Key Takeaways:
- ZIL has surged by more than 12% on the day trading at $0.17958.
- Zilliqa's addition to the BGA will boost the growth of the gaming industry.
- Blockchain will dictate the next phase of gaming.
LAGOS (CoinChapter.com) — Zilliqa’s token (ZIL) price rose sharply today, after news that the blockchain platform has officially become a member of the Blockchain Game Alliance (BGA).
The native token of the permissionless and public blockchain surged by more than 12% on the day trading at $0.17958. Data from Tradingview indicated that the Zilliqa token upswing is poised to begin a massive bullish breakout.
Notably, the latest upswing has propelled ZIL above the long-standing trendline that has been in play since late last year. Moreover, ZIL’s market cap has gained over 300 million in the last three days and currently sits at $1.7 billion.
Additionally, the surge took ZIL’s month-to-date and year-to-date gains to more than 170% and over 60% respectively. As a result, Zilliqa’s token now has a circulating supply of 14 billion ZIL coins and a total supply of 21 billion.
It’s worth noting that ZIL’s recent strong performance has propelled it into the top 100 crypto assets by market cap. From ranking outside the top 100 weeks ago, the Zilliqa token is now the 71st most valuable asset, according to CoinGecko.
However, despite the rise Zilliqa token is still down more than 50% from its all-time high attained in May last year.
Blockchain Game Alliance Catalyst For Zilliqa Token Rise
Zilliqa token’s recent surge has been credited to its integration as a member of the Blockchain Game Alliance (BGA).
Interestingly, the BGA is a leading professional network focused on bridging the gap between the blockchain industry and the gaming enterprise.
By becoming a member of the Alliance, Zilliqa will now have access to the network’s extensive and diverse resources. The metaverse-focused Layer 1 blockchain will also be able to share and compare ideas with other blockchain networks.
In fact, the integration will enable BGA to support Zilliqa’s development and growth of blockchain-based games. Also, Zilliqa will enjoy new blockchain opportunities availed by the alliance to boost the gaming industry. Zilliqa said:
“This could not have come at a better time for us given the astronomical potential of the play-to-earn (P2E) market, the Zilliqa creator economy, and our strategic investments into blockchain gaming.”
Blockchain To Dictate The Next Evolution Of Gaming
Zilliqa further stated that blockchain technology will boost the gaming industry. According to the blockchain platform, the gaming sector has experienced multiple evolutions in monetization models, gameplay, and genres.
It revealed that the gaming industry has amassed a global worth of $203 billion in 2020. Furthermore, mobile gaming contributes $98 billion, and play-to-earn games since their launch have amassed a $3 billion market size.
Notably, modern gamers have also accepted blockchain-based games and play-to-earn games. Similarly, the BGA has collaborated with esports partners, like RRQ, Ninjas in Pyjamas, Nitro Racing, and MAD Lions.
