After the popularity of DeFi, came the rise of nonfungible tokens (NFTs) and to the surprise of many, NFTs took the spotlight and remain front and center with the highest volume in sales, occuring at the start of January 2022.
“Nearly 50% of active cryptocurrency wallets connected to decentralized applications in November were for playing games. The percentage of wallets linked to decentralized finance, or DeFi, dapps fell to 45% during the same period, after months of being the leading dapp use case.”
Blockchain, play-to-earn game Axie infinity, skyrocketed and kicked off a gaming craze that is expected to continue all throughout 2022. Crypto pundits and gaming advocates have high expectations for p2e blockchain-based games and there’s bound to be a few sleeping giants that will dominate the sector.
Let’s take a look at five blockchain games that could make waves in 2022.
The inspiration for DeFi Kingdoms came from simple beginnings— a passion for investing that lured the developers to blockchain technology. DeFi Kingdoms was born as a visualization of liquidity pool investing where in-game ‘gardens’ represent literal and figurative token pairings and liquidity pool mining.
As shown in the game, investors have a portion of their LP share within a plot filled with blooming plants. By attaching the concept of growth to DeFi protocols within a play-and-earn model, DeFi Kingdoms puts a twist on “playing” a game.
Built on the Harmony Network, DeFi Kingdoms became the first project on the network to ever top the DappRadar charts. This could be attributed to an influx of individuals interested in both DeFi and blockchain games or it could be attributed to its recent in-game, utility token (JEWEL) surging.
JEWEL is a utility token which allows users to purchase NFTs in-game buffs to increase base-level stat, and it is used for liquidity mining that grants users the opportunity to make more JEWEL through staking.
JEWEL is also a governance token that gives holders a vote in the growth and evolution of the project. In the past four months the token price surged from $1.23 to an all time high of $22.52. At the time of writing JEWEL is down by nearly 16%, trading at $19.51.
Surging approximately 1,487% from its humble start of $1.23 four months ago, back in September, JEWEL token price has increased roughly 165% this last month alone, according to data from CoinGecko.
Guild of Guardians
Guild of Guardians is one of the more anticipated blockchain games in 2022 and it is built on ImmutableX, the first layer-2 solution built on Ethereum that focuses on NFTs. Aiming to provide more access, it will operate as a free to play, mobile RPG game modeling the play-and-earn mechanics.
Similar to blockchain games like Axie Infinity, Guild of Guardians in-game assets can be exchanged. The project seems to be of interest to many gamers and investors with both its NFT founder sale and token launch generating nearly $10 million in volume.
Launching its in-game token in October of 2021, the Guild of Guardians (GOG) tokens are ERC-20 tokens known as ‘gems’ inside the game. Gems are what power key features in the game such as mint in-game NFTs, interact with the marketplace and are available to earn while playing.
For the last month, the Guild of Guardians token has performed strongly, reaching an all-time of $2.81. Despite the token being down nearly 50% from it’s all-time high, at the time of writing, some members of the community are looking forward to the possibility of staking and liquidity pools, which are features that tend to help stabilize token prices.
Galaxy Fight Club
Imagine taking a proof-of-picture (pfp) NFT and making it into an avatar to battle other fighters in a galaxy far away?Galaxy Fight Club (GFC) is a blockchain game that switched its gear from a 10,000 avatar collection to the first cross-brand and cross-platform PvP fighting game where players can fight with their collection of avatars.
Focusing on interoperability, GFC uniquely places high value on its original fighters, but allows other avatars to battle for the opportunity to earn rewards.
The game is expected to launch on the Polygon network and it will feature different themes from various partnering collections such as Animetas and CyberKongz, integrating its cross–platform aim. GFC plays on the nostalgia of SuperSmash Bros., except one is battling for loot keys to open loot boxes rather than simply wiping out their opponent.
GFC is currently in beta testing, and is facing minor setbacks, including a delayed IDO. To date, it’s not clear when public access will be made available, but many are hopeful for a Q1 2022 rollout.
Each Galaxy Fighter generates anywhere between 5 to 15 GCOIN daily, and each fighter began generating GCOIN in October of 2021. If a fighter is sold, the new owner will inherit the GCOIN presently accrued. GCOIN is likely to be valuable in the ecosystem because it is needed to power players in game moves, the forging of weapons, opening loot boxes and training and selling second generation fighters.
Despite its minor setbacks, an IDO for GCOIN is scheduled on PolkaStarter for January 6and is set to release 4 million tokens for sale at $0.50 each and a max allocation of $500 per wallet. Sadly, the project’s KYC and whitelist requirements have left many residents sitting out.
According to Ado, a team lead for the project, “The first $1.5M was purchased and sold out in roughly 15 minutes, at which point the remaining $500K reserved only for the Battle Pass holders took another hour to be filled,” indicating a successful IDO. Approximately 2,600 unique wallets are holding GFC fighters, with the top wallet holding nearly 2% of the entire collection.
CryptoBeasts is a pixelated digital art game that elicits the retro feel of the original Zelda game. Built on the Ethereum blockchain CryptoBeasts is a ‘peer-to-peer electronic rare egg system,’ (first for everything, right?) These 10,000 pixelated colorful eggs grant each owner one land parcel in the game’s “Eggland” universe and one DAO vote.
The DAO operates on a hierarchy where the number of eggs a player owns determines their status and as strange as it sounds, each decision appears to be calculated in CryptoBeasts. Numbers are worth noting as they can determine one’s status, and prime numbered eggs tout benefits like yielding more of its native CBX token and they also hatch rare beasts with increased strength.
According to data from Dune Analytics, the highest-selling rare egg went for 5 Ether, valued at $9,085 at the time of sale. On December 31, 2021 an announcement about in-game tokenomics resulted in an uptick in sales and the current entry point at 0.05 Ether is notably higher than the 0.01 ETH mint price in June 2021.
While Cryptobeasts claims it’s more than “play to earn,” but rather “fun-to-play” it is still a blockchain game whose competitive edge is also dependent on its tokenomics. The native token, CBX, is the in-game token that is scheduled to be airdropped to all rare-egg holders.
CBX tokens can allegedly be used and earned in a variety of ways such as beast battling, land parcels generating daily CBX, completing certain in-game tasks and farming and harvesting resources.
CBX can also be staked, incentivizing HODLing a little longer than intended. The token is expected to power in-game utilities and functionalities like purchasing items within the in-game economy to breeding. Similar to Axie Infinity, but not by happenstance, CryptoBeasts intends to integrate an academy and scholarship to provide the opportunity for bigger investors to loan out their assets.
Notably, the first blockchain game to execute its play-to-earn model, Axie Infinity has an established, highly developed ecosystem with a strong economic model. Axie Infinity is currently seen as the trojan horse for broader blockchain game adoption.
Axie Infinity continues to solidify its place at the top of DappRadar NFT rankings, according to its data. As the top traded collection, Axie Infinity comes on top of NBA TopShot, Splinterlands, and WAX blockchain’s, “Farmer’s World,” closing out $563.6 million in the past 30 days.
SLP, AXS and RON
Axies are the NFT used for gameplay and can be bred using SLP, the in-game utility token, and AXS, which is the governance token. AXS can be staked, and with over $1.68 billion staked, users are continuing to reap a substantial APY despite yield being reduced from over 200% at the start to roughly 86%.
The recent launch of the Katana DEX gives players the opportunity to provide liquidity using SLP or AXS to farm RON.
RON is the ecosystem token and, similar to MATIC, it will be used as the gas fees on Axie Infinity’s Ronin sidechain. Axie Infinity, in many ways, is its own digital nation with a real economy.
Like any first market mover, it faces challenges and its recent price correction could be an attractive entry point for investors who were previously priced out. With land yet to be released, users may have the opportunity to craft and harvest resources that will generate other tokens.
To date, one of the largest digital land sales in the NFT / Metaverse sector came from an Axie Infinity one of 75 genesis land plots that sold for $2.3 million.
Adapting to the rapidly growing blockchain games ecosystem, the Sky Mavis team has announced that it has rewritten the core engine from its 2D art style to 3D. The team also announced that ‘Project K’— codename for a piece of a game and Lunacia’s kingdom— will be released in phases and each focuses on different elements of the game from resource gathering to “group strategic gameplay.”
As the concept of blockchain games gains broader adoption, and “play to earn” and “play and earn” models continue to develop, 2022 will be an exciting year for gamers, creators, and investors alike.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Bitcoin continues to underperform as a general “risk-off” sentiment has investors driving toward gold as a safe haven asset.
Not Risking It
Concerns about the Russo-Ukrainian war continue. The U.S. inflation struggles at a four-decade high and Fed rate hike fears prevail. The uncertainty extends to the world economy as a recession is expected instead of a recovery. The IMF’s managing director Kristalina Georgieva called it “a crisis on top of a crisis.”
“The war is a supply shock that reduces economic output and raises prices. Indeed, we forecast inflation will accelerate to 5.5 percent in advanced economies and to 9.3 percent in emerging European economies excluding Russia, Turkey, and Ukraine. ” The IMF stated last week.
Reuters recently quoted Commerzbank analyst Daniel Briesemann, who talked in a note about the factors that have “lent buoyancy to gold in recent days,” mentioning the “strong buying interest on the part of ETF (Exchange Traded Fund) investors” and news about the Ukraine war.
“Russia appears to be preparing to launch a major offensive in the east of the country – that is generating considerable demand for gold as a safe haven,” the analyst said.
This summarizes the “risk-off” sentiment at the moment. As expected, equities suffer as investors are selling risky assets and purchasing the ones negatively correlated to the traditional market. Thus, the crypto space is struggling alongside de stocks market and gold is rising.
Bitcoin Outperformed By Gold
Data from Arcane Research’s latest weekly report notes that it has been a gloomy year for the “digital gold.” In the first three weeks of 2022, Bitcoin sank 25% and it is still down by 18% in the year despite its slight recovery.
Similarly, Nasdaq records a 19% decline in the year, having underperformed against bitcoin “by a small margin,” notes the report, adding that “This is surprising given that bitcoin has tended to follow Nasdaq, albeit with higher volatility.”
The general fear over geopolitical and macroeconomic uncertainty has given gold the safe-haven asset spotlight once more. The asset outperformed all the other indexes seen below with a 4% gain.
Meanwhile, the currency market is performing with “the same risk-off patterns.” The Dollar has been proving its “risk-off” dominance as the US Dollar Index (DXY) is up 7%. The Chinese yuan has taken a hit over concerns about the country’s “zero-covid” policy –which creates issues for the global supply chain– and the slowing down Chinese economy. In contrast, investors have been running to the US Dollar for safety.
Bitcoin supporters usually refer to the coin as “digital gold” alleging it is a safe haven asset, and this narrative had held well while BTC had been “uncorrelated with most other major asset classes,” but the tide is shifting with the 2022 scenario as investors are rather placing the coin “into the risk-on basket”.
A previous Arcane Research report indicated that bitcoin’s 30 -day correlation with the Nasdaq is revisiting July 2020 highs while its correlation with gold has reached all-time lows.
A pseudonym traded noted that “As Bitcoin adoption goes on and more institutional investors enter the market, the correlation of BTC and stocks becomes more and more tight. That is a paradigm that the crypto world struggled to come to terms with in the past but is now more real than ever. A healthy stock market is good for Bitcoin.”
Meanwhile, the general sentiment of traders seems to be bearish, with many saying that the coin could visit the $30k level soon.
The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference.
Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market.
To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conference.
That’s why the NFT panel consisted of multiple perspectives from Tristan Yver, head of strategy at FTX U.S., Joseph Doll, attorney at Fenwick law firm, Roham Gharegozlou, the chief executive officer at Dapper Labs, and Sarah Hammer, the managing director of The Stevens Center for Innovation in Finance at The Wharton School. Zack Guzman, writer for the Meta-owned newsletter platform Bulletin, moderated.
Gharegozlou pointed out how new the NFT market truly is when “most people have only been thinking about it for a year and a half,” making valuations “very immature.” As the CEO of Dapper Labs, the company behind NBA Top Shot, Gharegozlou recognized that “utility, rewards and the how you value and NFT is primarily based on the strength of that of the community.”
He added that a good way for an NFT collection to build a strong community is to have multiple tiers of scarcity. In the case of NBA Top Shot, at the higher price end there is extreme scarcity, but there are also millions of “common” moments so that people can “get their first NFT and see how it feels without breaking the bank.”
Tristan Yver echoed that the current valuation and pricing model for NFTs is based on a collective perception on value based on the amount of people willing to buy an asset for a certain amount. He anticipated a “movement away from this consensus view to a more unique singular view where people buy things that resonate with them rather than what resonates with a larger community.”
Joseph Doll chimed in to say that “communities need to be thoughtful about democratizing access.” There are some “massive” barriers to entry to certain projects, he said, including not being early enough or not having enough capital at the time. He questioned, “That’s not what crypto is about, right? It’s kind of about the exact opposite of that.” Democratization, he suggested, can come in the form of derivative projects at better price points.
Another important point brought up by Yver was the reality of scams, especially on Discord and Twitter. He said that “weneed to move past security aspects to be able to really bring in the next large mass of users.” He recommended talking among family and friends or asking a Discord moderator to make sure “you click the right link when minting that NFT” because “wallet security sucks right now.”
Gharegozloueven said thatElon Musk, the new owner of Twitter, should use Web3 to fix Twitter’s fraud problem, just as Discord should use Web3 authentication and verification as well. “Once NFT’s are the sort of identity bridge across all these different social networks, identity and assets, authenticity, provenance,” then the system can be more resilient he added.
When asked what “main alpha” the audience should bear in mind, Doll said to engage with and be part of these NFT communities even if it’s “scary,” because getting scammed is a “part of the journey.”
Sarah Hammer, who leads the Cypher Accelerator at Wharton business school, said that the school is launching an incubator specifically for NFT projects in partnership with Dapper Labs because the “NFT model is a business model for the future.” She emphasized that the greatest way to grow and innovate in the space is to increase education efforts in order to get more people learning and working together.
22 days ago, Bitcoin.com News wrote about a Coin Insider trends study that combed through Google Trends data in the United States. According to the report, dogecoin was the most Googled cryptocurrency in the country. Another study — published by askgamblers.com — has covered similar data, but concentrated on the U.K.’s and Europe’s Google searches. According to the report, while bitcoin is the most popular crypto asset in Europe, the study of the trends shows that the meme token shiba inu is the most popular in the United Kingdom.
Trends Study Highlights the Most Popular Crypto Assets in Europe, UK — Bitcoin Reigns in Europe, While Shiba Inu Takes the UK
This week Bitcoin.com News was sent a report from askgamblers.com that analyzes Google Trends (GT) data over the last year in order to find out what the most popular crypto assets are in the U.K. and Europe. According to the findings, bitcoin (BTC) is the most popular digital currency in Europe as it was the most searched crypto in 21 countries. BTC outpaced the competitors in the askgamblers.com study, as the leading crypto asset rules the roost in countries like Germany, Finland, Norway, Poland, Romania, and Belgium.
While bitcoin (BTC) was the top crypto across Europe, shiba Inu (SHIB) is the most popular cryptocurrency in the U.K., according to the researcher’s collected Google searches. The meme token SHIB saw a significant increase in popularity during the last 12 months. The study’s findings show SHIB commands six different countries and the United Kingdom. In fact, SHIB is huge in Russia, France, Spain, Ukraine, Italy, Hungary, and Switzerland, in terms of GT searches.
Additionally, ethereum (ETH) was the third most popular in the study capturing interest from Sweden, Czechia, Latvia, and Slovenia. Then cardano (ADA) held the fourth position in terms of GT search data, as Andorra, the Netherlands, and Bulgaria showed a lot of interest in ADA. With dogecoin (DOGE) being the most popular in the U.S., it is the fifth in Europe as the meme crypto is popular in Albania and Greece.
“With 38 million crypto users in Europe, and thousands of cryptocurrencies on the market to choose from, it is fascinating to see which one people are the most interested in investing in,” a spokesperson from askgamblers.com told Bitcoin.com’s newsdesk. “Although bitcoin is the most popular overall, the interest in shiba inu has grown to surpass bitcoin in major countries such as Russia and the U.K.”
In the U.S. research study published by Coin Insider, shiba inu (SHIB) only captured seven states across the country. Dogecoin was named the leader in that study as DOGE was the most popular in 23 states in the U.S., in terms of GT searches. SHIB’s popularity in the U.S., according to the data in that specific report, was ranked the fourth most popular crypto in the country.
What do you think about the popularity of bitcoin in Europe and the shiba inu interest in the U.K.? Let us know what you think about this research study in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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