New TK Ventures research report reveals gaming as the strongest use case for NFTs and crypto, with GameFi leading the market, discover more by reading the article.
A new research report from TK Ventures has revealed that gaming is still the strongest and most popular use case for Non-Fungible Tokens (NFTs) and cryptocurrency. The report found that 3 out of 4 investors have entered the cryptocurrency market because of GameFi, indicating the growing popularity of decentralized gaming and the potential for profit it holds.
This is a clear indication that the gaming industry is quickly adapting to blockchain technology and the advantages that it brings to the table.
According to the report, profits were cited as the primary reason for participants entering the GameFi market, with 51% of them having profits as their biggest motivation. This is not surprising given the tremendous growth in the value of NFTs and the potential for high returns on investment during the bull market.
Curiosity was the second most common motivation at 19%, followed by gameplay at 18%. This shows that while people are drawn to the potential profits, they are also genuinely interested in the technology and the unique gaming experiences it offers.
The research also delved into investors’ primary barriers when investing in blockchain games. Rugpulls were identified as the primary limitation for many investors.
This highlights the need for increased transparency and oversight in the GameFi market to protect investors and promote growth. The report suggests that more regulations and guidelines are needed to ensure the stability of the market and to protect the interests of both investors and game developers.
Furthermore, the research cites an overall increase for NFT markets, which is expected to increase by 122 times to $12.2 billion by late 2022.
This is a staggering growth and clearly indicates that the NFT market is here to stay. While traditional games still dominate the market share, there has been a growing interest from traditional companies shifting to web3 games this year. This indicates that the GameFi market has a bright future and has the potential to become a major player in the gaming industry.
The TK Ventures report uncovers a booming trend in the gaming industry – the surge in popularity of decentralized gaming and the profit potential it holds. It also sheds light on the need for greater transparency and oversight in the GameFi market to safeguard investors and drive growth.
Aside from gaming, NFT markets and blockchain gaming adoption have also taken an overall win this 2022. So, brace yourself for 2023 with lots of events in store for blockchain gaming.