It is clear that the latest hit in the blockchain and cryptocurrency space has been the emergence of decentralized finance (DeFi). DeFi is also a natural evolution of the financial aspect of cryptocurrency and its offerings, and has been greatly received across the globe.
However, as the hype and excitement around DeFi slows down and the space actually gets to work, there are still many new avenues for crypto to grow and excel, and one such area that has been identified by PrimeXBT’s analyst Kim Chua is gaming tokens.
Just as how DeFi brought more utility and new users into crypto, gaming tokens will be one of the rages this year that will bring more new users to adopt cryptocurrency, explains Chua.
Gaming has gone onto the blockchain with Atari (ATRI) and Decentral Games (DG) set to build a virtual casino on Decentraland (MANA). The virtual casino will feature popular Atari real world games which users can play virtually using ATRI, DG, or the Dai stablecoin.
All 3 project tokens have skyrocketed in price after the news. This is the best introduction of crypto to gamblers who have not yet experienced crypto. With Covid-induced lockdowns, many casinos could not operate and this will force patrons who otherwise would have gone gambling physically to move online.
Crypto + Casino makes for a great combination to get these gamblers hooked since the crypto market itself has speculative threats and thrills similar to that of a casino.
The market size of the global casinos and online gambling industry is around $227 billion and gaming on the blockchain can channel this money into the crypto market, thereby increasing the market cap of cryptocurrencies as a whole.
There is a lot of money in the gaming space, and especially the casino environment. It is also a space that lends itself well to a digital age and can benefit from the properties of blockchain and crypto.
As more and more companies in this space recognise the potential for their growth into a digital age with blockchain, there is sure to be a huge spike in interest and hype around this in the next wave for crypto and blockchain.