Week in GameFi: Ready Player Solana Gen One

Introduction

Last week’s crypto conference aftershocks in Singapore are still waking up and shaking up all corners of Web3, which has translated into some huge gains across the entire sector this week.

So let's dive into this week's state of crypto gaming!

Market Overview

The GameFi market is cooking right now!

According to our data, the market cap has lifted off to around $22 billion, a massive uptick from last week's $16-17 billion. Trading volume has also seen a significant boost, currently sitting at about $1.4 billion.

Who said crypto gaming was dead?

Oh, wait. Everyone!

We’ll have to see now if it holds, as all that Singapore attention slowly evaporates.

The Crypto Gaming Narrative Heats Up

The announcement of Solana's gaming handheld has injected fresh excitement into the GameFi space. All this soon after Sui revealed their own device, what are these chains seeing that we’re not?

Solana games have failed to catch on since the last bull run - but the scene is alive and well as Star Atlas’ presence at Breakpoint showed. During a network event, Star Atlast and a number of other upcoming games showed demos of what’s gaming next.

While the Solana handheld looks more low-tech, it could be a game-changer (ahem) for much bigger blockchain gaming adoption.

As this year’s TapFi explosion and last cycle’s Axies Infinity mania have shown, you don’t need a AAA game to get crypto gamers join in. Just make it enjoyable and worth their while.

Blockchain Gaming Activity This Week

World of Dypians and Seraph: In The Darkness lead the GameFi sector currently in terms of unique active wallets, both clocking in an UAW of over 500k players, according to DappRadar..

Top Coin Movements

Let's break down how our top GameFi tokens have been performing over the last 7 days:

Notcoin (NOT): Leading the charge with a spectacular 25.09% gain.
FLOKI: Showing strong momentum with a 24.71% increase.
Gala (GALA): Climbing steadily with an 18.12% rise.
Beam (BEAM): Posting solid gains of 13.46%.
Axie Infinity (AXS): Up by 5.33%, rounding out our top 5.

Other notable 7-day performances:

The Sandbox (SAND): Up 2.88%
Decentraland (MANA): Rising 6.81%
Illuvium (ILV): Gained 10.60%
Yield Guild Games (YGG): Up 10.73%

Key Observations

The Good: We're seeing widespread positive movement across many GameFi tokens this week, with several posting double-digit gains. The sector's overall market cap increase suggests growing investor confidence.
The Exciting: Play Solana's announcement of the first web3 gaming handheld could be a major catalyst for mainstream adoption of blockchain gaming.
The Cautionary: While weekly gains are encouraging, it's important to remember that many of these tokens are still down significantly year-to-date. Sustained interest and innovation will be crucial for long-term growth.

Latest Blockchain Gaming News

Play Solana Reveals First-Ever Crypto Gaming Handheld: The Play Solana Gen1 (PSG1) aims to revolutionize the GameFi landscape. Preorders will be announced at the Solana Breakpoint Conference, with Player 1 NFT holders getting priority access.
Line Next Announces Web3 Mini-Game Platform: Set to launch in Q4 2024, this platform aims to bring blockchain gaming to Line's 2 billion active chat users. The web-based approach allows seamless access to games and dapps within the Line app. Line Next is also launching Kaia Wave, a developer program backed by $10 million in funding.
Axie Infinity Expands with Axie Pals: Sky Mavis introduces Axie Pals, a Tamagotchi-style Google Chrome extension. This AI-powered feature allows users to interact with their Axies, earning AXP points and potentially AXS tokens through leaderboard rankings.
Samsung Next Extends Partnership with Startale Labs: This collaboration aims to support Sony's new blockchain venture, Soneium, through the Soneium Spark Incubation Program. It’s uber bullish for gaming studios that tech giants of this magnitude are coming in the Web3 gaming space.
Hamster Kombat Token Launch: The HMSTR token debuted on The Open Network (TON) with a bang, logging over $1.2 billion in trading volume in its first 24 hours. Despite some players feeling underwhelmed by airdrop sizes, the token's performance puts it in league with major cryptocurrencies.

Web3 Game of the Week Spotlight

Disclaimer: The following does not constitute an endorsement of a project or its token, but simplify provides a short summary of a top crypto game and its features. Please DYOR and invest prudently into any cryptocurrency.

SERAPH: IN THE DARKNESS

Seraph: In the Darkness is a popular Web3 game where fantasy and destiny intertwine in a rich, immersive universe. Here, players navigate a world filled with ancient magic, formidable foes, and hidden truths, all while forging their path in a land marked by conflict and legend. This ARPG offers a unique blend of action, strategy, and an evolving narrative that captivates and challenges at every turn.

What You Can Do

Keep an eye on the Play Solana Gen1 preorder announcement. If you're a Player 1 NFT holder, prepare to take advantage of your priority access.
If you're a Line user, get ready for the upcoming web3 mini-game platform. Developers should look into the Kaia Wave program for potential funding opportunities.
Axie Infinity players should check out the new Axie Pals extension and start interacting to earn AXP points.
Consider exploring the potential of the Hamster Kombat ecosystem, given its impressive launch performance, but be mindful of its massive airdrop’s implications.
Stay tuned for more news from the Solana Breakpoint Conference and developments in the Soneium project, as they may bring additional exciting announcements for the GameFi sector.

Remember, in GameFi, every day unlocks a new level if you play it right – keep grinding, stay informed, and always play smart!

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.