The GameFi sector has shown remarkable performance in the last 24 hours, registering a market cap increase of over 6%, significantly outpacing the broader cryptocurrency market’s growth of 2.2%.
This surge brings the total value of tokens linked to web3 gaming to a notable $32.7 billion, as per the latest CoinGecko data.
GameFi Tokens Rally
Recent developments have seen GameFi tokens like Gala notching gains above 3%, serving as a medium for in-game transactions and community governance within the Gala Games ecosystem.
This uptick is just a part of the broader trend observed over the past month, where Gala has soared by 228%, The Sandbox’s Sand token by 91%, and Axie Infinity’s AXS by 71%.
This growth spurt in web3 gaming tokens has caught the attention of analysts and investors alike. Edward Wilson, a Nansen analyst, suggests this trend highlights a shift towards more speculative investments as market participants chase after higher returns beyond the traditional stalwarts like bitcoin and ether.
Wilson highlighted the Parallel trading card game, utilizing the Prime token, as a prime example of burgeoning user engagement in the web3 gaming sphere. He commended Parallel for its industry recognition and productive collaborations with leading crypto entities such as Coinbase and OpenSea, especially through the downturns of the market.
Moreover, Wilson pointed towards the upcoming Game Developer Conference as a potential catalyst for further growth and developer activity in web3 gaming, stating, “Gaming tokens are on the rise fueled by the anticipation of this upcoming event.”
AI-Related Crypto Tokens Join the Rally
In parallel, the AI-related cryptocurrency sub-sector has also witnessed significant advancements, with tokens like RNDR and GRT posting substantial gains.
Render’s RNDR token, instrumental in providing artists with computational power for rendering AI-generated artwork, has surged by over 64% in the past week. Similarly, The Graph’s GRT token has escalated by 42% in the past week, marking a 164% increase over the past month.