{"id":193116,"date":"2023-11-14T08:41:44","date_gmt":"2023-11-14T03:11:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=193116"},"modified":"2023-11-14T08:41:44","modified_gmt":"2023-11-14T03:11:44","slug":"gamefi-tokens-outshine-with-sharp-recovery-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/gamefi-tokens-outshine-with-sharp-recovery-crypto-news\/","title":{"rendered":"GameFi Tokens Outshine With Sharp Recovery – Crypto News"},"content":{"rendered":"

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GameFi tokens are continuing to rally, with many of the sector’s leading projects posting double-digit gains for several consecutive weeks.<\/p>\n

Data from CoinGecko shows that half of the ten largest GameFi projects gained more than 10% in the past week, with Immutable (IMX) rallying 35%, Illuvium (ILV) gaining 27%, and The Sandbox (SAND) jumping 12% over the past seven days.<\/p>\n

ILV and IMX also spiked more than 100% in the past four weeks, while The Sandbox is up 52%. Axie Infinity tokens also enjoyed impressive gains, with AXS rallying 43% and SLP surging 70% since mid-October.<\/p>\n

Archived data shows that the GameFi sector\u2019s market cap grew 23%<\/a> to $11.5B since Oct. 30.<\/p>\n

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GameFi tokens were among the digital assets hardest hit by the recent bear market, with four of the five largest web3 gaming projects still trading at a more than 95% discount compared to their all-time highs despite their recent momentum.<\/p>\n

Web3 gaming bounces back<\/h2>\n

On Nov. 13, Game7, a collective of web3 gaming developers and researchers, published<\/a> a report that found GameFi projects represented an outsized share of web3 fundraising this year, taking in $1.5B during the first half of 2023. Game7 examined 1,900 blockchain games,1,000 funding rounds, and 170 blockchain ecosystems.<\/p>\n

The report noted the sector\u2019s increasing migration over to Ethereum scaling solutions, with Polygon, Immutable, and Arbitrum enjoying an influx of new titles. However, 75% of newly released titles launched on Layer 1.<\/p>\n

\u201cThe Polygon ecosystem hosts most Web3 games today, followed by BNB and the Ethereum Mainnet,\u201d Game7 said. \u201cImmutable has emerged as the most popular L2 gaming ecosystem, followed by Arbitrum.\u201d<\/p>\n

Despite the growing number of web3 gaming titles, the report noted that just 5% of projects are fully hosted on-chain. Instead, 85% of games support on-chain assets such as NFTs and fungible tokens.<\/p>\n

Most blockchain games are free-to-play with a 69% share of the market, while 26% are token-gated \u2014 meaning users must hold a specific NFT to play the game.<\/p>\n

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