GameFi market cap outperforms entire cryptocurrency sector within 24-hour timeframe
The GameFi sector has witnessed a surge in market capitalization, surpassing the overall growth of the cryptocurrency market. According to CoinGecko, the combined value of web3 gaming tokens now stands at $32.7 billion.
In recent developments, GameFi tokens like FLOKI have experienced a significant increase in value. The FLOKI token has seen a 21% surge in the past 24 hours and is primarily utilized within the Floki ecosystem for transactions, rewards, and governance. This enables token holders to actively participate in decision-making processes.
Taking a broader look at the past 30 days, the sector has seen substantial gains. Gala has witnessed a 200% jump, The Sandbox’s Sand token has increased by 65%, and Axie Infinity’s AXS has risen by 65%.
According to Nansen analyst Edward Wilson, this impressive performance can be attributed to a shift in investor behavior towards higher-risk investments. Investors are now seeking higher returns beyond the well-known cryptocurrencies as the market heats up.
Wilson specifically highlighted the Parallel trading card game, which utilizes the Prime token, as an example of the growing interest in web3 gaming. Parallel has formed strong partnerships with industry giants like Coinbase and OpenSea, showcasing its resilience even during market downturns.
Furthermore, the upcoming Game Developer Conference is expected to further stimulate developer activity in web3 gaming, contributing to the growing interest in gaming tokens. Wilson stated, “Gaming tokens are on the rise, fueled by the anticipation of this upcoming event.”
For more information, follow us on Google News.
