Cryptos Are Reshaping the $172 Billion Gaming Market
As a 10-year-old, my favorite pastime was getting on my skateboard, riding to the local pizzeria and spending hours pumping quarters into Donkey Kong and Pac-Man and other arcade games.
I would blow all the money I made mowing lawns just playing video games.
Today, play-to-earn games let you exchange virtual items for Ethereum. And they’re reshaping the crypto narrative, as well as the $172 billion gaming industry.
After all, why would you play a game and invest all your time and money when you get nothing back?
In today’s Market Insights video, Steve Fernandez and I discuss why play-to-earn games will become hugely popular in the next couple of years.
(If you’d prefer to read a transcript, click here.)
Editor, Strategic Fortunes
From open till noon Eastern time.
Atea Pharmaceuticals Inc. (Nasdaq: AVIR) is a clinical-stage biopharmaceutical company working on an oral drug for patients infected with COVID-19. The stock is up 23% today and is back on top of the list for the second day in a row as investors get excited about a COVID-19 pill thanks to news from companies like Merck.
SunPower Corp. (Nasdaq: SPWR), the solar power company, is up 12% this morning on the announcement that the stock will be joining the S&P MidCap 400 Index on October 5.
Merck & Co. Inc. (NYSE: MRK), the drug manufacturer, is up 10% today. The company has been working on a COVID-19 pill and just released some data from an interim analysis of a Phase 3 trial showing that its treatment cut the risk of hospitalization for COVID-19 by half.
TripAdvisor Inc. (Nasdaq: TRIP), the online travel bookings company, is up 8% this morning along with other travel-related stocks on the sentiment that travel is coming back after being depressed by the pandemic.
Azul S.A. (NYSE: AZUL) is a Brazil-based airline operator. It is also up 8% today as investors start betting on the return of travel as countries start easing travel restrictions.
Laureate Education Inc. (Nasdaq: LAUR) provides higher-education programs and services to students through a network of universities and higher-education institutions internationally. The stock is up 8% this morning on no particular news.
Penn National Gaming Inc. (Nasdaq: PENN) operates and manages gaming and sports-betting platforms. The stock is up 7% today thanks to an uptick in sports betting with the NFL season underway.
Winnebago Industries Inc. (NYSE: WGO) manufactures RVs and other recreational and leisure-related vehicles and products. The stock is up 7% today as another way to play the return of travel, with RV sales soaring as people look to vacation more safely and closer to home.
Dutch Bros Inc. (NYSE: BROS) is a drive-thru coffee chain that is up 7% this morning. It is keeping with its general uptrend since going public earlier this month as it expands its presence across the country and attracts more customers.
Yelp Inc. (NYSE: YELP) operates Yelp.com, which matches people with local businesses across the country through information and reviews. This is yet another angle investors are playing as they bet on the return of travel. The stock is up 7% today.
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.