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What factors are driving the gaming tokens market cap beyond $30 billion, and which tokens are leading this surge?
Gaming crypto tokens are experiencing significant growth, generating excitement among traders with positive market sentiments. Over the last week, the market cap for gaming crypto tokens has surged by nearly 11%, reaching over $30 billion as of June 6.
Notcoin’s Rise
Leading this surge is Notcoin (NOT), which has experienced a 135% increase in value, now trading at $0.02187. Notcoin’s market cap has soared to $2.24 billion, placing it among the top 50 cryptocurrencies by market cap. With 24-hour trading volumes exceeding $1.8 billion, it also ranks 9th among the most traded crypto assets.
A key factor behind Notcoin’s rise is its integration with Telegram. This partnership allows Telegram’s vast user base—over 1.5 billion registered users and more than 800 million active users—to access and use Notcoin easily. Notcoin’s Play-to-Earn (P2E) model on Telegram enables users to engage in various games and tasks directly within the app, earning Notcoin as a reward.
Floki’s Steady Climb
Following closely is Floki (FLOKI), which has gained over 30% in the last week and surged by more than 64% over the past month, trading at $0.000315. The recent boost in Floki’s value can be attributed to a move by the crypto trading firm DWF Labs. They announced plans to purchase $12 million worth of FLOKI tokens from the open market and the Floki treasury.
This move builds on a previous commitment in February 2024, where DWF Labs bought $10 million worth of FLOKI tokens, resulting in a 50% jump in prices the following week. The Floki team is preparing to launch the mainnet version of its flagship utility product, the Valhalla metaverse game, later this year. DWF’s substantial investments are expected to support this venture and provide the necessary liquidity for growth.
Buzzing Crypto Gaming Market
The crypto gaming market is buzzing with excitement, driven by recent developments and substantial investments. The Xai Foundation’s initiative to integrate traditional Web2 developers into the crypto world is a prime example. They are teaming up with venture capital firm Outlier Ventures to launch the Xai Tokenomics Bootcamp. This bootcamp is designed to help developers transition from traditional gaming models to blockchain-based ones, focusing on game asset ownership, token use, player rewards, and security.
The first quarter of 2024 has been favorable for the crypto market. The culmination of the crypto industry’s long battle against the SEC and the approval of spot Bitcoin ETFs in the U.S. have reinvigorated investor sentiment. According to DappRadar, in the first quarter alone, investments hit $288 million, with April seeing investments soar to $988 million, the highest monthly investment since January 2021. The average unique active wallets for gaming dApps almost hit 3 million daily in April, a record-setting figure, almost 28% of the entire dApp industry.
Big players like a16z, Bitcraft Ventures, and Ubisoft Studios are investing heavily in this space, showing their strong belief in the future of Web3 gaming. This surge in investment is reminiscent of early 2021, when new technologies like NFTs and DeFi protocols drove massive interest.
Decoding the Buzz: Ethereum’s Account Abstraction and Layer-3 Solutions
This time, the buzz is about Ethereum’s (ETH) new tech called Account Abstraction and the rise of Layer-3 blockchain solutions. Account Abstraction replaces traditional wallets with programmable smart contracts, making the user experience smoother and more secure. It eliminates the need for seed phrases and allows for familiar login methods like email or Google accounts. Plus, it introduces sponsored transactions, reducing the burden of gas fees.
Layer-3 solutions, or application-specific blockchains, make transactions faster and cheaper. Combined with Account Abstraction, these technologies promise a seamless, free-to-play gaming experience that’s just as good, if not better, than traditional Web2 games.
The broader trends indicate that the current bull market may also boost the crypto gaming market, potentially leading to more gains. However, trade wisely and never invest more than you can afford to lose.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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