Key Takeaways
- Immutable is set to announce a major partnership today.
- Play-to-Earn tokens market cap of $7.15 billion represents over half of GameFi’s market cap.
- GameFi adoption is set to benefit greatly from pro-crypto regulations in the U.S.
The Web3 gaming and GameFi token market has experienced a powerful boom amidst broader sentiment as play-to-earn (P2E) tokens and Immutable (IMX) see double-digit gains in the past 24 hours.
Immutable (IMX) Soars
Leading the gains overall is Immutable (IMX), which surged from $0.46 to just over $0.68 before settling at around $0.65. It’s up a sturdy 40.7% in the past 24 hours. Its market cap currently hovers under $1.2 billion.
Immutable’s pump comes in tandem with a bullish but vague post from co-founder Robbie Ferguson, who has teased the reveal of a “multi-billion-dollar” partnership that has been years in the works.
Immutable, easily one of the leading Layer-2 networks for gaming and non-fungible tokens (NFTs) on Ethereum (ETH).
As Robbie demonstrates, the network has signed 344 “well-funded” gaming titles and garnered five million Passport wallet signups in the past year.
It remains yet to be seen just who this partnership will be with, though it may be an evolution of its current one with gaming giant, Ubisoft, which it inked back in 2023.
The news also comes a month after the U.S. Securities and Exchange Commission (SEC) dropped its investigation into the firm.
Web3 Gaming Tokens
According to CoinGecko data, the GameFi token market cap has increased 10.1% to $12.2 billion over the past 24 hours, with trading volumes standing at $3.1 billion.
The P2E token category is up 12.1% and is the largest within GameFi, representing over half, roughly $7.15 billion, of the sector’s market cap.
This category comprises tokens from Immutable (IMX), The Sandbox (SAND), GALA (GALA), Ronin (RON), and Axie Infinity (AXS), which can be earned and awarded through gameplay within their respective ecosystems.
It’s looking like 2025 will be the year for Web3 gaming, with AAA releases, PlayStation 5 titles, and the White House tapping Web3 developers to build games for them.
It’s an extraordinary time for Web3 gaming, and there are many developments and launches yet to come this year.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
