Key Takeaways
- Animoca Brands has invested in hundreds of Web3 gaming projects and startups.
- TOWER is trading up 70% following Animoca’s token buyback announcement.
- Web3 gaming tokens have surged in July with a 20% increase in market cap to over $20 billion.
Web3 gaming investment giant Animoca Brands is throwing its weight behind Tower (TOWER) and has commenced support with a hefty token buyback that drove the crypto’s price up by over 70%.
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Token Buyback
“Web3 gaming is alive and important to the development of on-chain economies,” Animoca CEO Yat Siu said as he announced public support for Tower, by pledging to purchase the token on the open market.
The Tower Ecosystem is one of Animoca’s earliest community-centric Web3 gaming projects.
Siu notes it launched without traditional investor rounds, and explains that it is currently trending thanks to its Wreck League game becoming the number one app on Coinbase’s Base and Farcaster.
Tower is also home to Crazy Defense Heroes, and in both games, players are able to leverage crypto for in-game purchases, earn as rewards, and governance.
The TOWER token buyback serves a few purposes, though primarily it provides the Tower Ecosystem with fresh direct capital.
Buybacks can have a positive influence on the price of a token as they usually lower its circulating supply, creating scarcity and demand.
Brilliantly for TOWER holders, the news resulted in a huge 70% gain for the token.
Web3 Gaming
As noted by Siu, the move echoes a similar partnership between Animoca and Cross the Ages (CTA), one of the newest and most ambitious upcoming Web3 games and gaming ecosystems.
In this instance, Animoca threw its support behind CTA, offering industry expertise to aid in the game’s development, marketing, tokenomics, and providing liquidity.
Presumably, Animoca will be offering similar levels of support to Tower, as CTA has become one of the most prominent community-backed, high-quality projects to enter the market in recent months.
Indeed, Web3 gaming is alive, as player-built driven economies and virtual worlds flourish across titles like MapleStory N, EVE Frontier, Axie Infinity, and others — many of which are under Animoca’s gigantic Web3 gaming investment portfolio.
Overall, the market is performing well, with Web3 gaming tokens now comprising a $19.51 billion market cap, an increase of 20% in the past 30 days.
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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.
