As the hype reaches a critical level, Web3 gaming tokens outperform the market

The game has outperformed other areas of the cryptocurrency market, with an 800% increase in value over the past few months.

The data shows that the growing interest of investors in the web3 gaming space has led to a significant spike in the price of gaming tokens in recent weeks.

The game has outperformed other areas of the cryptocurrency market, with an 800% increase in value over the past few months. Industry experts believe that gaming is a key factor in the upcoming bull market, with many projects ready or about to launch.

Web 3 Chain Tour Ranking

A recent research report published by VanEck on Immutable’s IMX token and the launch of Illuvium (ILV) on a mainstream gaming platform has caused both tokens to soar more than 2x over the past few weeks, with IMX continuing to climb strongly over the weekend.

VanEck’s Optimistic Forecast

Driven by a positive forecast from investment manager VanEck, the value of Immutable’s IMX token has surged significantly.

The asset manager expects IMX to become one of the top 25 tokens by market capitalization, with its growth closely tied to the expected launch of high-budget blockchain video games, including the highly anticipated Illuvium.

The IMX token saw a massive 7% increase in its value in a single day to $1.56. VanEck’s predictions have played a key role in boosting investor confidence in the potential of IMX.

Meanwhile, VanEck analysts Matthew Sigel and Patrick Bush expressed optimism about how Illuvium and similar projects could be another catalyst for the Immutable token price.

They highlighted that these projects, supported by significant funding and years of development, will launch in 2024 and have the potential to attract players on a scale comparable to traditional AAA games.

Illvium released on Epic

Illuvium is a blockchain-based gaming project built on the ImmutableX platform and powered by Unreal Engine 5 that has garnered considerable attention in the Web 3 gaming space. Illvium is working on several games with the aim of releasing games that will compete with the most popular non-blockchain games on the market.

The project’s native token, ILV, has a market cap of over $620 million and has attracted a large following, making it a potential catalyst for mainstream adoption of Web 3 gaming.

These impressive gains from various gaming tokens highlight the potential for further growth and innovation in the industry. As blockchain technology continues to reshape the gaming landscape, these tokens are paving the way for a transformative future in the entertainment sector.

Hype full speed ahead

With the recent success of ILV and IMX, the hype around Web 3 gaming continues to heat up, and investors are starting to accumulate tokens with “hottest narratives”, such as the newly launched Celestia (TIA), whose share price has risen by more than 500 points since its launch.

At the same time, most tokens related to the gaming ecosystem or upcoming projects have risen by more than 200% in the last four weeks, including DeFi Kingdoms, DeFi Land, Big Time, and EPIK Prime, among others.

Similarly, gaming launchpad tokens such as Seedify and SIDUS have also seen huge gains of more than 200% and 350%, respectively, over the past month, as investors look to capitalize on the presale of upcoming games.

This trend has also led to the growth of established projects such as GALA and AXS, which saw monthly growth of 43% and 36%, respectively.