By Werner Vermaak

Compiled by: TechFlow

introduction

The fallout from last week’s cryptocurrency conference in Singapore is still reverberating and shaking up all corners of Web3, leading to some huge gains across the industry this week.

So, let’s dive into the state of crypto gaming this week!

Market Overview

The GameFi market is hot right now! According to our data, the total market capitalization has risen to approximately $22 billion, a significant increase from last week's $16-17 billion. Transaction volume has also increased significantly and currently stands at approximately $1.4 billion.

Who says crypto games are dead? Everyone thinks so!

Now we have to see if this growth can be sustained as Singapore’s attention is slowly fading.

Crypto gaming narratives heat up

The announcement of the Solana gaming console has breathed new life into the GameFi space. This comes after Sui also announced their own device, so what do these blockchains see that we don’t?

Games on Solana have failed to gain popularity since the last bull run — but as Star Atlas’ performance on Breakpoint proves, the gaming community is alive and well. At a networking event, Star Atlas and a number of other upcoming games showed off gameplay demos.

While Solana’s handheld may seem simpler, it could be a game-changer for larger-scale blockchain gaming acceptance (ahem).

As evidenced by this year’s TapFi explosion and last cycle’s Axies Infinity madness, you don’t need a AAA game to keep crypto gamers engaged. Just make it fun and worth their time.

This week's blockchain game news

World of Dypians and Seraph: In The Darkness currently lead the GameFi space in terms of active wallets, both with over 500,000 players, according to DappRadar.

Top Token Updates

Let’s take a look at the performance of the top GameFi tokens over the past 7 days:

  1. Notcoin (NOT): Leading the pack with a staggering 25.09% gain.

  2. FLOKI: Strong performance with a gain of 24.71%.

  3. Gala (GALA): Steadily rising, up 18.12%.

  4. Beam (BEAM): posted a solid gain of 13.46%.

  5. Axie Infinity (AXS): rose 5.33%, ranking in the top five.

Other notable tokens 7-day performance:

  • The Sandbox (SAND): up 2.88%

  • Decentraland (MANA): up 6.81%

  • Illuvium (ILV): up 10.60%

  • Yield Guild Games (YGG): up 10.73%

Key Observations

  • Good news: We’ve seen broad gains across many GameFi tokens this week, with multiple tokens up more than 10%. The overall increase in market cap in the space is indicative of increased investor confidence.

  • Exciting: The Solana team announced the launch of the first web3 gaming console, which could be a major driver of mainstream adoption of blockchain gaming.

  • Caveat: While the intra-week gains are encouraging, it’s important to remember that these coins are still down significantly year-to-date. Continued interest and innovation are critical to long-term growth.

The latest news on blockchain games

  1. Play Solana releases the first crypto gaming handheld: Play Solana Gen1 (PSG1) aims to revolutionize the GameFi space. Pre-orders will be announced at the Solana Breakpoint conference, and Player 1 NFT holders will have priority purchase rights.

  2. Line Next announced the launch of the Web3 Mini-Game Platform: The platform is scheduled to be launched in the fourth quarter of 2024 and aims to bring blockchain games to Line's 2 billion users. The web page method allows users to access games and decentralized applications (dapps) within the Line application. Line Next will also launch Kaia Wave, a developer program with $10 million in funding.

  3. Axie Infinity Extension Axie Pals: Sky Mavis has launched Axie Pals, a Tamagotchi-like Google Chrome extension. This AI-driven feature allows users to interact with their Axies, earn AXP points through leaderboards, and potentially earn AXS tokens.

  4. Samsung Next expands partnership with Startale Labs: The partnership will support Sony's new blockchain project Soneium through the Soneium Spark incubation program. This is a major boon for game studios as such a large-scale tech giant is entering the Web3 gaming space.

  5. Hamster Kombat Token Release: HMSTR tokens were officially launched on The Open Network (TON), with trading volume exceeding $1.2 billion on the first day. Although some players expressed disappointment with the amount of airdrops, the token’s performance puts it on par with major cryptocurrencies.

Web3 game recommendations this week

Disclaimer: The following does not constitute an endorsement of a project or its token, but rather a brief introduction to a top crypto game and its features. Please do your own research (DYOR) and exercise caution when investing.

SERAPH: IN THE DARKNESS

Seraph: In the Darkness is a popular Web3 game where fantasy and destiny intertwine in a rich, immersive universe. Here, players adventure through a world filled with ancient magic, powerful enemies, and hidden truths while finding their own path in a land of conflict and legend. This action-RPG offers a unique combination of action, strategy, and dynamic narrative that engages and challenges players at every turn.

Things you can do

  1. Stay tuned for the Play Solana Gen1 pre-order announcement. If you’re a Player 1 NFT holder, get ready to take advantage of your priority access.

  2. If you are a Line user, look forward to the upcoming Web3 mini-game platform. Developers should pay attention to the Kaia Wave program for funding opportunities.

  3. Axie Infinity players can check out the new Axie Pals expansion and start interacting to earn AXP points.

  4. Consider exploring the potential of the Hamster Kombat ecosystem given its impressive launch performance, but be aware of the potential impact of its massive airdrop.

  5. Stay tuned for more news from the Solana Breakpoint conference and progress on the Soneium project, as they may bring more exciting announcements to the GameFi space.

Remember, in GameFi, a new level is unlocked every day if you play it right - keep working on it, stay tuned, and always play smart!