3 reasons why Bluzelle (BLZ) could be the next GameFi project to achieve unicorn status

3 reasons why Bluzelle (BLZ) could be the next GameFi project to achieve unicorn status

The cryptocurrency market has had a less than stellar start to the year and it appears that the downward trend that began after the November 2021 market peak has been extended thanks to a multitude of negative developments, including the expectation of rising rates. of interest and the threat of war between Russia and Ukraine.

While many traders have little appetite to risk capital during bearish conditions, contrarian investors looking to buy while “there is blood on the streets” have several viable options with data from Cointelegraph Markets Pro indicating that Bluzellea decentralized storage network for the maker economy, is a token with an increasingly positive outlook.

Top 3 on the VORTECS scoreboard. Source: Cointelegraph Markets Pro

According to data from Cointelegraph Markets Pro, market conditions for BLZ have been favorable for some time.

Cointelegraph’s exclusive VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter.

3 reasons why Bluzelle (BLZ) could be the next GameFi project to achieve unicorn status
VORTECS™ Score (green) vs. BLZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for BLZ started rising from Feb 19 and reached a high of 89 on Feb 22 as its price hovered just below a major support and resistance zone at $0.17.

Three factors supporting BLZ’s growing momentum are discussed below.

The launch of Denomination

One of the major developments that has helped drive interest in BLZ has been the release of Denomination, the first play to earn (P2E) game on the Bluzelle network.

Denomination is a real-time card battle game where players can battle against each other in player versus player (PvP) mode or against the environment in player versus environment (PvE) mode to receive tokenized rewards that can be used to govern or to buy non-fungible tokens (NFTs)

The game has been developed in collaboration with Starloop Studios, a professional game studio that has worked with some of the biggest game publishers in the world. It also includes a social system made up of factions, a game store, an NFT market, loot boxes, and a treasury.

Read:  Conference on Ethereum in Barcelona, ​​accelerating the Social Impact of the Web3

Collaboration with Cosmos

Another development that helps give BLZ momentum is the project’s ongoing collaboration with Cosmos to help build GameFi on the Cosmos Network.

Cosmos has been one of the hottest networks in the last couple of months despite the general weakness of the cryptocurrency market thanks to its rapidly expanding ecosystem of interconnected projects and newly launched protocols that have rewarded early adopters with airdrops.

Bluzelle’s GameFi capabilities could help the Cosmos ecosystem make its mark in the blockchain gaming sector.

The developers behind Bluzelle have also expressed interest in integrating with other networks that could benefit from the addition of GameFi’s capabilities.

The popularity of blockchain games

A third factor favoring BLZ is the general popularity of blockchain-based gaming and the P2E model.

Gaming has long been one of the most popular and widespread segments of the traditional economy and the success of Axie Infinity demonstrates that blockchain-based gaming could vastly outperform traditional gaming.

A focus on helping build GameFi across multiple networks and the ability to process 10,000 transactions per second are helping to establish the bull case for BLZ going forward.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.

Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.