Whether viewed as a bubble or not, recent developments in the cryptocurrency space signal a resurgence. Crypto sentiment is on the rise, with NFT sales exceeding $1.1 billion in over 8 million transactions in the last 30 days, and major gaming blockchains and tokens following suit.
VanEck, an investment firm, recently shared its crypto predictions for 2024, including a mention of Immutable's utility token IMX. While focusing on the future values of Bitcoin and Ethereum, VanEck also anticipates that "Blockchain gaming will see at least one title surpass 1 million+ daily active users." The report specifically highlighted that "IMX is most likely to become a top 25 coin by market cap with the release of Illuvium, Guild of Guardians, and other high-budget games in 2024." Subsequently, the token surged by 45%, as reported by Coingecko.
This report coincided with Immutable's announcement of a collaboration with gaming DAO Merit Circle to integrate the Beam subnet into its gaming ecosystem. The BEAM token has seen a notable increase, rising over 165% in the last 30 days.
In Q4 2023, Sky Mavis' gaming blockchain Ronin has seen significant growth, with the value of its RON token increasing by 99% over the last 30 days and a remarkable 476% growth throughout 2023. Factors contributing to Ronin's positive outlook include an expanding range of validators, over 150 million staked RON, 14,000 delegators, and $645 million in Total Value Locked, primarily in terms of staked AXS. The value of AXS is also on the rise.
Despite a slight dip in The Sandbox's SAND token since the end of 2022, the last six months have shown a contrasting trend, with the token up 23% in the last 30 days.
Other notable gaming tokens experiencing a rise include Mythical Games' MYTH. Additionally, OAS is poised for continued growth as Ubisoft's anticipated Champions Tactics Grimoria Chronicles prepares for its Warlords mint on December 18th and game launch on the Oasys blockchain in Q1 2024.
As we enter 2024, the crypto space not only anticipates major game launches and mints but also provides strong reasons to believe in the ecosystems underpinning these games. In the words of economist Tyler Cowen, recent events signal open and growing possibilities, painting a picture of a world where crypto is expanding rather than being shut down.
