GameFi market value has increased by over 6% in the last 24 hours, outperforming the rest of the cryptocurrency market, which saw a 2.2% increase during the same period. According to CoinGecko data, the total value of crypto assets associated with Web3 games is currently at the level of 32.7 billion dollars.
Intense Interest in the GameFi Sector
Tradingview data indicates that GameFi crypto assets, such as Gala, have shown an increase of over 3% in the last 24 hours. Gala serves as a governance token within the Gala Games community, used for in-game purchases and voting rights. However, looking back at the monthly view, the rally in Web3 games becomes more pronounced.
In the past 30 days, Gala has increased by 228%, The Sandbox‘s Sand token by 91%, and Axie Infinity’s AXS by 71%. According to Nansen analyst Edward Wilson, this superior performance indicates that significant investor activities are moving along the risk curve. Wilson shared the following statement:
“As the market starts to heat up, investors are looking for higher returns beyond major cryptocurrencies like Bitcoin and Ethereum.”
The Nansen analyst pointed to the upcoming Game Developer Conference event next week as a driving force behind Web3 game developer activities. The analyst shared this comment on the subject:
“Game tokens are on the rise with the anticipation of this upcoming event.”
Noteworthy Details in the Crypto Market
The main tokens related to the cryptocurrency sub-sector of artificial intelligence also made significant gains last week. Render’s native token RNDR, which helps artists access computing power to create generative AI art, gained over 64% in value last week and is currently trading at $11.99.
The Graph protocol’s native token GRT is also joining the recent rally of AI-related tokens. Its price increased by 42% last week and is currently trading at $0.44. GRT’s price has increased by 164% over the past month. The GM 30 Index, representing the top 30 cryptocurrencies, rose by 2.76% in the last 24 hours to 156.67.
