The GameFi sector has shown a 6% increase in market capitalization within the last 24 hours, surpassing the broader cryptocurrency market’s 2.2% growth, according to CoinGecko. The total value of web3 gaming tokens now stands at $32.7 billion.

In recent developments, GameFi tokens like FLOKI have seen a 3% surge in value. The FLOKI token has experienced a 21% increase in the past 24 hours and is primarily used within the Floki ecosystem for transactions, rewards, and governance, allowing holders to participate in decision-making processes.

“Gaming tokens are on the rise, fueled by the anticipation of this upcoming event,” Wilson said.

A broader look at the past 30 days reveals significant gains in the sector: Gala has surged by 200%, The Sandbox’s Sand token has increased by 65%, and Axie Infinity’s AXS has risen by 65%.

Nansen analyst Edward Wilson attributes this performance to a shift in investor activity towards higher-risk investments. He noted that investors are venturing beyond well-known cryptocurrencies for higher returns as the market heats up.

Wilson highlighted the Parallel trading card game, which utilizes the Prime token, to showcase the expansion of interest in web3 gaming. Parallel has formed notable partnerships with Coinbase and OpenSea, showing resilience during market downturns.

The upcoming Game Developer Conference is anticipated to boost developer activity in web3 gaming, further fueling the growing interest in gaming tokens.

For more updates on the cryptocurrency market, continue exploring news on Global Crypto News.

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