What is Beam (BEAM)?
What is Beam (BEAM)?
In 2024, the number of gamers is expected to reach over 3.2B and a revenue of $282B. However, of all this capital, the earnings will go to a special few such as gaming studios, professional gamers, and content creators. This is only a fraction of the 3.2B gamers worldwide, and this problem blockchain-based gaming aims to solve.
Although the gaming industry has grown into a multi-billion-dollar business, fundamentally, it has remained stagnant over the past two decades. Despite gamers purchasing games and acquiring in-game assets, they essentially own nothing and lack influence or rights. Gaming studios maintain ownership of all in-game elements and wield the authority to ban accounts, often impacting regular users adversely. Simply put, the gaming industry urgently requires an evolution that prioritizes gamers and their needs over the centralization of gaming studios.
A rising solution to address this issue is the Merit Circle Decentralized Autonomous Organization (DAO) with its Beam network and $BEAM token. Merit Circle is dedicated to revolutionizing gaming by empowering individuals to shape its future. The DAO aims to achieve this through four distinct branches - Investments, Infrastructure, Gaming, and Studios - each contributing value to the gaming industry. Additionally, it has launched a gaming-focused network called Beam, heralding a new era of blockchain-based gaming.
Solution provided by Beam
The Merit Circle DAO has taken significant steps forward with the introduction of Beam. Initially launched as a gaming-focused subnet on Avalanche (AVAX). Beam has evolved to become chain-agnostic, serving as a layer atop various chains. This enables gamers to access the Beam network effortlessly, irrespective of the underlying network. This milestone signifies a pivotal moment for the DAO as it explores uncharted territories, bridging the realms of decentralized finance and interactive entertainment.
The inception of Beam is rooted in the Merit Circle DAO's vision to create a sovereign network that not only caters to the gaming community but also serves as a hub for a variety of decentralized applications and services. Recognizing the potential of blockchain technology in transforming the gaming industry, the DAO embarked on this ambitious project to establish a platform where gaming meets decentralization, resulting in an ecosystem that is both innovative and user-centric. Beam is designed to be a sovereign network hosting a multitude of games and decentralized applications (dApps).
Do you want to gain access to the Beam research report?
Beam's ecosystem
As Beam is active in the blockchain-based gaming sector, most of its partners are located within this sector as well. Many consist of gaming projects in which Beam is invested or are partners that also aim to develop the ecosystem further. One of its latest partners is Immutable X, a scaling solution on Ethereum that focuses on NFTs, and Polygon Labs, the blockchain protocol Polygon development team. The collaboration is built to bring Sphere to the Immutable and Polygon ecosystem.
Another strategic partnership is formed with LayerZero, an interoperability protocol. LayerZero will aid Beam in the migration of tokens from the various blockchains to the Beam network and vice versa. This aids Beam in attracting new users and lowers the entry barrier to shift toward the network.
Beam News
In February, the in-house developed marketplace of Beam called Sphere was fully integrated with the Immutable zkEVM. This will allow more users to enter the NFT marketplace and truly allow them to own their assets.
Furthermore, Sphere enables in-game marketplaces seamlessly through the Beam SDK, allowing game developers to integrate marketplaces where players can buy, sell, and trade assets without disrupting the gaming experience.
Beam Price
BEAM has shown a strong uptrend with consistently higher highs and higher lows. The price has recently broken above a significant resistance level, which could now act as support if retested. However, with the RSI in overbought territory, there's a risk of a potential pullback or consolidation to allow the market to cool off. Traders might look for potential buy signals if the price dips towards newly established support levels.
Do you want to gain access to all our research reports? Create an account in our portal.