Junes Best Gaming Cryptocurrencies Based on Development Activity
The world of gaming cryptocurrencies gained popularity during the last bullish market phase by introducing the innovative play-to-earn concept that combined investment opportunities with entertainment. However, many games were hastily developed and launched to capitalize on the trend, ultimately causing financial losses for both gamers and investors due to flaws and unsustainable economic models.
In light of this, Finbold has examined the current landscape of gaming cryptocurrencies and the Web3 ecosystems that are experiencing the highest levels of development activity. This analysis aims to provide investors and gamers with valuable insights into the robust projects that are creating Web3 games and competing at the highest levels in this current cycle.
Publicly available data from Santiment has identified the top five cryptocurrency projects that fall under the gaming category. Notably, MultiversX (EGLD) has stood out with an activity score of 235.47 over the past 30 days, despite a 20.5% decrease.
In second place is Decentraland (MANA) with a score of 144.23, experiencing a loss of 48.05% in the same period. Additionally, Nine Chronicles Gold scored 102.7, while ImmutableX (IMX) and Skale (SKL) scored 76.87 and 42.83, respectively.
MultiversX (EGLD) has emerged as the leading gaming cryptocurrency in terms of development activity, overtaking previous leader Decentraland. Formerly known as Elrond, MultiversX has been steadily increasing its presence among Web3 gamers and game developers throughout the year.
A year-over-year chart from Santiment indicates a significant surge in the project’s development activity starting in January. The 7-day indicator has increased from 1097 to 1605, marking a 46% year-to-date growth.
MultiversX distinguishes itself as a layer-1 blockchain platform competing with major cryptocurrencies like Ethereum (ETH), Solana (SOL), and Cardano (ADA). It is recognized for its strong presence in the gaming sector and is the only fully functional blockchain that has fully implemented sharding technology for enhanced scalability while maintaining accessible running nodes with low CPU requirements.
Despite EGLD trading at 7-month lows with a price of $34.96, a notable increase in spot trading volume suggests a potential resurgence of market interest in MultiversX.
In terms of decentralized finance (DeFi) activity, MultiversX has attracted investors with a total value locked (TVL) of $125 million across its protocols, ranking 39th among its competitors according to data from DefiLlama as of June 8. With a market cap-TVL ratio of 7.54, EGLD may offer an opportunity for investors due to potential undervaluation of its token in relation to the value of its DeFi ecosystem.
The gaming industry generated $184 billion in revenue last year, with projections indicating a growth to $200 billion by 2024, as reported by Newzoo. Mobile games are expected to dominate with a 45% market share in 2023, reaching $90.5 billion. Therefore, even a small market share in this industry could significantly boost the demand for MultiversX, which currently boasts a market capitalization of $1 billion.
Disclaimer: The information presented in this article should not be construed as investment advice. Investing in cryptocurrencies involves risk, and investors should exercise caution when making financial decisions.