Brussels, Europe Brief News –The bitcoin crash in the fall of cryptocurrencies has not spared video games that utilize blockchain, a popular technology in the cryptocurrency sector. If you believe in the potential of cryptocurrency, this week has undoubtedly been difficult for you.
Bitcoin Crash
The crypto business, which was once boldly heralded as the future of investing, has been heavily impacted by a spate of terrible events, notably bitcoin value tumbling to new lows and important trading site Binance suspending withdrawals. Former cryptocurrency billionaires are also losing money.
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Finance specialists who were never convinced of cryptocurrency’s sustainability in the first place, such as global analyst Peter Schiff, have predicted that far more gloom and doom is on the way. Bill Gates, the CEO of Microsoft Corporation Report and a well-known billionaire, stated the importance of expressing out against the crypto situation back in May, well before the plunge.
He declared it plain that he did not hold any because, as he put it, “I enjoy investing in things that have valuable output.” Whereas the crypto market’s dumpster fire may signal the end of the seemingly unending stream of celebrity NFTs, another group of investors is nonetheless enthusiastic about mixing their economic ambitions with their fondness for video games.
Additional Information
Another frequent term is “Decentraland.” The game, built on Ethereum and completely owned by its players, includes a metaverse in which users may buy and sell properties, hang out with friends, and discover. It’s similar to Facebook’s metaverse, except Mark Zuckerberg does not control it.
Several people have been enticed to attempt blockchain gaming since many games offer venture capitalists that they may gain money while playing. Many investors may believe it is time to sell crypto, but many blockchain players still believe otherwise. According to DappRadar, they only invested $2.5 billion in blockchain gaming in the first quarter of 2022.
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However, the blockchain gaming community has had its own set of issues. “Axie Infinity” suffers after an Ethereum sidechain constructed for it, Ronin Network, was hijacked in March 2022, resulting in the loss of $600 million in assets.
After actively promoting the game as a method to generate money, the designer of “Axie Infinity” claims it was “not about the money,” leaving many feelings duped into a crypto-flavored pyramid scam. While “Axie Infinity” is one of the most well-known blockchain games, many others, both old and new to the market, are affecting the bitcoin crash and vice versa.
