GameFi is experiencing a mini-bloodbath with the recent market correction, though some projects like Baby Doge Coin and SuperVerse just do not care.
TL;DR
- Bitcoin struggles to break ATH
- GameFi corrects alongside overall market
- Baby Doge Coin and SuperVerse defy negative trend
- Ronin opens its ecosystem to permissionless access
- Animoca Brands has a similar approach to Microstrategy
Introduction
It’s all over, pack it up—Bitcoin has not made an ATH in almost a week. Jokes aside, we got so used to BTC making ATHs that it feels like months since the last time it did. Crypto Twitter is calling for the CME gap at about $79K to be filled. Are these all bottom signals?
GameFi is experiencing a mini-bloodbath with the recent market correction, though some projects like Baby Doge Coin and SuperVerse just do not care.
Market Overview
The GameFi market cap dropped by about 8% from $32.87 billion to $30.15 billion over the last seven days.
A healthy retracement after GameFi’s moon mission launched at the beginning of November.
Source: CMC
According to DeFiLlama’s Narrative Tracker, GameFi was ranked fourth this week and outperformed the crypto majors, Bitcoin, Ethereum, Solana and meme coins.
Top Coin Movements
Most Web3 gaming tokens are in the red, but Baby Doge Coin pumped as they prepare to release their meme launchpad Puppy.fun into the wild this week.
SuperVerse also performed well as they collaborated with Nexus. The Super token will be used for their memberships, launchpad, questing and more to be announced.
Source: CMC
Top Gainers:
- Baby Doge Coin (BabyDoge): +97.21%
- SuperVerse (SUPER): +12.62%
- Echelon Prime (PRIME): +6.86%
- Beam (BEAM): +1.36%
Top Decliners:
- GMT (GMT): -23.14%
- Ape Coin (APE): -22.9%
- Enjin Coin (ENJ): -22.65%
- Axie Infinity (AXS): -21.88%
- Notcoin (NOT): -21.55%
Blockchain Gaming Activity This Week
In a massive move, Ronin is opening its ecosystem to permissionless access, meaning that all games have the chance to be exposed to and adopted by millions of Ronin gamers.
Animoca Brands has a “same same but different” approach to Microstrategy.
There’s a sea of red out there as GameFi takes a well-deserved break after its recent astronomical run.
- Alliance Games’ UAW soars by 89.15% while their migration to Chromia's Asgard Upgrade testnet is underway.
- MatchQuest rises by 23.1% and their $20,000 treasure hunt goes live.
Latest Blockchain Gaming News
Immutable Releases Perpetual Rewards
Immutable has achieved new milestones with its MMORPG (massively multiplayer online role-playing game), RavenQuest, and the upcoming launch of its rewards system, "Perpetual Rewards."
They are planning to launch in January 2025. The system allows players to exchange earned gems for weekly rewards, focusing on sustained engagement rather than one-time incentives.
RavenQuest has a player base of 250,000 and boasts awards like the Best Adventure Game award at the 2024 GAM3 Awards. The game's success in selling out land sales and distributing millions of QUEST tokens highlights its impact on blockchain gaming.
Final Salvation Available in Limited Launch
Ambrus Studio has launched its blockchain-based MOBA game E4C: Final Salvation in India, with its global beta phase ongoing until Dec. 24, 2024. The game is built on the SUI blockchain, supported by Mysten Labs.
Led by Johnson Yeh, a former Riot Games executive, Ambrus Studio selected India as the first launch region, citing its untapped potential in the mobile MOBA genre. The studio aims to expand to other regions based on evaluations after the beta phase concludes.
Mythical Games Dominate
Mythical Games’ utility token MYTH has doubled in value over the past month, driven by strong market confidence and the announcement of FIFA Rivals. This upcoming mobile soccer game, developed in partnership with FIFA, is set to launch in mid-2025.
MYTH enables transactions in the Mythical Marketplace for assets like NFL players, soccer stars, and digital collectibles. The token's rise is tied to consistent daily trading volumes exceeding $30 million.
OverTrip on Epic Games Store
OverTrip has launched on PC via the Epic Games Store next to its third content season. The update introduces a “skill mode,” where players can bet real money, including the game’s meme token TRIP, on their performance.
The game also integrates the SuperVerse token (SUPER) for wagering in skill-based modes, earning it an “Adults Only” rating from the ESRB.
Pixels Unveils Guild Wars
Pixels is launching its latest competition Spore Sports as part of its Guild Wars series. Running from Dec. 10, 2024, to March 4, 2025, the three-month season offers $4 million worth of PIXEL tokens as prizes.
The event builds on the success of the first Guild Wars, which saw more PIXEL burned than distributed. With over 8 million players, Pixels has grown significantly since migrating to Ronin in late 2023.
What You Can Do Now
- Focus on quality over hype: look out for games that 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.
- Check out all the latest developments on the Sui chain.
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