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Gaming coins are the ones that combine crypto and video games wherein many of the online games use a cryptocurrency as the in-game currency. The past week saw significant gains reported by cryptocurrency tokens linked to Web3 gaming projects.
What Happened: Tokens like Axie Infinity (CRYPTO: AXS), ApeCoin (CRYPTO: APE), and Iluvium (CRYPTO: ILV) reported considerable percentage gains during last week's trading, positioning them among the top 100 cryptocurrencies by market cap, Decrypt reported.
With a rank of 61 (based on CoinGecko data), AXS saw a 20% rally in the past week while APE followed the list with a 19% increase and ranked 86. Leading the pack of gainers was ILV with a significant 23% surge taking it to the 76th spot.
Decentraland (CRYPTO: MANA) and The Sandbox (CRYPTO: SAND) which are also a part of the top 100 cryptocurrencies reported gains of 12% and 9% respectively during the last week.
Read Next: How Today's Gaming Industry Intertwines With Blockchain, Crypto, NFTs, Tokenization
Why Does It Matter: In the past week, Axie developer Sky Mavis relaunched the original Axie Infinity monster battling experience (named “Axie Classic”) and released its first wave of official Axie merchandise. The developer also enabled owners of rare Axie NFTs to produce and sell their own branded products.
ApeCoin is likely to power the upcoming Otherside metaverse game. Illuvium's Beta 3 went live on Nov. 28, mainly to identify bugs in the gameplay and draft ways in which the experience can be elevated. The game trading token assures it has worked on features, improvements, and game modes.
Meanwhile, The Sandbox was in the news recently as it partnered with India-based virtual digital assets company, CoinDCX, to take a key role in BharatBox, an innovative cultural metaverse hub in The Sandbox spotlighting elite artists and brands from India.
According to a market research study published by Blockchain Gaming Market, the market will grow at a CAGR of around 60.4% between 2022 and 2032 to $772.7 billion. The growth is seen to be driven by rising NFTs and digital ownership.
Now Read: Floki's New Token Rallies 10% To Outshine Dogecoin, Shiba Inu: 'More Than Just A Meme Coin'
Photo: Shutterstock
