Updated: Jul 02, 2022 16:39 IST
New Delhi [India], July 2 (ANI/ATK): As the world of crypto moves quickly it is difficult to say how long this bear market could last, however, as the crypto market is beginning to mature we can go back through history to use it as an indicator of how long we can expect this to last.
If we go back over the previous crypto winters the bottom historically has come roughly a year after the peak. We saw the peak for Bitcoin in November 2021 so following this logic we should expect to see the bottom towards the back end of 2022. Of course, outside externalities can always have an effect, but given the current macroeconomic trends, indicators, and confidence levels it would be surprising to see a sustained sum of investment from whales.
After the bottom is hit a slow gradual gain was previously seen before large influxes of investment were seen as confidence levels increased that the market had turned into a buyers market. A soft estimate would be the market to start bouncing back around midway through 2023. This is very much an estimate and should not be used as investment advice, merely that this crypto winter and the bear market could go well into 2023, so do not expect a sustained bounce for some time.
GameFi, the growing gem agnostic to the bear market
One growing area that seems to be market agnostic is the growing world of GameFi. GameFi looks to combine gaming and DeFi by giving users in-game rewards for playing the game and completing levels, quests, and other content. This is a feature that gamers have been calling for, for some time now and it is great to see that the evolution of the industry is upon us.
While many of the games that provide rewards for gamers are typically seen in the form of NFTs or in-game currency that is associated with a crypto token, many games are finding it difficult to link the world of gaming to DeFi and this is where Xchange Monster (MXCH) has provided a unique solution through their exchange platform.
Xchange Monster has 3 key features that will enhance the GameFi industry. First, it will be partnering with many of the leading games and allowing their native token MXCH to be used for in-game purchases and exchanges. Having a single token that is used across gaming platforms will enable greater interoperability and fungibility for gamers and developers to expand the world of Web3. This leads onto Xchange Monster’s next feature which will be the Monster Wallet where users can store their in-game assets, NFTs, and tokens safely and securely.
The content can then be traded on their exchange via their native token or you can swap out for Fiat using Monster Pay which is the platform’s payment gateway for deposits and withdrawals.
As the world of gaming is ever-present and only growing even among demographics that you would not expect as the percentage of gamers aged 55-64 grew by 32 per cent over the last two years, the world of GameFi looks to be an excellent industry to get into during the bear market. Currently, in its presale, MXCH holds real utility and provides a needed solution to link the world of gaming and DeFi together.
How the blockchain of blockchains can find a niche within gaming
Polkadot (DOT) burst onto the scene through its innovative layer-0 protocol that is known as the blockchain of blockchains due to all the subnets and parachains that connect the ecosystem together. While the project perhaps hasn’t hit the heights that some thought over the last year, Polkadot could find its niche within the world of gaming.
Enjin, a blockchain-based ecosystem that looks to power the world of NFTs, gaming, and the metaverse announced that they have launched Efinity on the Polkadot network. Efinity is home to over 100 blockchain-based games and one of which is the popular play-to-earn game CryptoBlades.
This announcement is great news for Polkadot as Enjin is extremely well resourced and will continue to push developments within the space. Moreover, after competitors, Avalanche and Solana have been taking the limelight with various announcements and partnerships across the gaming and metaverse space an announcement of their own with a giant firm Enjin is a welcome relief to those who believe in Polkadot.
As the metaverse will only continue to grow Polkadot may have found its niche within the market and could act as a good long-term investment to help hedge against high inflation and the bear market.
This story is provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
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