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The web3 gaming industry has attracted increasing attention from investors, leading to significant price increases for gaming tokens in recent weeks, according to data from CryptoSlate.
Gaming has surpassed other sectors in the crypto market, achieving an 800% rise in value over recent months. Experts in the field suggest that gaming is a crucial narrative for the forthcoming bull market, with numerous projects either ready to launch or nearing completion.
Gaming Cryptos on CryptoSlate
A recent research report from VanEck regarding Immutable’s IMX token and the introduction of Illuvium (ILV) on a mainstream gaming platform has led to both tokens experiencing more than a twofold increase in value over the past few weeks, with IMX continuing its rapid ascent into the weekend.
VanEck’s Positive Outlook
Immutable’s IMX token has seen a significant rise in value, fueled by optimistic projections from investment firm VanEck.
The asset management company expects IMX to rank among the top 25 cryptocurrencies by market capitalization, with its growth closely linked to the anticipated launch of high-budget blockchain-based video games, including the highly awaited Illuvium.
The IMX token recorded an impressive 7% rise in value in a single day, reaching $1.56. VanEck’s forecasts have been instrumental in enhancing investor confidence in IMX’s prospects.
In addition, VanEck analysts Matthew Sigel and Patrick Bush conveyed optimism regarding how Illuvium and similar initiatives could serve as additional drivers for Immutable’s token price.
They emphasize that these projects, supported by substantial funding and years of development, are scheduled to launch in 2024 and have the potential to draw players on a scale similar to traditional AAA games.
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Illuvium’s Launch on Epic
Illuvium, a blockchain gaming initiative developed on ImmutableX’s platform and utilizing Unreal Engine 5, is creating significant excitement in the Web 3 gaming space. With several games in the pipeline, Illuvium aims to release titles that can rival the most popular non-blockchain games available.
The project’s native token, ILV, has a market capitalization exceeding $620 million and has garnered a considerable following, positioning it as a potential driver for the mainstream acceptance of Web 3 gaming.
These remarkable gains across various gaming tokens highlight the sector’s potential for continued growth and innovation. As blockchain technology progressively transforms the gaming landscape, these tokens are leading the charge toward a revolutionary future in entertainment.
Hype in Full Swing
The excitement surrounding Web 3 gaming is continuing to build momentum following the recent achievements of ILV and IMX, prompting investors to accumulate tokens associated with the “hottest narrative,” such as the recently launched Celestia (TIA), which has risen over 500% since its debut.
Additionally, most tokens linked to gaming ecosystems or projects nearing launch have increased by more than 200% in the past four weeks, including DeFi Kingdoms, DeFi Land, Big Time, and EPIK Prime, among others.
Likewise, gaming launchpad tokens like Seedify and SIDUS have also recorded substantial gains of over 200% and 350%, respectively, in the last month as investors seek to take advantage of presales for upcoming games.
This trend is also benefiting established projects like GALA and AXS, which have risen by 43% and 36% on a monthly basis, respectively.
The post Web3 gaming tokens outperform market as hype reaches critical levels appeared first on CryptoSlate.
