The crypto market reached $1.4 trillion over the past weeks, a recognizable bull in the industry. Equally, in the GameFi sector, there is a rise in the top gaming tokens. This year alone, the market valuation of the GameFi sector has increased by $4.6 billion, now its value of $11.5 billion.
Top Gamefi Tokens and Gains
A few GameFi tokens had seen some ‘hype’ over the past week. GameFi tokens are the currency of gaming. They are used for in-game transactions and to earn rewards in it. They also help with gaming decisions that influence the game’s development and operations. The GameFi token economy grew from $6.95 billion in January 2023 to $11.49 billion in November 2023.
Now, leading GameFi tokens are aggregately valued at $11.5 billion. This represents approximately 0.82% of the total $1.4 trillion crypto economy, less than 1%. Internet Computer (ICP) is the largest game token by market cap.
The value has increased by 8.1% from $1.9 billion. Immutable x (IMX), the second-largest GameFi coin, saw a rise of 57.7% this week, with the market valuation reaching $1.35 billion.
Notably, four other GameFi coins posted triple-digit gains during the seven days, with netvrk (NTVRK) sparking a 319% increase, planet ix (IXT) increasing by 261%, and sinverse (SIN) advancing by 185%. Senate (SENATE) by 71.5% and Sipher (SIPHER) risen by 109.1%, the virtua kolect (TVK) by 86.3%, Katana Inu (Kata) has also seen a significant 4.19% increase over the past week to this time of writing, while Illuvium (ILV) also increased by 71.2% this past week.
However, two GameFi tokens underperformed:affyn (FYN) declined by 28%, and Starlink (STARL) declined by 11.1% against the U.S. dollar. While the allure of the metaverse and GameFi has diminished compared to the excitement surrounding the artificial intelligence (AI) sector, the leading GameFi token ecosystem remains significantly more valuable than the AI crypto token economy, which is currently valued at $3.37 billion.
