Popular crypto trader Elliot Wainman thinks one type of blockchain project will serve as the vehicle that brings crypto to the masses.
Wainman tells his 342,000 YouTube followers that market movements indicate blockchain gaming projects are the decisive frontrunners of widespread crypto adoption.
“Games are the only thing that I see as truly decoupled from the crypto ecosystem. Because when you play a game and you enjoy the actual game, it has intrinsic value.”
As evidence, Wainman points to blockchain-based trading and battling game Axie Infinity’s “staggering growth” in the middle of a sector-wide bear market.
Axie Infinity’s governance token, AXS, is trading at $25.07 at time of writing and is up a whopping 497.6% in the past 30 days, according to CoinGecko.
The trader attributes that price spike to pure user growth rather than hype.
“Axie Infinity and its other counterpart token, the Smooth Love Potion, are part of the Axie Infinity ecosystem… The Axie Infinity ecosystem has $27 million dollars in volume on its trading market, and 24,000 active traders with 49,000 active sales. And this is just in the last 24 hours. If we start getting crazy and go for the last 30 days you see that they have $344 million dollars in volume, with 132,000 traders and almost 850,000 trades. What you see here is users and user adoption.
I’ve been saying this for so long, that users are the key, because if you have users, then you have network growth, and if you have network growth with [a] hard-cap supply of assets, then you most likely have asset appreciation. It’s a very, very clear way to drive value to crypto ecosystems.”
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