The Rise of Gaming Tokens Among Other Blockchain Assets
In the ever-evolving world of Web3, the landscape seems to have finally taken a brighter turn. Despite a year-long decline, October sales in the NFT world saw a significant increase of 32%, largely driven by a substantial $1,136,658.03 (600 ETH) CryptoPunks transaction and an NFT-focused episode of The Simpsons. On the other hand, the crypto realm also witnessed a surge, with Bitcoin ($BTC) reaching nearly $38,000, bringing back the bull market vibes for early investors.
However, the Web3 world is not limited to just NFTs and well-known cryptocurrencies like Bitcoin. Gaming and Metaverse tokens have also played a significant role in the rising trajectory of the blockchain industry.
One notable example of the benefits of GameFi coins is Illuvium, which saw its token ($ILV) soar by a remarkable 79.5% in just seven days, reaching a coin price of $90.43 and a 24-hour trading volume of $77,012,963. Its rapid growth was spurred by the game going mainstream on Epic Games.
In a similar fashion, ImmutableX ($IMX) also experienced significant growth, rising by 32.9% in the past week, following its partnership with the renowned video gaming company Ubisoft. The token now has a 24-hour trading volume of $594,694,735, representing over 50% of the coin’s market cap of $1,132,601,917.
Star Atlas DAO’s token, $POLIS, also saw a recent uptick, increasing by 20.9% in just 24 hours. The token serves as the governance gateway for a sci-fi-based Metaverse game built on the Solana blockchain network, signaling new developments in the space.
Another notable player in the blockchain gaming token space is Gala Games’ native token, $GALA, which rose by 25.5% in the past week. The token’s popularity was attributed to the playtest version of ‘The Walking Dead: Empires’ going live on the Gala ecosystem.
The Sandbox, another prominent player, has a 24-hour trading volume of $137,275,405.38 and has seen a 5.3% increase in the past 7 days. Its recent collaboration with Gucci has the potential to further drive its growth.
These success stories underscore the dynamism and diversity of blockchain gaming/Metaverse tokens, highlighting their significant contributions to the Web3 realm’s unceasing revival and promising future beyond NFTs and renowned digital coins.
The rise of gaming tokens is evidence of the ever-expanding reach of blockchain technology and its potential to disrupt and innovate various industries. As the Web3 landscape continues to evolve, it will be fascinating to see how gaming and Metaverse tokens further contribute to the growth and development of the blockchain industry.