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Home BREAKING NEWS

GameFi Tokens Surge with Immutable and Illuvium Leading the Charge

by BlockNews.com Team
November 14, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • GameFi tokens like IMX, ILV, and SAND have seen sharp gains recently, with some up over 100% in the past month.
  • The GameFi sector’s market cap has grown 23% to $15B since late October, showing a strong recovery.
  • While adoption of blockchain gaming is increasing, most games are not yet fully decentralized, with only 5% fully on-chain.

The GameFi sector is bouncing back, with several top tokens up more than 100% in four weeks. GameFi tokens were among the digital assets hardest hit by the recent bear market, but they are now gaining momentum again.

🚨 NEWS: GameFi tokens continue to rally despite market-wide cooldown.

– Immutable $IMX: +46%

– Sandbox $SAND: +14%

– Illuvuim $ILV: +40%

– Ronin $RON: +31%

– Vulcan Forged $PYR: +11%

– Star Atlas $POLIS: +29%

– DeRace $DERC: +30%

What are your favorite GameFi tokens?👀 pic.twitter.com/zrPHYjS60E

— BlockNews.com (@blocknewsdotcom) November 14, 2023

GameFi Market Overview

Data from CoinGecko shows that half of the ten largest GameFi projects gained more than 10% in the past week. Immutable (IMX) rallied 35%, Illuvium (ILV) gained 27%, and The Sandbox (SAND) jumped 12% over the past seven days.

ILV and IMX also spiked more than 100% in the past four weeks, while The Sandbox is up 52%. Axie Infinity tokens also enjoyed impressive gains, with AXS rallying 43% and SLP surging 70% since mid-October.

Archived data shows that the GameFi sector’s market cap grew 23% to $15B since Oct 30. Despite the recent turnaround, four of the five largest web3 gaming projects are still trading at a more than 95% discount compared to their all-time highs.

GameFi Fundraising and Adoption

On Nov 13, Game7 published a report that found GameFi projects represented an outsized share of web3 fundraising this year, taking in $15B during the first half of 2023.

The report noted the sector’s increasing migration over to Ethereum scaling solutions like Polygon, Immutable, and Arbitrum. However, 75% of newly released titles launched on Layer 1.

Despite the growing number of web3 gaming titles, the report noted that just 5% of projects are fully hosted on-chain. Instead, 85% of games support on-chain assets like NFTs and fungible tokens.

Most blockchain games are free-to-play (69% share), while 26% are token-gated, meaning users must hold a specific NFT to play.

Conclusion

In summary, GameFi tokens and projects are seeing a sharp recovery after being decimated in the recent crypto bear market. Adoption of blockchain gaming continues to increase, even if most projects are not yet fully decentralized. The future looks bright for the nascent web3 gaming sector.

Tags: BitcoinBusinesscryptoCrypto ExchangeGameFi
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