What are the best cryptocurrencies to invest in the gaming sector?
- The 2020 revenue from the worldwide PC gaming market was estimated at almost $37 billion.
- Decentraland has a market cap of over $1.2 billion.
- Enjin Coin has a market cap of $1.3 billion .
The PC gaming market was estimated to be at almost $37 billion in 2020. It is no wonder why many cryptocurrency projects out there have been trying to innovate the gaming industry through blockchain technology. The main issue with most games is the fact that they are centralized. At some point servers for a specific game you love will shut down and your in-game items will be gone.
Should you invest in Decentraland?
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Decentraland is a virtual reality platform powered by the Ethereum blockchain and allows users to create, experience as well as monetize content as well as applications by purchasing plots of land which they can later build upon.
Decentraland was trading at $0.79 on May 31. One month ago it had a value of $1.48 while it was trading at $1.02 in March. This implies the cryptocurrency had a rough few months.
However, if we go further we can see Decentraland was trading at $0.23 in late February. In other words, Decentraland investors that have held since February are still up more than 240% despite recent weakness.
This means that you should invest in Decentraland if you see it at around $0.80, due to the fact that it has the potential of growing over $1.20 easily. However, if you see it fall below $0.50, it might not be that wise of an investment and you should wait for signs the selling momentum has ended.
Should you invest in Enjin Coin?
Enjin Coin is a project of Enjin which is a company that provides an ecosystem of interconnected, blockchain-based gaming products. The Enjin Network is a social gaming platform where users can create websites and clans, chat and host virtual item stores. It is also based on the Ethereum blockchain and is an ERC-20 token.
Enjin Coin was trading $1.56 on May 31 and is down more than 40% over the past month. Similar to Decentraland, Enjin Coin is notably higher compared to where it traded in February. Specifically, Enjin Coin is now worth 178.57% more than it was in early 2021.
You should invest in Enjin Coin if you see it at the $1.50 mark as it had a stable increase prior to the fall, however, if you end up seeing it under $1 then it might be time to invest in something else but you should keep Enjin Coin in your watchlist.
The future of gaming
The video game industry is by far one of the largest entertainment industries in the world. Everyone’s currently at home enjoying a video game here and there, and the next big leap in this form of entertainment is bound to be this decentralized technology. You have now seen a bit of insight as to how the market has grown as well as fallen in value, but if you are an avid gamer and think the industry will keep on rising within the crypto sphere as well, these coins might be worthwhile investments.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: