Six out of the top 10 GameFi tokens by market cap are up over the last seven days.
TL;DR
- Bitcoin is soaring and breaking ATHs
- OG projects like The Sandbox and Decentraland are back in the mix
- GameFi shows sustained growth
- Axie Infinity, alive?
- Shift toward utility tokens
Introduction
Bitcoin is on fire, breaking its all-time high (ATH) multiple times in the last few days, and sitting at just under $99,000 at the time of writing. Is the rocket going to make it through crypto’s Van Allen Belts and blast past 100K?
We don’t care, because six out of the top 10 GameFi tokens by market cap are up over the last seven days.
Oh, and while I’m editing this we got word that Gary Gensler is finally stepping down as SEC chairman on Jan. 20, 2025.
GG, GG! Please take all your Howey Test files on crypto gaming with you on the way out.
Web3 gaming on the Base chain is gaining traction with games like Gangs of Metacadia (GoM), YGG launching Onchain Guilds, and Super Champs revealing a token launch.
Forgotten OG projects like The Sandbox and Decentraland have come on the radar again, performing well this week. Is crypto gaming back?
Wen Altseason?
With Bitcoin almost at $100K, Ethereum has finally woken up and is starting to break out on the ETH/BTC. This is exciting news for GameFi investors. In order for crypto gaming tokens to run, funds need to start flowing back into Ethereum and other networks like Solana and BNB Chain first.
Here’s an interesting theory on how it might play out, based on historical data.
Market Overview
The GameFi market cap showed a slight increase from about $21 billion to just over $22 billion over the last seven days.
Web3 gaming has been on an uptrend since August 2024. Slowly, then all at once!
Source: CMC
All the new partnerships like Metacade and SuperVerse, YGG and Immutable, and Gameta and Robin Ecosystem paint a bright future for Web3 gaming.
According to DeFiLlama’s Narrative Tracker, GameFi was only ranked seventh this week but still performing better than meme coins. Is it time for the rotation from tokens with zero utility, like meme coins, to utility tokens like GameFi?
Top Coin Movements
Floki pumps after the No. 1 crypto exchange in the U.S. reveals listing plans. While added to their listing roadmap, it does not mean an immediate listing, but it’s an important step in the exchanges’ listing process. The idea is to keep things transparent and avoid insider trading.
Source: CMC
Top Gainers:
- WEMIX (WEMIX): +30.16%
- SKALE (SKL): +20.54%
- The Sandbox (SAND): +20.47%
- Enjin Coin (ENJ): +20.15%
- Decentraland (MANA): +20.02%
Top Decliners:
- Baby Doge Coin (BabyDoge): -22.53%
- Baby Doge Coin (1MBABYDOGE): -22.52%
- Hamster Kombat (HMSTR): -11,47%
- Echelon Prime (PRIME): -9.92%
- Ronin (RON): -6.64%
Blockchain Gaming Activity This Week
While many people like Cagy are saying Pixels is the top Web3 game of 2024, Axie Infinity is far from dead. They are still the leader in NFT sales and the only crypto game that can do live tournaments and fill stadiums.
- KGen’s UAW soars by 76.45% as they come up with ways that their AI is interesting and unpredictable.
- Wild Forest rises by 39.43% while they reveal the missing piece of their ecosystem, WF tokenomics.
- LOL surges by 35.47% as they collaborate with Alien-Web3.
- Age of Dino shines with 27%. It's official, they are the No.1 Web3 game by daily active users now and the No.8 biggest Web3 Game overall.
- Moonveil is up by 24.09% with their AstrArk Alpha Marching Test going live.
- PlayEmber does well while going up 9.61% with 130M+ downloads.
- SERAPH: In The Darkness is up 8.38% as they win an award from a top-tier crypto exchange.
Latest Blockchain Gaming News
Immutable and YGG Partner
Immutable and Yield Guild Games (YGG) are teaming up with a $1 million incentive fund to reward players through gaming quests.
YGG will integrate Immutable's tech solutions and feature their games, while Immutable is sponsoring YGG events, including the GAM3 Awards.
Metacade and SuperVerse’s Base Collaboration
Metacade and SuperVerse have collaborated with a $10,000 prize pool for Gangs of Metacadia (GoM), making this the largest reward ever offered on Base.
The partnership introduces SUPER as GoM's main currency, with $5,000 sponsored from SuperVerse's vault.
Notcoin Launches Tournament on Telegram
Notcoin has launched The Not Pixel Battle on Telegram, a competition running from Nov. 15-30. Since its token generation event (TGE), Notcoin has seen insane growth with users crafting over six billion pixels to date.
Big Time Studios Launches OL Token
Big Time Studios has introduced the OL token, a currency integrated into its Open Loot platform. OL rewards players and developers for active participation.
Players can use OL for early access, NFT perks and exclusive rewards. The token will only be distributed through community activities to ensure fairness.
Gameta and Robin Ecosystem Partner
Robin Ecosystem’s tools, like the all-in-one Robin Wallet and social platform Zapry, aim to streamline payments and boost community interaction. This integration allows Gameta to improve in-game transactions and create a better GameFi experience.
What You Can Do Now
- Focus on quality over hype: look out for games that people play for fun rather than just to earn.
- Check for real utility and in-game integration: projects where tokens and NFTs have multiple use cases within the game such as staking, upgrades, and crafting, tend to be more sustainable.
- Evaluate team experience and transparency: teams with a proven track record in gaming or blockchain are more likely to deliver.
- Assess community activity and growth: high player retention and active communities (Discord, Twitter, Reddit) show that a game can attract and keep players.
- Check out all the latest developments on the Base chain.
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