Bitcoin’s price increase has evidently impacted the whole crypto market with most of other cryptocurrencies on the Bitcoin ecosystem and other ecosystems rising significantly.
Some cryptocurrencies, such as meme coins are some of the examples of Bitcoin’s price increase impact where they showed gains as much as 250% in just one week.
NFT collections also show a significant increase in their floor price with the overall sentiment of Bitcoin going up.
One of the examples showing this effect is Bitcoin Puppets, which is an NFT collection minted through Ordinals on the Bitcoin Blockchain.
It is clear that the price movement of Bitcoin has impacted many sectors in the crypto space, and The GameFi sector is not one to be left out.
The GameFi sector has seen incredible growth the past couple of months, which has been enhanced in the last seven days since Bitcoin’s price really took off.
Popular Gaming Blockchains in Crypto
Because of the new liquidity coming from the positive sentiment of Bitcoin, gamers are now seem to be heading back to the GameFi sector with transactions going through the roof in the last couple of days.
Data from DappRadar shows that the overall positive conditions around the crypto market has sent gamers running back to their old favorite crypto games.
According to the transaction volume data of each overall gaming ecosystem of those projects, right now gamers and investors are transacting millions of dollars in each game.
Axie Infinity, which is an older generation game in the GameFi space has shown a significant increase in transaction volume of its NFTs and Tokens which has reached $17.18 Million in just the last week, leading the overall crypto gaming projects.
Looking at the unique active wallets (UAW) which is a data representing how many users the game has, currently most of the new blockchain games are more active.
The leading example of this is MotoDEX which is a bike racing game that is available on five Ethereum Virtual Machine (EVM) based Blockchains.
Just in the last seven days, the active users has reached 1.51 Million wallets, which means that with the positive sentiment given by Bitcoin has also impacted the GameFi sector.
Other games are also experiencing an influx of new transaction volume and users, most of them are games on the EVM blockchain.
The new wave creates an opportunity for new investors and gamers to capitalize on this new GameFi trend. To help with that, here are two popular blockchain games that you can explore to find new opportunities.
Ronin Network
The number one contender currently is the Ronin Network or the Ronin Chain. It became popular because of Axie Infinity, and stayed popular because of its updates and the continuation of developers building new games on it.
One of the examples of successful games launched on it is Pixels, which has now acquired 6.1 Million transactions on its game with over 600,000 active users.
Remember, the previous data only showed data from one game. In the Ronin ecosystem there are 14 decentralized applications or DApps, which means that transactions and users on the blockchain could eventually go much higher.
Currently there are 128.8 Million active users using the Ronin blockchain to transact, play games, or even look for other opportunities there.
The transaction count itself has reached 350.03 Million transactions, making it one of the biggest blockchains on the GameFi space.
Opportunities on Ronin
If you are looking for opportunities in the Ronin blockchain to make some money, there are a couple of things you can do.
The first thing is to play new games. New games typically give out free airdrops for users that play their game frequently. One of the examples of this is Pixels, which gives the most active players free airdrops which they can cash out as profit without any capital.
The second thing is to stake and delegate your coin to validators because Ronin implements a Delegated Proof of Stake mechanism that lets their coin holders delegate to validators so they can earn passive rewards.
Other things you can do is to transact and look for events regarding the Ronin bridge or wallet where they might give new airdrops of new tokens for investors that transact often.
Immutable X Chain
The second one is Immutable X Chain which is similar to Ronin in the sense that it is also a layer two scaling solution for the Ethereum Blockchain that focuses only on gaming projects.
Difference between Immutable X Chain and Ronin is evident in their consensus mechanism, where the Ronin Chain acts as its own blockchain with a Delegated Proof of Stake mechanism, where Immutable X Chain acts more as a supporter of Ethereum that implements ZK Rollup mechanism.
This means that Immutable X Chain helps Ethereum games become faster while developers can also build projects on top of it.
Currently there are two popular games on the Immutable X Chain that make it well known, which are Gods Unchained and Illuvium.
Gods Unchained is a popular trading card that has been present since the previous bull market, and has not shown a significant decrease in players count.
According to data from DappRadar, there are currently 12,030 players in the last week alone which has brought transaction volume of $21.43 Million from buying and selling NFT cards and the token on its project as well.
Illuvium is a little bit different from Gods Unchained because it is a metaverse and a survival game packed into an MMORPG gameplay that lets players explore their world.
It is primarily launched on Ethereum, but since Immutable X Chain helps Ethereum, it gets splashed by the overall volume, making the blockchain active.
The game itself is still in beta private mode where users need to get an invitation or register to play the game, which is why the user count is still low at around 525 active gamers.
But overall, the sentiment around Immutable X Chain are mostly based on NFTs since most of the games built on them involved NFTs in the ecosystem.
There are currently 102 DApps on it, which is much more than most gaming blockchains in the crypto space.
The transaction volume on it has also shown significant growth where currently it stands at $680.95 Million.
Most of these transactions are NFTs as data from the Immutscan, the blockchain scanner that shows data from Immutable X Chain, shows that there are more than 1.9 Million NFT holders on the Immutable X Chain, which makes Immutable X Chain having the most NFT holders on its blockchain compared to other gaming focus blockchains.
Opportunities on Immutable X Chain
Considering that most of the activities happening on the Immutable X Chains are NFT transactions, opportunities present on that blockchain might be centered around NFTs.
One possible opportunity on this chain is an NFTDrop which is similar to what airdrops are with crypto but in this case, users are given free or cheap NFTs.
These NFTs can be used for new games that act as the initial capital to earn on those games so that users of Immutable X Chain can start earning from games on their chain.
Another possible opportunity is to use NFT staking, collateral, and rent, which collaborates DeFi and NFT in the Immutable X Chain.
Holders of NFTs can use their NFT as collateral for borrowing cryptocurrencies on the blockchain or even staking them for passive rewards.
Also with NFT renting, users can rent their NFTs out to other players who might not be able to afford those NFTs but need them to play games on the blockchain
Other Gaming Blockchains
Those two blockchains are currently the popular ones because of their connection to Ethereum, where they act as the layer two blockchain for gaming purposes on Ethereum.
Since Ethereum is still the biggest blockchain for DApps in the crypto space aside from Bitcoin who cannot host DApps by itself, it is not surprising that blockchains connected to it become popular, especially if they have their own niche, like Ronin and Immutable with gaming.
Other than those two there are loads of other gaming blockchains available, which are mostly EVM based so the opportunities are endless.
One example is WAX Blockchain who hosts more DApps and Games than Ronin and Immutable, which is around 284 DApps, one of them is the famous Alien Worlds.
Currently there are nine chains that are popular in the GameFi space according to DappRadar, where Ronin leads the rankings in active users, Immutable X leads the rankings in NFT volume, and WAX leads in the number of DApps.
If you want to dive into the gaming ecosystem to find potential freebies or opportunities that will make you money, you can start from those nine and go deeper!
Conclusion
It is important to note that when doing research, you need to look at blockchains that are connected to more popular blockchains such as these three which are connected to Ethereum and other EVM Blockchains that have the largest volumes in the crypto space.
So, when looking for popular gaming projects, it is important to not only look at the data on it but also around it so you can maximize the present opportunities and the future opportunities on it.
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