The web3 gaming sector has seen growing interest from investors, resulting in notable price increases for gaming tokens in recent weeks, based on CryptoSlate data.
Gaming has outperformed other crypto market sectors with an 800% increase in value in recent months. Industry experts believe that gaming is a major story in the upcoming bull run, with many projects ready for launch or close to it.
A recent VanEck research report about Immutable’s IMX token and the launch of Illuvium (ILV) on a mainstream gaming platform has seen both tokens rise more than 2x in recent weeks, with IMX continuing its blistering climb heading into the weekend.
VanEck’s optimistic prediction
Immutable’s IMX token has experienced a remarkable increase in value, driven by positive predictions from investment manager VanEck.
The asset manager expects IMX to be on the verge of becoming one of the top 25 coins by market capitalization, with its growth closely tied to the expected release of high-budget blockchain-based video games, including the highly anticipated Illuvium.
The IMX token witnessed a remarkable 7% increase in value in a single day, reaching $1.56. VanEck’s predictions have played a crucial role in strengthening investor confidence in IMX’s potential.
Meanwhile, VanEck analysts Matthew Sigel and Patrick Bush expressed optimism about how Illuvium and similar projects could become another catalyst for Immutable’s token price.
They emphasize that these projects, backed by significant funding and years of development, will launch in 2024 and have the potential to attract players on a scale comparable to traditional AAA games.
Illuvium’s launch on Epic
Illuvium, a blockchain-based gaming project built on ImmutableX’s platform and powered by Unreal Engine 5, is generating significant buzz in the Web 3 gaming arena. With multiple games in development, Illuvium aims to release titles that can compete with the most popular non-blockchain games on the market.
The project’s native token, ILV, has a market cap of over $620 million and has attracted a significant following, making it a potential catalyst for mainstream adoption of Web 3 gaming.
These impressive gains across several gaming tokens underline the sector’s potential for further growth and innovation. As blockchain technology continues to reshape the gaming landscape, these tokens are paving the way for a transformative future in entertainment.
Hype full speed ahead
The hype around Web 3 gaming continues to gain momentum following the recent success of ILV and IMX, and investors are starting to snap up tokens with the “hottest story,” such as the recently launched Celestia (TIA), which has soared over $500. % since launch.
Meanwhile, most tokens tied to gaming ecosystems or projects close to launch are up more than 200% in the past four weeks, including DeFi Kingdoms, DeFi Land, Big Time, and EPIK Prime, among others.
Similarly, gaming launchpad tokens like Seedify and SIDUS have also seen monumental gains of over 200% and 350% respectively in the past month, as investors look to take advantage of pre-sales of upcoming games.
The trend is also driving an increase in veteran projects like GALA and AXS, which are up 43% and 36% respectively month-over-month.