The crypto market is already showing signs of a strong recovery, as shown by Bitcoin's recent attempt at $45,000.
This indicates that 2024 may turn out to be a very bullish one for the crypto market.
According to a recent report from Fortune Business Insights, one crypto niche especially, is expected to do wonders from now until 2023.
Fortune Business Insights identifies this Niche as the blockchain gaming sector, and here is everything you need to know.
According to this report from Fortune Business Insights, the GameFi market is expected to rally and reach a whopping $614.91 billion in market cap by 2030.
Fortune estimates that the GameFi sector will grow at a compound annual growth rate (CAGR) of about 21.8% every year, eventually hitting this milestone in 2030
The report also mentions that the gaming sector initially boomed because of the COVID-19 pandemic, which forced people to stay at home and "play games". According to the Fortune Business Insights report, the global online gaming market grew from $151.55 billion in 2019 to $173.70 billion in 2020 and is expected to reach $287.1 billion by 2026.
For context, CoinMarketCap calculates the current market cap of the gaming sector to be about $18 billion at the time of writing.
This means that the gaming sector is set to explode by about 16x its original value in the next two years, and by a whopping 34x in the next six.
The GameFi world hasn't been the most popular niche in the crypto space as of late. However, some of the top tokens already have billions of dollars worth of market cap, and here are some of the few you should be aware of.
Immutable, according to its page on CoinMarketCap, is perceived as the first layer-two scaling solution for NFTs on Ethereum. This is the 29th largest blockchain overall, and the largest gaming blockchain in the world by market cap.
Immutable has a $2,548,473,181 market cap at the time of writing and is currently up by 80% over the last month and by 366% this year.
Sandbox is a metaverse, NFT and gaming token, all in one. From this, we can already predict a wave of bullishness when SAND does take off.
The Sandbox is a blockchain-based virtual world that allows users to create, build, buy and sell digital assets in the form of a game.
The cryptocurrency was severely affected by the last bear market, despite its many use cases and its promising future.
This leads to a serious "buy the dip" opportunity, that can see SAND rally from $0.48 to a whopping $8.4 as its ATH.
The beam is the native crypto asset for the Beam network, a gaming network powered by the Merit Circle DAO.
The Beam is currently the 4th largest gaming token by market cap and is up by more than 320% this year alone.
The Beam recently created a new all-time high sometime in the second week of December 2023 and is poised to be a lot more bullish as the months go by.
AXS is arguably one of the most popular gaming tokens on the market.
Axie Infinity, on the other hand, is a blockchain-based trading and battling game that is partially owned and operated by its players.
AXS was one of the best-performing cryptocurrencies I the previous bull run and is now trading at about %6.8, after a decline from about $165.
Like the others, AXS presents a massive "buy the dip" opportunity for early buyers.
Just like Axie Infinity, Gala was also highly popular during the last bull run. Gala is currently the 7th largest gaming token by market cap.
Like the others, it also presents a massive "buy the dip" opportunity for investors, because of its 96% dip from its all-time high of about $0.8.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.