience. He also mentions that people interact with almost all major projects. According to him, people are betting that by doing this they will get a share of the growth of the Metaverse. Sheikh believes that the distribution of people’s tokens on major exchanges supports this teaching.
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