CoinWorld News Report:
Since the end of 2023, with the approval of Bitcoin ETFs, the cryptocurrency market has emerged from its slump. The price of Bitcoin has surged from $26,800 on October 12 last year to a historic high of $73,775 on March 13 this year, marking a growth of over 175% in six months.
But does such a remarkable price performance truly signify the arrival of a bull market?
The absence of a bull market engine indicates that this upward trend is not a full-fledged bull market. Boosted by Wall Street capital heavily entering Bitcoin, the entire market appears prosperous. Consequently, many insiders have rallied under the slogan “Bull Market Return.” However, a significant number of investors do not believe a genuine bull market has arrived. Unlike previous bull runs supported by massive Federal Reserve liquidity injections, this current uptrend lacks such backing. Moreover, trading volumes for mainstream coins are not impressive. Consequently, over the past two months, Bitcoin prices have continued to fluctuate around $60,000, while numerous altcoins and meme coins have frequently encountered flash crash scenarios.
Crypto analyst Alex Krüger: Meme coin bull market is a joke; all tokens are insider games.
These signals caution against excessive optimism towards the current market conditions. Particularly when compared to previous cycles, the lack of definitive bullish characteristics in this round serves as evidence that the bull market engine has temporarily not appeared. Such engines in the past included breakthroughs like ICOs in 2017 and DeFi+NFT applications in 2021, which swiftly applied Web3 technology, attracted new users, and engaged existing users more deeply, resonating with the massive liquidity injected by the Federal Reserve, thus fortifying the bull market foundation.
Based on historical cycles and current trends, the United States is likely to initiate interest rate cuts by the end of this year or early next year, which would ensure the bull market arrives on schedule. So, what exactly will be the engine driving the next bull market?
Compared to other momentarily popular tracks, Web3 gaming holds greater potential to trigger this bull market. The absence of a bull market engine indicates various uncertainties in this market trend, a view shared by many seasoned investors. Of course, many who are optimistic about this trend believe the bull market engine could be in gaming, but the current dynamics in gaming markets do not require further discussion. Prices for leading projects like ORDI have been declining since March, and previously hyped gaming projects are now quite subdued. This is largely due to the poor utility and interaction of these gaming projects, which are suitable only for short-term speculation and unable to sustain substantial capital and traffic.
ORDI prices have been declining.
Aside from gaming, many investors and players view AI as a critical tool for transforming the Web3 world and potentially igniting the bull market. Simply put, AI is more credible than gaming in triggering a bull market based on current market performance. However, AI projects have not yet sparked significant enthusiasm within the crypto community, much like how ChatGPT’s applications remain limited to information retrieval and text generation, thus providing relatively limited iterative effects on the internet. Once the bull market commences, the AI track may offer unexpected surprises. However, compared to Web3 gaming, AI+Web3 has slightly less imaginative potential because the former excels in practicality, entertainment, interactivity, and user experience.
In fact, Web3 gaming had already become a mainstream application during the latter stages of the previous bull market. With Axie Infinity becoming hugely popular across Southeast Asia in 2021, numerous Web3 gaming projects sprang up like mushrooms, including standout titles such as Alien World and The Sandbox. However, the market lacked liquidity after the U.S. began its interest rate hike cycle in 2022, forcing a halt to the development of Web3 gaming applications.
Technavio report: The blockchain gaming market is expected to grow to $43.45 billion between 2024 and 2028.
Today, Web3 gaming is demonstrating its potential to serve as the bull market engine, boasting its own Play-to-Earn (P2E) attributes that enhance its ability to attract traffic and add value. Currently, the emerging public chains Ton and Base are heavily investing in the Web3 gaming ecosystem. Notcoin, a leading game on the Ton blockchain, has amassed 30 million players and 5 million daily active users in less than six months since its launch. Given the current industry landscape, Web3 gaming stands a good chance of becoming the true bull market engine, especially with the U.S. interest rate cut likely less than six months away, and Web3 gaming already having accumulated substantial network effects and user stickiness.
Undaunted by the competitive red ocean of traffic, DeGame provides the best services for high-quality Web3 gaming projects.
Regular users can foresee the importance of the Web3 track to the bull market, which logically leads to a series of deployments aimed at achieving optimal investment returns. However, for Web3 gaming projects, this also implies greater competitive pressure rather than just macroeconomic advantages. For many Web3 gaming projects, the key concern before the bull market arrives is how to achieve optimal traffic flow through which methods and paths. This is where DeGame, a platform for collecting Web3 gaming and community participation, steps in to assist.
As a traffic entry point for Web3 gaming, DeGame (www.degame.com) currently hosts over 8,000 gaming projects and has an independent community of over 8,000. DeGame supports users and project parties in building their own communities on the platform, setting tasks, distributing rewards, releasing related news, and videos. In addition, DeGame provides exclusive data ranking and data analysis to help users obtain desired user data. Therefore, for users, DeGame serves as a window to fully understand the Web3 gaming ecosystem and a platform for new users to grasp the overall picture of Web3 gaming in a short period of time. As a result, DeGame has achieved rapid growth globally, with over 1 million registered users, over 50,000 daily active users, 30+ cooperative media, and 200+ cooperative KOLs, focusing on populous countries and Web3 policy-friendly nations such as the Philippines, Vietnam, Indonesia, India, Turkey, Australia, South Korea, and Brazil.
Introduction to DeGame platform data situation.
For Web3 gaming developers, deep cooperation with DeGame can enhance exposure, establish brand image, activate communities, and aggregate traffic, thereby comprehensively improving the overall operational capabilities of projects.
Firstly, DeGame’s Recommended Quests service section, as a task release window integrating fairness and incentives, supports game project parties in releasing custom tasks and setting rewards, directly reaching DeGame’s platform of 1 million registered users for maximum interaction, thereby involving more people. In addition, if a gaming project’s community is prioritized and prominently displayed by DeGame, it enhances exposure to 1 million registered users, attracting more clicks and allowing users to experience the DAO atmosphere of the community, thereby directly converting into active users of the game.
Secondly, DeGame’s platform services such as Gaming, Popular Games, and Events support gaming projects in publishing their selected videos, high-quality images, and online and offline activities, maximizing exposure of their strengths and characteristics to over 1 million global users, and thereby better establishing the game’s brand image and attracting global user traffic.
Finally, DeGame’s platform can provide industry-leading article writing services to its cooperating clients, and the writer can be the columnist who is recommended on the platform’s homepage. These writers have been deeply involved in the industry for many years, possessing rich insights into games and professional content creation capabilities. Through multiple forms such as project introduction articles, event articles, in-depth analysis articles, and game review articles, they enable users and investors to fully appreciate the charm of the game from various perspectives.
More importantly, compared to other Web3 information collection platforms, DeGame’s service offerings are more flexible, more accurately tailored to the needs of gaming projects, and more cost-effective. Therefore, choosing DeGame is a shortcut to comprehensively improve the overall operational capabilities of Web3 gaming projects and achieve maximum exposure at low cost.
