- Bitcoin Ordinals hype fades, spotlight shifts to gaming tokens Sandbox, Decentraland, Axie Infinity and ImmutableX.
- Play-to-earn gaming tokens are positioned to fuel a recovery in the SUI ecosystem.
- Expert analysts support the narrative that gaming and metaverse play-to-earn tokens will likely drive the next crypto bull run.
The Bitcoin Ordinals hype has faded with a decline in transaction volume on the BTC network. The narrative of gaming tokens and how they drive the adoption of virtual assets among market participants gained relevance with the recent price rallies in Play-to-Earn (P2E) tokens.
Also read: Vitalik Buterin warns against risks of overloading the Ethereum network
Sandbox, Decentraland, Axie Infinity erase losses from past week
Play-to-earn (P2E) gaming tokens Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS) and Iluvium (ILV) cut losses from the past week. Recovery is likely for the P2E ecosystem tokens as the narrative of gaming tokens fueling the next crypto bull run gains popularity.
Further, BRC-20 token standards, Bitcoin Ordinals, are slowly losing their popularity among traders, which becomes evident from BTC’s declining transaction volume.
Bitcoin transaction volume 7-day moving average
Pentosh1, a crypto analyst and trader, recently shared his bullish thesis about gaming ecosystem tokens in a tweet.
I strongly feel that gaming will provide the most upside next bull run.
— Pentoshi euroPeng (@Pentosh1) May 19, 2023
It’s someting almost anyone from any culture can relate to that’s easy to understand and digest
Most people don’t care about 99% of what crypto projects pretend to solve
The expert’s argument is that most market participants aren’t as interested in the problems being solved by crypto protocols, and gaming is the avenue that increases adoption and utility in the ecosystem.
Interestingly, while most large market capitalization cryptocurrencies like Bitcoin, Ethereum and Binance Coin witnessed a pullback, SAND, MANA, AXS and ILV wiped out their losses.
Gaming tokens are likely to fuel a recovery in SUI
SUI, the native token of the Sui ecosystem, is likely to begin its recovery soon with games like Cards of Ethernity, Final Stardust and Cosmocadia adding new users to the protocol. The SUI blockchain is attracting gaming enthusiasts.
The SUI protocol mainnet went live three weeks ago and the asset has nosedived 51% from its all-time high of $2.16. Higher adoption of the SUI ecosystem by gamers is likely to drive demand higher and likely fuel a SUI price recovery.
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