The total market capitalization has risen to approximately $22 billion, a significant increase from last week's $16-17 billion; trading volume has also increased significantly, currently around $1.4 billion.
Author: Werner Vermaak
Translation: Deep Tide TechFlow
Introduction
The aftershocks of last week's cryptocurrency conference in Singapore continue to influence and shake various corners of Web3, bringing some huge gains to the entire industry this week.
So, let's dive into the current state of crypto gaming this week!
Market Overview
The GameFi market is currently booming! According to our data, the total market capitalization has risen to approximately $22 billion, a significant increase from last week's $16-17 billion. Trading volume has also increased significantly, currently around $1.4 billion.
Who says crypto gaming is on the decline? Everyone seems to think so!
Now we need to see if this growth can be sustained, as the attention from Singapore is slowly fading.
Crypto Gaming Narrative Heats Up
The release of the Solana handheld gaming device has injected new vitality into the GameFi space. This comes after Sui also announced their own device; what have these blockchains seen that we haven't?
Since the last bull market, Solana's games have failed to gain traction—but as evidenced by Star Atlas's performance at Breakpoint, the gaming scene is still vibrant. During a network event, Star Atlas and several other upcoming games showcased game demos.
While Solana's handheld device appears simpler, it could become a game-changer for the broader acceptance of blockchain gaming (ahem).
As this year's TapFi explosion and last cycle's Axie Infinity craze have proven, you don't need a AAA game to engage crypto gamers. Just make it fun and worth their time.
This Week's Blockchain Gaming Dynamics
World of Dypians and Seraph: In The Darkness currently lead in active wallets in the GameFi space, each surpassing 500,000 players, according to DappRadar.
Top Token Dynamics
Let's take a look at the performance of the top GameFi tokens over the past 7 days:
Notcoin (NOT): Leading with an astonishing increase of 25.09%.
FLOKI: Strong performance with an increase of 24.71%.
Gala (GALA): Steadily rising with an increase of 18.12%.
Beam (BEAM): Achieved a solid increase of 13.46%.
Axie Infinity (AXS): Up 5.33%, ranking in the top five.
Other notable tokens' 7-day performance:
The Sandbox (SAND): Increased by 2.88%
Decentraland (MANA): Increased by 6.81%
Illuvium (ILV): Increased by 10.60%
Yield Guild Games (YGG): Increased by 10.73%
Key Observations
Good news: We see many GameFi tokens generally rising this week, with several tokens increasing by over 10%. The overall market cap increase in this sector indicates a rise in investor confidence.
Exciting: The Solana team announced the launch of the first web3 gaming handheld, which could be a significant driver for mainstream adoption of blockchain gaming.
Caution: Despite the encouraging increases during the week, it is important to remember that these tokens are still significantly down from the beginning of the year. Sustained interest and innovation are crucial for long-term growth.
Latest Updates in Blockchain Gaming
Play Solana launches its first crypto gaming handheld: Play Solana Gen1 (PSG1) aims to revolutionize the GameFi space. Pre-orders will be announced at the Solana Breakpoint conference, with Player 1 NFT holders receiving priority purchasing rights.
Line Next announces the launch of a Web3 mini gaming platform: The platform is set to launch in Q4 2024, aiming to bring blockchain gaming to Line's 2 billion users. The web-based approach allows users to access games and decentralized applications (dapps) within the Line app conveniently. Line Next will also launch Kaia Wave, a developer program that has secured $10 million in funding.
Axie Infinity expands Axie Pals: Sky Mavis has launched Axie Pals, a Tamagotchi-like Google Chrome extension. This AI-driven feature allows users to interact with their Axies, earn AXP points through leaderboards, and potentially earn AXS tokens.
Samsung Next expands collaboration with Startale Labs: This collaboration will support Sony's new blockchain project Soneium through the Soneium Spark incubation program. This is a significant boon for game studios, as such a large tech giant is entering the Web3 gaming space.
Hamster Kombat token launch: The HMSTR token officially launched on The Open Network (TON), with trading volume exceeding $1.2 billion on its first day. Although some players expressed disappointment over the airdrop quantity, the token's performance has made it comparable to major cryptocurrencies.
This Week's Web3 Game Recommendation
Disclaimer: The following content does not constitute an endorsement of any project or its tokens, but is a brief introduction to a top crypto game and its features. Please do your own research (DYOR) and exercise caution when investing.
SERAPH: IN THE DARKNESS
Seraph: In the Darkness is a popular Web3 game where fantasy and fate intertwine in a rich, immersive universe. Here, players embark on adventures in a world filled with ancient magic, powerful enemies, and hidden truths, while seeking their own path in a land full of conflict and legend. This action RPG offers a unique blend of action, strategy, and dynamic storytelling that engages and challenges players at every turn.
What You Can Do
Keep an eye out for the Play Solana Gen1 pre-order announcement. If you are a Player 1 NFT holder, be ready to take advantage of your priority access.
If you are a Line user, look forward to the upcoming Web3 mini gaming platform. Developers should pay attention to the Kaia Wave program for funding opportunities.
Axie Infinity players can check out the new Axie Pals extension and start interacting to earn AXP points.
Consider exploring the potential of the Hamster Kombat ecosystem, given its impressive launch performance, but be mindful of the potential impact of its large-scale airdrop.
Stay tuned for more news from the Solana Breakpoint conference and updates on the Soneium project, as they may bring more exciting announcements to the GameFi space.
Remember, in GameFi, as long as you play right, a new level unlocks every day—keep pushing, stay engaged, and always play smart!
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