GameFi Weekly: Total Market Cap Surpasses $22 Billion, World of Dypians and Seraph Lead in Active Wallets
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GameFi Weekly: Total Market Cap Surpasses $22 Billion, World of Dypians and Seraph Lead in Active Wallets
The total market capitalization has risen to approximately $22 billion, a significant increase from last week's $16–17 billion; trading volume has also substantially grown, currently reaching about $1.4 billion.
Navigating Web3 tides with focused insightsAuthor: Werner Vermaak
Translation: TechFlow
Introduction
The ripple effects from last week's cryptocurrency conference in Singapore continue to reverberate across all corners of Web3, fueling some massive gains for the industry this week.
So let’s dive into the current state of crypto gaming this week!
Market Overview
The GameFi market is currently on fire! According to our data, the total market cap has risen to approximately $22 billion, a significant jump from last week’s $16–17 billion. Trading volume has also surged, now sitting around $1.4 billion.
Who says crypto gaming is dead? Everyone thought so!
Now we need to see if this growth can be sustained as the spotlight on Singapore gradually fades.
Crypto Gaming Narrative Heats Up
The launch of the Solana gaming handheld has injected fresh energy into the GameFi space. This comes after Sui also unveiled its own device—what are these blockchains seeing that the rest of us aren’t?
Solana’s games have yet to achieve mainstream adoption since the last bull run—but as Star Atlas demonstrated at Breakpoint, the gaming scene remains vibrant. During a network event, Star Atlas and several upcoming titles showcased live game demos.
While the Solana handheld appears simpler in design, it could become a game-changer (pun intended) for broader blockchain gaming adoption.
As proven by this year’s TapFi boom and last cycle’s Axie Infinity craze, you don’t need AAA-quality games to engage crypto gamers. Just make it fun and worth their time.
Top Blockchain Gaming Activity This Week
World of Dypians and Seraph: In The Darkness currently lead the GameFi sector in active wallet counts, each surpassing 500,000 players, according to DappRadar.
Top Token Performance
Here’s how the top GameFi tokens performed over the past 7 days:
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Notcoin (NOT): Led the pack with an impressive 25.09% gain.
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FLOKI: Strong performance with a 24.71% increase.
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Gala (GALA): Steady climb with an 18.12% rise.
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Beam (BEAM): Solid 13.46% gain.
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Axie Infinity (AXS): Up 5.33%, making it into the top five.
Other notable token performances over 7 days:
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The Sandbox (SAND): Up 2.88%
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Decentraland (MANA): Up 6.81%
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Illuvium (ILV): Up 10.60%
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Yield Guild Games (YGG): Up 10.73%
Key Takeaways
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Positive: We’re seeing broad-based gains among many GameFi tokens this week, with multiple tokens rising over 10%. The overall market cap increase signals growing investor confidence.
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Exciting: The Solana team announced its first web3 gaming handheld, which could serve as a major catalyst for mainstream blockchain gaming adoption.
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Cautionary: Despite encouraging weekly gains, it’s important to remember that many of these tokens are still significantly down year-to-date. Sustained interest and innovation will be critical for long-term growth.
Latest Blockchain Gaming Updates
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Play Solana launches first crypto gaming handheld: The Play Solana Gen1 (PSG1) aims to revolutionize the GameFi space. Pre-orders will be announced during the Solana Breakpoint conference, with Player 1 NFT holders receiving priority access.
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Line Next announces new Web3 mini-game platform: Scheduled to launch in Q4 2024, the platform aims to bring blockchain gaming to Line’s 2 billion users. Its browser-based approach will allow easy access to games and dapps directly within the Line app. Line Next will also launch Kaia Wave, a developer program backed by a $10 million fund.
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Axie Infinity expands with Axie Pals: Sky Mavis launched Axie Pals, a Tamagotchi-style Google Chrome extension. This AI-powered feature allows users to interact with their Axies, earn AXP points via leaderboards, and potentially receive AXS tokens.
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Samsung Next expands collaboration with Startale Labs: The partnership will support Sony’s new blockchain initiative, Soneium, through the Soneium Spark incubation program. This is big news for game studios, as major tech giants enter the Web3 gaming arena.
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Hamster Kombat token launch: The HMSTR token officially launched on The Open Network (TON), recording over $1.2 billion in trading volume on its first day. Despite some player disappointment over airdrop amounts, the token’s performance rivals that of major cryptocurrencies.
Web3 Game Pick of the Week
Disclaimer: The following does not constitute endorsement of any project or its tokens, but rather 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. Players embark on adventures through a world filled with ancient magic, powerful enemies, and hidden truths, forging their path across a land of conflict and legend. This action RPG offers a unique blend of combat, strategy, and dynamic storytelling, captivating and challenging players at every turn.
What You Can Do
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Watch for pre-order announcements for the Play Solana Gen1. If you’re a Player 1 NFT holder, prepare to take advantage of your priority access.
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If you're a Line user, look forward to the upcoming Web3 mini-game platform. Developers should monitor the Kaia Wave program for funding opportunities.
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Axie Infinity players can check out the new Axie Pals extension and start interacting to earn AXP points.
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Consider exploring the potential of the Hamster Kombat ecosystem, given its impressive launch performance, but remain cautious about potential impacts from its large-scale airdrop.
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Stay tuned for further updates from the Solana Breakpoint conference and developments around the Soneium project, as they may bring more exciting announcements to the GameFi space.
Remember, in GameFi, a new level unlocks every day—if you play it right. Keep grinding, stay informed, and always play smart!
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