GameFi studios are booming once again as crypto prices recover

Published: July 11, 2024 at 2:40 pm Updated: July 11, 2024 at 2:40 pm

The GameFi industry captured all the attention of investors during the bull run of 2020 to 2022, and now, it’s ready to make a remarkable comeback. In this article about GameFi, MPost will dive deep into the latest news in the industry.

What is GameFi?

GameFi, short for “Game Finance,” represents the mix of traditional gaming experiences with both blockchain and cryptocurrency. In this ecosystem, players can earn real-world rewards, usually as GameFi tokens or GameFi coins.

Some of the biggest names in the business are leading the way in this GameFi boom. Guild of Guardians (GOG), the flagship game developed by Ethereum Web3 firm Immutable, was just released on Google Play and the Apple App Store. Players must gather a group of Guardians in this grand journey in order to free Elderym from Dread’s grasp and get GOG tokens.

Another major competitor in the market, Animoca Brands Japan, has teamed up with Square Enix, the company behind the well-known Final Fantasy series, to produce a nonfungible token (NFT) hero game called Symbiogenesis. Each figure in this high-fantasy universe is represented by a different NFT, and players will solve puzzles and complete tasks that revolve around the themes of distribution and monopoly.

Meanwhile, with a variety of in-game NFT goods, such as heroes, equipment, and priority passes, the Arbitrum-based action role-playing game Seraph: In the Darkness has already reached sales of almost 11,000 Ether. The game is still being developed and is now in its preseason phase.

In the GameFi arena, newcomers are also making waves. Take Pixels, a casual Web3 game that offers an open-ended world of farming and exploration. It recently achieved a milestone of one million daily active players and made $4.4 million in token revenue from in-game purchases and VIP subscriptions in the previous month.

While Axie Infinity dominated the previous cycle, accounting for over two-thirds of all blockchain GameFi NFT transactions, new competitors have arisen, each with the potential for a price increase that is parabolic and their own distinct offerings.

The GameFi movement has been spearheaded by Immutable (IMX), whose coin value has grown by an astounding 200% in the last year, according to CoinMarketCap statistics. The recent news that BadMad Robots would only be available on Immutable’s zkEVM has only served to increase the project’s optimistic vibe.

With over 20 green technical indicators and IMX trading above average, analysts are still positive about the stock’s prospects. Immutable might rise to $4 in the second quarter of 2024, according to some analysts, cedarshing its reputation as a coin to watch in the GameFi arena.

The unique way that KangaMoon combines SocialFi with P2E mechanics makes it stand out. Players will be able to get KANG tokens in KangaMoon’s future P2E game through the completion of challenges, tournaments, and matches.

Although KangaMoon is now in the Bonus Stage, its presale specialists are optimistic about the company’s future, especially in light of its impending BitMart listing and the impending launch of another Tier-1 centralized exchange (CEX).

The pioneer of blockchain-based monster-battling games, Axie Infinity (AXS), is still making progress in the GameFi space. The declaration of a new milestone—that is, the achievement of a record-breaking almost 50,000 participants in the Daily Bounty Board quest to collect AXS rewards—corresponded with a 5% increase in the price of Axie Infinity coins, according to CoinMarketCap statistics.

The continued appeal of the Axie Infinity world is demonstrated by the nearly 50K participants the Daily Bounty Board has drawn since its launch in April.

Gala (GALA), a well-known participant in the peer-to-peer (P2E) gaming market, has gained notice lately due to a 40% spike in its coin price year-to-date, as per CoinMarketCap statistics. The introduction of “May Mayhem,” a month-long program of activities that provide users with different rewards, has increased user interest in GALA even more.

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