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GameFi is trending. Why you shouldn’t invest in gaming projects now?

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GameFi is trending. Why you shouldn’t invest in gaming projects now?

What caused the rapid rise in the price of GameFi tokens, and what prevents the industry from continuing to grow in the near future?

In recent days, some tokens of gaming decentralized projects have shown significant growth. For example, the cost of the Decentraland token MANA increased by 300% over the week. Over the same period, the SAND token of The SandBox game project has risen in price by 240%. Both of these projects are building metauniverses that allow players to make money from selling virtual assets.

Growth is justified

The rise in prices for MANA and SAND tokens was facilitated by the announcement of the creation of the Facebook metaverse – META. According to Bitxmi experts, in his address to users, Mark Zuckerberg mentioned cryptocurrencies and decentralization. This gives reason to believe that these technologies, as well as existing projects based on these technologies, will be integrated into the social network, which means they will have direct access to its multibillion-dollar audience.

On October 28, Facebook Inc., which owns the social network of the same name, as well as services Instagram, WhatsApp, and others, announced its name change to Meta. This is necessary for users to perceive the corporation as a developer of the metaverse. Mark Zuckerberg predicts that product development will take 5-10 years. The project is expected to support non-fungible token technology.

Due to the fact that the growth of the GameFi industry was driven by just one piece of news, one should not expect long-term growth. According to experts, this was a single impulse, but in the future, the direction of decentralized gaming projects has great potential.

Why is it not safe to buy gaming tokens now?

After a sharp rise, it is dangerous to enter the asset, since there is a high probability of a correction. Experts advise waiting for the correction, which will allow the purchase of game tokens at a reduced price. In general, the gaming industry is a very promising direction, but when assessing it, it is also necessary to take into account the general market sentiment.

Among all gaming projects, experts point out Axie Infinity, which is one of the most popular. The project is supported by such giants as Samsung, Ubisoft, HTC, and the AXS token has risen in price by 2680% over the past four months, to $139.

Recall that in August 2021, the BitXmi crypto exchange launched the BXMI NFT Marketplace, where you can buy gold, silver, diamonds, and digital arts with zero fees.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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