In the report about GameFi and its impact on gamers, Analyst Jerry Sun explained blockchain as a fundamental building block for GameFi. The success of GameFi depends on “startups and protocols exist to support players, developers, and game studios alike. Below are some services adding value to the nascent GameFi ecosystem, ordered from proximity to gamers down to relevance for developers.”
The future is in favor of GameFi. There is increasing interest in games with esport as an attractive career path (with streaming video and esport champion). Crypto gaming also sees a surge in interest, especially for P2E games. GameFi is expected to be one of several pillars concurrently onboarding new users into crypto. GameFi, along with DeFi and Web3, will increase blockchain activities in the future.
One Layer-two (L2) solution that saw its token price rise to new highs earlier in the year and now looks poised to make another breakout higher is Polygon (MATIC), a proof-of-stake blockchain protocol that aggregates scalable solutions on Ethereum to support a multi-chain ecosystem.
Data from TradingView indicates that Polygon (MATIC) recently hit a low at $1.01 on Sept. 21, and over the past few months, the price has been in a steady uptrend, bringing the altcoin above the $2 mark on Dec. 1
One of the biggest drivers of MATIC price and on-chain activity has been the addition of new protocols to the Polygon network throproject launches and cross-chain migrations. Most recently, IDEX decentralized exchange announced that it would launch v3 of its exchange on the Polygon network, making it the first hybrid liquidity DEX on Polygon.
Another reason for the bullish price action seen in MATIC has been the steady increase of users on the network as evidenced by the increase in wallet addresses holding a balance.
As shown in the graph, the number of Polygon wallets holding a balance has steadily increased throughout 2021 and is currently at an all-time high of 282,760.
Evidence of the increased activity can also be found in the data for total revenue generated from fees on the network, which has been steadily increasing over the last few months
Source: Token Terminal
Several sub-sectors of the cryptocurrency market, including metaverse-related projects and gaming protocols, have seen breakouts to new all-time highs.The rapid gains seen in these projects has led to some concern that the metaverse and gaming sectors could see a significant pullback in the short term if traders take profits and await more sustainable price levels, leading many to speculate as to which sector of the market will be the next to see bullish momentum and price gains.
A deeper dive into the available data shows that the decentralized finance (DeFi) sector of the market has been steadily gaining momentum over the past several months as the total value locked in DeFi climbed to a new all-time high of $276.92 billion on Nov. 9 and currently sits at $273.2 billion.
The surge in TVL comes as new protocols continue to launch on Ethereum (ETH) compatible networks such as Fantom and layer-two solutions like Arbitrum that offer users the ability to conduct transactions in a lower fee environment.
This week, Metaverse land sales topped $100 million. The sales included $2.43 million for a parcel of land in Decentraland, and a record $4.3 million for real estate in The Sandbox. The number of Land transfers in Sandbox started to rise about 2 weeks ago. On November 24, the land transfer count was 2427, which is the highest number to date. Then the price of Sandbox’s token (SAND) reached all-time-high on November 25 at $8.46. When the Sandbox project became a hot topic, the floor price of the Sandbox land increased and reached the record high of 3.188 ETH on November 28.
Republic Realm, the company that invests and develops virtual real estate, purchased land in Sandbox for a record $4.3 million.
In December 2, Sandbox organized Land sales with Snoop Dogg, Cozomo de’ Medici, and Nipsey Hussle joining the party.
In the tweet posted on Wednesday, Jack Dorsey announced his departure from Twitter. Jack remains the CEO of Square – financial services and digital payments company. Later last week, Square announced that it will change its name to Block. Block says that everything else at the company will be the same, except with new email addresses. The name change reflects the company’s desire to become more deeply embrace decentralization and blockchain technology. As Jack Dorsey left Twitter, it’s open speculation as to how far Twitter will continue to integrate crypto.