Axie Infinity Leads The Surge In Web3 Gaming Tokens
Tokens associated with web3 gaming projects have experienced significant gains in value during the last week. At the top of the list of the 100 cryptocurrencies by market capitalization are ApeCoin (APE), Iluvium (ILV), and Axie Infinity (AXS).
Axie Infinity is a non-fungible token-based online video game developed by Vietnamese studio Sky Mavis, known for its in-game economy which uses Ethereum-based cryptocurrencies.
Notable growth has been seen in Axie Infinity, which increased by 36% to a high of $7.49, the highest level in over six months. During the week, developer Sky Mavis announced a number of noteworthy announcements, including as the return of “Axie Classic,” the original Axie Infinity monster-battling experience, and the launch of authentic Axie goods.
Commercialization rights were also provided to owners of rare Axie NFTs, enabling them to use their creatures for a variety of projects and goods.
The current rise in interest in Axie Infinity may be ascribed to Ronin, an Ethereum sidechain network intended for blockchain gaming. Beyond Axie Infinity, Ronin has gained prominence after the release of the video game Pixels, which was formerly based on Polygon.
The price of the RON token has increased by 27% in the last week to $1.06 due to the recent treble growth in the number of active wallet addresses on Ronin.
Over the course of the week, ApeCoin (APE) saw a 5% increase in value, hitting $1.57 per token. Over the weekend, APE hit its highest price in more than three months, hitting $1.77. APE will be the underlying currency for the soon-to-be Otherside metaverse game and is connected to the Bored Ape Yacht Club NFT ecosystem.
On the other hand, Illuvium (ILV) had a sharp increase due to a listing on the Epic Games Store on November 28. The game, created by Illuvium Labs, makes use of the ImmutableX network and Unreal Engine 5. In the month after the announcement, ILV increased by more than 123%, hitting $122.
Also over the past week, Stepn (GMT) popped by 11% this week to nearly $0.29 and the Treasure (MAGIC) gaming ecosystem token jumped nearly 24% to $0.83 after announcing plans to launch its own chain.
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