Web3 gaming tokens outperform market as hype reaches critical levels

The web3 gaming sector has seen growing interest from investors, resulting in notable price surges for gaming tokens in recent weeks, based on CryptoSlate data.

Gaming has outperformed other crypto market sectors with an 800% increase in value over the past months. Industry experts believe that gaming is a key narrative 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 caused both tokens to surge more than 2x over the past few weeks, with IMX continuing its blistering climb into the weekend.

VanEck’s Optimistic Forecast

Immutable’s IMX token has experienced a notable surge in value, driven by positive forecasts from investment manager VanEck.

The asset manager anticipates that IMX is poised to become 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 much-anticipated Illuvium.

The IMX token witnessed a remarkable 7% increase in value on a single day, reaching $1.56. VanEck’s predictions have played a pivotal role in bolstering 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 highlight that these projects, backed by significant funding and years of development, are set to 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 considerable 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, boasts a market capitalization exceeding $620 million and has attracted a substantial following, making it a potential catalyst for mainstream adoption of Web 3 gaming.

These impressive gains across various gaming tokens underscore 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 the realm of entertainment.

Hype full steam ahead

The hype around Web 3 gaming is continuing to gain steam following the recent success of ILV and IMX, and investors are starting to accumulate tokens with the “hottest narrative,” such as the newly launched Celestia (TIA), which is up more than 500% since its launch.

Meanwhile, most tokens connected to gaming ecosystems or projects close to launching are up more than 200% over 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 posted monumental gains of more than 200% and 350%, respectively, over the past month as investors look to capitalize on presales of upcoming games.

The trend is also lifting veteran projects like GALA and AXS, which are up 43% and 36% on a monthly basis, respectively.