NFT Gaming Market Puts A Strong Competition to the DeFi Market

The summer of 2020 became popular as the DeFi summer for the crypto community with a strong surge in the decentralized finance (DeFi) tokens. Now, the summer of 2021 shall become popular as the NFT gaming market.

The NFT Gaming market is currently battling out the DeFi market to steal all the limelight. As popular analyst Lark Davis noted:

“9 of the top 15 trending coins on Coingecko right now are gaming coins! Last year we had defi summer, 2021 it is gaming summer!”

Let’s take a look at the few comparisons of how these two markets – DeFi and NFT Gaming – compete against each other for a larger market share.

NFT Gaming Vs DeFi

  • Valued at over $50.1 billion, the decentralized finance (DeFi) market is 8 times greater than the NFT gaming market which pegs a valuation of 6.2 billion. However, the NFT gaming market is growing 8 times faster than the current speed of the DeFi market.
  • At the same time, the trading volume for NFT gaming tokens is also significantly high. The gaming tokens’ daily trading volume is 40% higher than DeFi as of now. Furthermore, over the last week, the trading volume has been 70 times faster than the DeFi trading volume.

On-chain data provider Santiment also reports that the NFT gaming market is currently having a higher social dominance. It noted:

“DeFi” mentions peak passed last summer, on “DeFi summer”. It’s on the rise last months but still not there yet on average. “Gaming” mentions keep surging rapidly since May indifference. It’s uptrend of popularity is very clear.

Courtesy: Santiment

Thus, it adds that at present, the NFT gaming market looks stronger than DeFi for now. However, at the same time, it could be in the overbought zone as well. But one thing is sure that the NFT gaming market is coming up a big way and will continue to expand with more market participants.

The post NFT Gaming Market Puts A Strong Competition to the DeFi Market appeared first on Coingape.

Publication date: 
07/28/2021 - 05:00
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