GameFi tokens across the cryptocurrency market are rallying, with significant double-digit price increases over the past couple of weeks. Well-known tokens Axie Infinity (AXS) and Sandbox (SAND) are seeing two-week price gains of 26.24% and 23.97%, respectively.
Ahead of both is PlayMining, whose DEAPcoin (DEP) token gained 38.48% over the same time period, shooting up as high as 61% on November 6. The DEP token has been exhibiting a significant upward trend since October 25 following an announcement by their co-founder and co-CEO, Kozo Yamada. After a year of downward slipping prices, DEP appears to be on a rebound.
The token’s recent favorable market performance appears to be tied to their announcement of very high-level partnerships with governmental organizations and corporations to offer solutions. This past year has seen PlayMining chase a number of very bullish premium opportunities, which put them on par with the biggest names in the GameFi industry.
Global GameFi Overview
In 2021, the global GameFi market size was just $9 billion. By 2031, the rapidly growing sector in the blockchain industry is expected to reach $90.51 billion. According to DappRadar statistics, gaming transactions accounted for 49% of all blockchain transitions in 2022—almost half of the transactions across the whole blockchain industry.
DappRadar statistics also reveal that in the past month alone, gaming has increased its Web3 dominance by 62%, which is up 10 percentage points from September 2023, with 1.66 million daily Unique Active Wallets (UAWs) interacting with gaming dApps in October.
The onslaught of trends in the GameFi space has been continuous. The ever-evolving X-to-Earn models such as Move-to-Earn, Learn-to-Earn, and Wear-to-Earn have not stopped. Earlier this year, AAA gaming studios added NFTs to their headliner franchises, with the most famous being Square Enix’s internationally acclaimed Final Fantasy RPG series.
Within the Web3 gaming space itself, high-quality games meeting triple A standards are being churned out, including the likes of Illuvium, Delysium, and Sorare, while infrastructure blockchains catered specifically for blockchain gaming, such as Oasys and Immutable zkEVM, continue to be built and developed. At this rate, one thing is clear—the Web3 gaming industry is only going to keep expanding.
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