In the past week, cryptocurrency tokens linked to web3 gaming projects have seen substantial increases in value.
In the past week, cryptocurrency tokens linked to web3 gaming projects have seen substantial increases in value. Leading the way among the top 100 cryptocurrencies by market capitalization are Axie Infinity (AXS), ApeCoin (APE), and Iluvium (ILV).
Axie Infinity has experienced notable growth, gaining 36% to reach a high of $7.49, the highest in nearly six months. Developer Sky Mavis made significant announcements during the week, including the reintroduction of the original Axie Infinity monster battling experience known as "Axie Classic," and the release of official Axie merchandise. Owners of rare Axie NFTs were also granted commercialization rights, allowing them to utilize their creatures for various products and projects.
Axie Infinity's recent resurgence can be attributed to the growing momentum around Ronin, its Ethereum sidechain network designed for blockchain gaming. The launch of the game Pixels has brought attention to Ronin beyond Axie Infinity. The number of active wallet addresses on Ronin has tripled recently, resulting in a 27% increase in the price of the RON token over the past week, currently valued at $1.06.
ApeCoin (APE) experienced a 5% rise during the week, reaching a price of $1.57 per token. APE reached $1.77 over the weekend, the highest price observed in over three months. APE is associated with the Bored Ape Yacht Club NFT ecosystem and will serve as the underlying currency for the upcoming Otherside metaverse game.
Meanwhile, Illuvium (ILV) surged on the back of an Epic Games Store listing scheduled for November 28. Developed by Illuvium Labs, the game uses Unreal Engine 5 and the ImmutableX network. ILV gained over 123% in the past month after the announcement, reaching $122.
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