The narrative of the year so far is three months of rising tide, followed by more unsettled waters. The upside of course is that more volatile conditions are better in terms of separating the wheat from the chaff.
So, at a quick look at how the recent downturn has impacted the sector, it’s clear that the overwhelmingly positive sentiment has changed. Whereas all but four of the 20 gaming tokens in the top 300 ranked cryptos were still in the green at the end of Q1, now only seven of the 21 gaming tokens in the top 300 are up year-to-date.
So what’s changed the most?
Notable is that top gaming crypto IMX from Immutable, which is now down YTD, is also slipping in the top crypto rankings. At one point it was in the top 25 but now it’s at #42.
Another notable change is Ronin’s RON token flipping Axie Infinity’s AXS token. This was something that seemed inevitable in the medium term – the value of the blockchain versus the value of the game running on the blockchain – but now it’s only happened due to AXS having lost value faster than RON over the past 30 days.
Indeed, the only two tokens to have increased their value in the past month are Yield Guild Gaming’s YGG, which is still holding onto some gains from its launch on Ronin, and GTA-in-Miami’ Wilder World’s WILD token. Wilder World’s racing game demo is currently preparing for its Epic Games launch, and has also signed a deal with Samsung as part of its forthcoming web3 TV bundle.
Despite these conditions, one prominent token stands out as a winner. Parallel Studios’ PRIME token, which as well as being live in its TCG Parallel, is building plenty of anticipation thanks to forthcoming AI sci-fi simulator Colony, albeit not due until early 2025. PRIME is up 108% YTD.
Also picking up momentum, although not within the top 300 cryptos yet, is the GOG token from Immutable’s mobile RPG Guild of Guardians, which launches on app stores on 15th May.
Up 83% YTD, it’s the only token to have seen its price rise constantly across all time metrics during 2024.
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