TRON Announces New GameFi Fund Amid Healthy Price Rebound

Azeez Mustapha
13 August 2021 | Updated: 13 August 2021

The TRON Foundation has announced that it is launching a GameFi fund, the TRON Arcade fund. The company noted that it would sink about $300 million into GameFi and NFT-focused protocols developed on the TRON platform between now and 2024.

For those who do not know, GameFi is the umbrella term covering the gamification of Finance and the emergence of blockchain-native play-to-earn games. It also describes NFTs, one of the latest crypto raves used for tokenizing music, digital art, and other forms of content.

TRON created the GameFi-focused fund with APENFT and WINKLink and is undoubtedly one of the largest of its kind. Speaking on the development, TRON founder and CEO Justin Sun noted that:

“GameFi is going to be the next big thing that makes the DeFi, NFT, and larger crypto space easy to understand and be involved in […] TRON is excited to be partnering with APENFT and WINKLink to build a robust GameFi ecosystem that is accessible to all.”

The Foundation’s foray into the GameFi sector comes when the blockchain-based video games sector is in a boom. Axie Infinity, an Ethereum-based video game, is the reigning leader of the sector. The platform recently hit a whopping 1 million active Daily players, has secured $1.1 Billion on NFT sales, and peaked at an all-time high market valuation of more than $3.1 billion.

Key Tron Levels to Watch — August 13

This week appears to be ending positively for TRON (TRX) and the crypto industry. Following this week’s rally, TRX peaked at slightly above the $0.0900 level, before suffering a sharp correction to the $0.0800 support yesterday.

TRXUSD – 4-Hour Chart

That said, the twenty-fifth-largest cryptocurrency managed to hold the $0.0800 support and used that level to its advantage as a ramp to climb higher. Currently, TRX approaches the $0.0900 resistance and could snap this level, bringing it closer to the critical $0.1000 mark. We expect a bullish continuation over the coming hours.

Meanwhile, our resistance levels are $0.0850, $0.0820, and $0.0800, and our support levels are $0.0900, $0.0950, and $0.1000.

Total Market Capitalization: $1.94 trillion

Tron Market Capitalization: $6.3 billion

Tron Dominance: 0.32%

Market Rank: #25

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.