Gaming cryptocurrencies have gained popularity during the previous bull market, offering a mix of investing and entertainment through the play-to-earn model. However, many games were rushed to market without proper development, resulting in financial losses for gamers and investors. To assist investors and gamers in identifying solid projects in the current gaming cryptocurrency and Web3 ecosystems, Finbold has analyzed the top projects with the highest development activity.
According to data from Santiment, MultiversX (EGLD) has emerged as the top gaming cryptocurrency, with an activity rating of 235.47 in the last 30 days, despite a 20.5% drop. Decentraland (MANA) follows in second place with a rating of 144.23 and a 48.05% loss. Additionally, Nine Chronicles Gold, ImmutableX (IMX), and Skale (SKL) have development activity ratings of 102.7, 76.87, and 42.83, respectively.
MultiversX, formerly known as Elrond, has seen a significant increase in development activity throughout the year, surpassing Decentraland in the gaming category. The project has implemented sharding technology for high scalability while maintaining accessible running nodes with low CPU requirements. Despite trading at 7-month lows, MultiversX’s native token, EGLD, has seen a surge in spot trading volume, indicating renewed market interest in the project.
In terms of decentralized finance (DeFi), MultiversX has attracted investors with $125 million in total value locked (TVL) among its protocols, ranking 39th among competitors. With a market cap-TVL ratio of 7.54, MultiversX’s token may be oversold relative to the value of its DeFi ecosystem, presenting a potential investment opportunity at current prices.
The gaming industry is experiencing significant growth, with revenues reaching $184 billion last year and projections indicating a $200 billion market by 2024. Mobile games dominated the industry in 2023, accounting for 45% of total revenue. As the gaming market continues to expand, projects like MultiversX could benefit from increased demand and potentially capitalize on a share of the market.
It is important to note that the content provided should not be considered as investment advice, as investing in cryptocurrencies carries inherent risks. Investors should conduct their own research and consider the volatile nature of the market before making any investment decisions.
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