Metaverse gaming tokens, consisting of The Sandbox’s SAND and Axie Infinity’s AXS, have bucked the downtrend in Bitcoin and Ether.
Metaverse gaming tokens Ethverse (ETHV), The Sandbox (SAND), GameSwap (GSWAP), Yield Guild Games (YGG) and Axie Infinity (AXS) are the few cryptocurrencies seeing good points on Nov. 17 with Bitcoin (BTC), Ether (ETH) and most of the market in the red.
Best-performing crypto sector
The rising division of the blockchain universe noticed its market capitalization swell with the aid of extra than 9% in the preceding 24 hours and nearly 8% in the final seven days to reach $17.42 billion. Its good points got here on the back of risky upside moves in Ethverse, The Sandbox, GameSwap, Yield Guild Games, Axie Infinity and different markets.
Meanwhile, about one hundred forty tokens belonging to the decentralized finance region delivered blended losses of almost 10% in the remaining seven days.
However, the normal crypto market cap dropped via greater than 14.50% to $2.47 trillion.
Gaming tokens fared now not solely better in phrases of the United States dollar however additionally in opposition to BTC and ETH in the previous 24 hours.
For instance, SAND, the native token of The Sandbox’s virtual world — the place players can build, own, and monetize their gaming trip — rose extra than 27% in opposition to Bitcoin and Ether. What’s more, ETHV, a highly unknown NFT asset, additionally more than doubled in opposition to the top two cryptos.
The capital glide from top crypto property to the crypto-enabled gaming quarter coincided with a flurry of constructive updates.
That protected Andreessen Horowitz from a $5-million funding round for Seattle-based blockchain gaming startup Irreverent Labs and Polygon’s announcement of organizing a $100,000 hackathon to encourage builders to build and showcase video games running on blockchains.
In some other event, shares of Korea-based on-line gaming corporation WeMade soared by means of greater than 400% to reach a market capitalization of over $5 billion on Nov. 15.
The firm’s good points seemed after the launch of its blockchain-based game MIR4, which, like Axie Infinity and The Sandbox, allows players to earn cryptocurrencies by using changing in-platform gadgets into liquefiable digital assets.
On the whole, the blockchain gaming zone seems to be carving its personal niche. Arjun Kalsy, vice-president of growth at Polygon, stated:
“With the Web3 paradigm of play-to-earn, where game enthusiasts can monetize their time and in-game achievements, this market is set to grow multifold in the coming years.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.