Gaming coins with the highest market capitalization recorded an average price increase of more than 100% in January alone. cryptocoin.comWe have compiled these altcoins for you.
Gaming coins grow
Web3 crypto game project tokens averaged triple-digit growth in January 2023. This provides confidence and support for some new and perhaps undervalued projects in the industry. Its innovative applications in the web3 and blockchain industry have created new opportunities for game developers, gamers and investors.
Web3 game coins allow game developers to create unique, one-of-a-kind items in their games that players can own, trade, and collect in the form of NFTs.
Developers are using these tokens to create a new avenue for community engagement and monetization in the gaming world, as players can now own tangible assets with value beyond the game. Investors can also benefit from web3 gaming coins by buying and selling NFTs such as traditional stocks or commodities. The scarcity of NFTs and the uniqueness of each token can increase the value of NFTs, increasing demand.
Advantages of Web3 Gaming
One of the main benefits of crypto gaming coins is that they are more secure than traditional payment methods. Transactions are processed via the blockchain, making them transparent and tamper-proof. This also increases privacy and security by eliminating the need to share players’ sensitive information with third-party platforms.
One of the primary goals for these assets is to enable seamless cross-platform transactions. Many players want the ability to trade rare and valuable virtual assets across different games and platforms. This will allow for a thriving virtual economy where players can buy and sell items for real world money. Some of the prominent names in the group include:
Crypto game coins can also provide a new source of income for game developers. Players can purchase virtual assets using crypto tokens, which provides a new revenue stream for game developers. This can also make the gaming experience more enjoyable for players by eliminating the need for in-game advertisements.
This also opens up opportunities for smaller indie game developers who may need help competing with larger game companies. A recent report from cryptocurrency analytics platform Delphi Digital sheds more light on this paradigm.
Gaming coins made huge gains last month
The 2023 crypto gaming report highlights several key trends in the industry. The report states that NFTs growth is one of the biggest drivers of the crypto gaming market.
With this in mind, the highest market capitalization gaming tokens recorded an average price increase of over 100% in January alone. Notably, the combined average price increases of the top 10 game tokens by market cap in January amounted to 102%.
Apecoin (APE), Axie Infinity (AXS), Sandbox (SAND) and Gala (GALA) were among the few companies to record the most significant price increases last month. This is clearly seen in the chart above. Other coins include Enjin (ENJ), ImmutableX (IMX), Magic (MAGIC), Wax and the Move-to-Earn (M2E) platform Stepn.
GALA got ahead of the rest of the group thanks to a few promotion announcements. SAND, meanwhile, gained 30% after announcing a Memorandum of Understanding with the Saudi Arabian Digital Government Authority (DGA).
Web3 game projects to watch
Some trending game projects continued to build on January’s gains, with the majority posting even more impressive results in the first week of February. The aggregated average prices increased by more than 110%. One of them is Wemix. The project’s token, WEMIX, rallied an incredible 300% in one month as the digital asset markets recovered from their 2022 lows.
According to its website, the platform supports blockchain-based games for over 378,000 players and includes at least 20 games at press time. Each of them has tokens on the WEMIX blockchain, and the platform released a fan token system last month to support the community.
1/ Wemix introduces revolutionary Fan Tokens for creators to engage with their communities! Thread👇
— WEMIX (@WemixNetwork) January 20, 2023
In addition, Ethereum-based game project ImmutableX (IMX) has also increased by about 150% in the previous month. The continued adoption of blockchain technology for Web3 uses has led to an increase in the price boom of the project. Meanwhile, improvements like the ‘Immutable Passport’, a non-custodial wallet, have been added to the ecosystem’s functionality.
Narratives around the game are changing
Alex Connolly, co-founder and CTO of Immutable X, said:
“The [negative perception] of web3 games is definitely changing. For one, blockchain games already account for over 48% of all blockchain activity, and blockchain gaming wallets are growing 8% monthly. Obviously, new players are coming into this space.”
He also touched on the issue of financing. “Investor interest is also growing, and it seems that the turbulent events of 2022 haven’t stopped that,” Connolly said. In October and November alone, web3 games exceeded $534 million.’ said. ‘Maybe some VCs are on the sidelines, but most are definitely paying attention,’ he concluded.
