The cryptocurrency market has lost more than 60% of its value in recent months.
Rainmaker Games CEO and founder Will Deane revealed in a recent interview that cryptocurrency is not going anywhere. The cryptocurrency market has a total market cap of $1 trillion, down from the $3 trillion recorded in November 2021.
Rainmaker Games is a global platform that allows users to play hundreds of Play 2 Earn games. The platform connects gamers, games and guilds worldwide.
When asked why people think crypto is dead, Deane said;
“You’ll see that in some media, but if you look more closely, it’s a lot of media where people are some distance away from crypto in general. They don’t necessarily understand the market that well. If another asset went down that much, the analysis would be a little different. But with so much infrastructure investment in crypto, like in El Salvador or even here on the US street of Bitcoin ATMs, there is some built-in stability at play. With a total market cap of about a trillion dollars, crypto is not going anywhere.”
The nonfungible token (NFT) space has grown tremendously in recent years, and Deane is optimistic that the market will grow even bigger in the coming years. He said;
“If you want to look at really surprising growth, the NFT market was about $200 million in 2020. In 2021 it was about $22 billion! Analysts in any other market would take their eyes off that kind of growth. And while there are ups and downs, people are coming to new realizations of what NFTs are for and why people would buy them.First of all, with none other than Facebook-now-Meta rebranding for the metaverse, there’s every reason to expect people Avatar NFTs will buy, so that’s kind of a street-level trend, and don’t ignore play-to-earn, where NFTs and crypto will be fodder for new transaction methods in online gaming and beyond.”
The cryptocurrency market has performed positively in recent weeks. Bitcoin hit the $24,500 level last week before returning to currently trade above the $23k psychological level.