The world of gaming has witnessed convergence with cryptocurrencies, giving rise to a new category of digital assets known as gaming coins.
These coins have become the in-game currencies for many online games, combining the thrill of gaming with the power of cryptocurrencies.
Let's discuss more crypto gaming tokens and their value.
In the past week, several gaming tokens, namely Axie Infinity, ApeCoin, and Iluvium, have experienced substantial gains, propelling them into the top 100 cryptocurrencies by market capitalization.
According to Decrypt, AXS secured the 61st rank with a 20% surge, followed closely by APE with a 19% increase (ranked 86), while ILV soared by an impressive 23%, securing the 76th position.
The decentralized virtual worlds of Decentraland and The Sandbox, both part of the top 100 cryptocurrencies, also witnessed positive trends during the past week, with gains of 12% and 9%, respectively.
Significant Developments and Market Outlook
Axie Infinity's developer, Sky Mavis, made headlines by relaunching the original Axie Infinity monster-battling experience known as "Axie Classic."
Meanwhile, the developer also enabled owners of rare Axie NFTs to create and sell their own branded products, further enhancing the game's ecosystem.
ApeCoin is anticipated in the upcoming Otherside metaverse game. Illuvium's Beta 3 release on November 28th aimed to identify and resolve gameplay bugs, showcasing its commitment to delivering an optimal player experience through continuous improvements and new game modes.
The Sandbox recently formed a partnership with Indian virtual digital assets company CoinDCX to play a pivotal role in BharatBox. This cultural metaverse hub highlights elite artists and brands from India.
According to a market research study by Blockchain Gaming Market, the gaming market, fueled by the rise of NFTs and digital ownership, is projected to grow at a compound annual growth rate (CAGR) of approximately 60.4% from 2023 to 2032, reaching a value of $772.7 billion.
Examining specific GameFi coins
Delving into the value of specific GameFi coins - Illuvium serves as a prime example, with its token (ILV) experiencing an astounding 79.5% surge in just seven days and an over 122.6% spike in the past 30 days.
However, its current price stands at $110, with a trading volume of $43,422,918 within 24 hours at the time of writing this.
ImmutableX (IMX) also witnessed a significant rise, jumping by 32.9% due to its partnership with the renowned video gaming giant, Ubisoft.
The token currently boasts a 24-hour trading volume of $55,756,954, accounting for over 3% of its market capitalization of $1,583,878,317 when writing this.
Star Atlas DAO's token, POLIS, experienced an uptick of 20.9% in 24 hours due to its role in governance within the sci-fi-based Metaverse game built on the Solana blockchain network, hinting at exciting developments to come.
Another notable blockchain gaming token is Gala Games' native token, GALA, which surged by 25.5% in the past week. The playtest version of 'The Walking Dead: Empires' going live on the Gala ecosystem contributed to its popularity.