GameFi is on fire with only one out of the top 20 tokens by market cap showing a slight drop over the last seven days.
TL;DR
- Bitcoin crashes while MicroStrategy loses 35% of market value
- GameFi surges with big partnerships and new games
- OG projects rise from the dead and dominate
- Big names in the news like Animoca and Fifa
- Ronin wins awards and adopts millions of players
Intro
Bitcoin dipped 9% as MicroStrategy’s market value fell over 35% from its Nov. 21 peak, deleting $30 billion with its biggest-ever four-day drop in history.
GameFi is on fire with only one out of the top 20 tokens by market cap showing a slight drop over the last seven days.
OG Web3 gaming projects like The Sandbox, Decentraland, Enjin Coin and Immutable continue their dominance, and some big names like Animoca Brands and Fifa are making the headlines this week.
Ronin keeps smashing it, pushing GameFi to new heights, winning awards, and reviving P2E gaming while the ecosystem keeps growing with millions of players.
Market Overview
The GameFi market cap is up from just under $23 billion to over $26 billion over the last seven days.
Source: CMC
While the overall crypto market has been experiencing a decline, the Gamefi sector is defying the trend.
More importantly, it has broken through July and September’s price ceilings and is looking to go higher as ETH alt season appears to be finally here.
According to DeFiLlama’s Narrative Tracker, GameFi was ranked fifth this week, performing better than the majors and meme coins. It was all coded anyway because what’s better for mass adoption than gaming?
The normies care more about having fun than the underlying super high tech supporting the products.
Top Coin Movements
Millions of people are playing games like Pixels, Axie Infinity and many more on Ronin. Ivan on Tech reports that Pixels users have spent $2 million in-game over the last 30 days. Ronin also won an award for the best gaming ecosystem of 2024.
Source: CMC
All top 20 gaming tokens by market cap are showing gains except Floki which has been on an absolute tear recently, so let’s allow the pooch a fair break.
Top Gainers:
- The Sandbox (SAND): +80.23%
- Decentraland (MANA): +45.28%
- Enjin Coin (ENJ): +39.77%
- Kadena (KDA): +38.35%
- Echelon Prime (PRIME): +35.86%
Top Decliners:
- FLOKI: (FLOKI): -8.76%
Blockchain Gaming Activity This Week
SK Planet joins Moca Network as the latest Realm SDK partner to onboard normies in South Korea. Realm Network has grown into an over 246 million active user base ecosystem.
- LOL’s UAW surges by 122.44% as they partner with LIGO.Network.
- Lumiterra soars by 81.53% while reinventing themselves with new missions.
- KGen’s rises by 20.09%, kicking off with Open Lobby Season 3.
- MetaWin shines with 11.11% with a winner offering his Bugatti in return for info on the hacker who stole $4.5 million from the casino.
- Pixels is up by 7.51% as the Mokis have landed.
- GombleGames gains 2.86% and is busy in GOMBLE HQ looking for Rumby.
Latest Blockchain Gaming News
FIFA and Mythical Games Collaborate
Federation Internationale de Football Association (FIFA) and blockchain gaming studio Mythical Games have joined forces to launch FIFA Rivals, a free-to-play soccer game on iOS and Android.
FIFA Rivals will be powered by the Mythical-supported Mythos blockchain and secured by the Polkadot network. Mythos Foundation made the game possible.
CEO, John Linden said FIFA Rivals could attract over 100 million gamers given that its NFL Rivals game has already seen over six million players sign up from a much smaller community.
Animoca Brands Invests in Parent Igloo, Inc.
Animoca Brands has invested in Igloo Inc, Pudgy Penguins' parent company, via a SAFE agreement. The goal is to boost consumer crypto adoption and expand NFT-based intellectual properties (IP).
Pudgy Penguins, known for blending Web3 with real-world products, aligns with Animoca's focus on NFTs and gaming. Igloo’s work on Ethereum layer-2 solutions complements the partnership, aiming to improve user experiences and build a stronger crypto ecosystem.
Sky Mavis Plans New Axie Infinity Game
Sky Mavis said it is laying off 21% of its workforce as part of a strategic and streamlined approach toward new projects.
CEO, Trung Nguyen emphasized that the layoffs are a strategic move and not tied to the company’s financial stability or the NFT market downturn.
Nguyen said the freed-up resources will be used in multiple projects, including a new Axie game. He did not provide additional information regarding the new game.
Chirp Launches First Sui DePIN P2E Game
Chirp, a decentralized network on the Sui blockchain launched Kage, a play-to-earn (P2E) game that turns smartphones into crypto miners.
Players explore their surroundings, detect signals like WiFi and Bluetooth, and earn CHIRP tokens while contributing to Chirp’s IoT ecosystem.
Source: Chirp
What You Can Do Now
- Focus on quality over hype: look out for games people play for fun rather than just to earn.
- Check for real utility and in-game integration: projects where tokens and NFTs have multiple use cases within the game such as staking, upgrades and crafting, tend to be more sustainable.
- Evaluate team experience and transparency: teams with a proven track record in gaming or blockchain are more likely to deliver.
- Assess community activity and growth: high player retention and active communities (Discord, Twitter, Reddit) show that a game can attract and keep players.
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