Metaverse game tokens like Ethverse (ETHV), The Sandbox (SAND), GameSwap (GSWAP), Yield Guild Games (YGG), and Axie Infinity (AXS) are among the altcoins that dropped in the green in November, Bitcoin, Ether and the most of the market is bleeding.
Best performing crypto sector
The market capitalization of the emerging division of the blockchain universe has grown by more than 9% in the last 24 hours and nearly 8% in the last seven days to $ 17.42 billion. Its gains came after upward moves in ETHV, SAND, GSWAP, YGG, AXS and other markets.
The performance of the tokens over the last 24 hours and seven days | Source: Messari
Meanwhile, around 140 tokens in the DeFi sector have posted an overall loss of almost 10% in the past seven days.
Performance of the cryptocurrency sector for the past seven days | Source: Messari
However, its aggregate crypto market cap fell more than 14.5% to $ 2,470 billion.
Game tokens are not only better in dollars but also in BTC and ETH for the past 24 hours.
For example, SAND, the native token of The Sandbox’s virtual world – where players can build, own and monetize their gaming experiences – has grown by more than 27% compared to Bitcoin and Ether. Additionally, ETHV, a relatively unknown NFT asset, has more than doubled against the top two cryptocurrencies.
Daily frame SAND price chart | Source: TradingView
The flow of capital from top crypto assets to the crypto gaming sector coincided with a number of optimistic updates.
These include Andreessen Horowitz, who leads a $ 5 million funding round for Seattle-based blockchain game startup Irreverent Labs, and Polygon’s announcement that it is hosting a $ 100,000 hackathon to help developers Promote, develop, build and launch games that run on blockchain.
In another instance, stocks of South Korea-based online gaming company WeMade rose more than 400 percent on Nov. 11, to a market cap of more than $ 5 billion.
WEMADE daily frame price table | Source: TradingView
WeMade’s profits come after the launch of blockchain-based MIR4 games like Axie Infinity and The Sandbox, which players can use to earn cryptocurrency by converting items on the platform into digital assets.
Overall, the blockchain gaming sector seems to be creating its own niche. Arjun Kalsy, Vice President, Growth at Polygon said:
“With the Web3 model of play-to-earn, where players can monetize their time and performance in the game, this market will grow many times over in the years to come.”
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According to Cointelegraph