GameFi Sector Experiences Growth Amid Market Fluctuations
The GameFi sector has seen an 8% increase in its market capitalization, reaching $18.2 billion, although trading volumes have faced a decline. As the month of October, often referred to as “Uptober,” begins, the gaming tokens are witnessing a surge in activity. Bitcoin has surged past $121,000 for the first time since mid-August, while Ethereum has reached a three-week peak. Additionally, BNB has set a new all-time high, prompting enthusiasts to wonder if the market is truly on the rebound. As major gaming tokens thrive, Moon Tropica (CAH) has impressively surged by 100% over the past week.
AlphaTON Pursues Acquisition of GAMEE
This week has been particularly eventful for the GameFi industry. Animoca Brands, in collaboration with Nasdaq-listed AlphaTON Capital, is looking to acquire a 51% share in GAMEE, which includes its GMEE and WAT tokens. In a conversation with co-founder Yat Siu during a Token2049 side event, he expressed optimism about the long-term prospects of gaming. Should the acquisition finalize, AlphaTON will also acquire $3 million in GMEE and $1 million in WAT from the market, significantly enhancing its digital asset portfolio. This acquisition could position GAMEE as the inaugural Nasdaq-listed Web3 gaming entity.
The Sandbox Launches SANDChain
In parallel with this, The Sandbox has announced the rollout of SANDChain, a Layer-2 solution powered by ZK technology on Ethereum. This initiative aims to empower creators with complete control over their content, earnings, and communities. During an update at Korea Blockchain Week, founder Sebastien Borget teased a series of forthcoming developments associated with this launch.
THORWallet Introduces Gamified DeFi Features
In another significant update, THORWallet is enhancing its DeFi offerings by introducing gamified raffles. This new feature allows engaged users to participate in free prize pools, fostering a vibrant community atmosphere and increasing user participation.
Challenges for Eternal League
However, not all news in the sector is positive. The Web3 game Eternal League has announced a halt in development due to funding issues, although players will still be able to access servers until the end of 2025.
Current Recommendations for Investors
In light of recent developments, investors are encouraged to keep an eye on macroeconomic events that could influence market dynamics. Additionally, those interested in the $PLAY airdrop should follow Play Solana for qualification details. Finally, it’s advisable for users to secure their assets by updating their crypto wallets to mitigate potential vulnerabilities associated with Android-based Web3 games.
