In summary
- The Sandbox’s SAND token rose 32.3% in 24 hours, reaching $0.8, driven by the adoption of its gaming platform on Web3.
- Despite the initial drops, gaming tokens have shown a significant recovery, with SAND rising 131% in two weeks.
- The growth of the gaming sector is reflected in other tokens such as MANA and GALA, which increased their prices by 17.5% and 21.8%, respectively.
If there’s one thing competitive games can teach us, it’s that initial setbacks don’t determine future outcomes.
A major rally is underway among major gaming tokens, with The Sandbox (SAND) leading the gains.
Its token, SAND, has seen a jump of over 32.3% in the last 24 hours, taking its price to the $0.8 level. It is also showing signs of strong momentum, with a 7-day increase of 26.2%, according to data from CoinGecko.
The numbers are more telling when compared over a longer period: SAND is up 131% in two weeks and 243% in the last month.
The Sandbox is a metaverse gaming platform based on Ethereum. In May, the game launched its own DAO, allowing token holders to decide what is important to the game and its on-chain economy.
“Gaming tokens are the backbone of the Web3 gaming ecosystem,” Gabby Dizon, co-founder of Yield Guild Games, told Decrypt. “People hold gaming tokens because they believe in Web3’s potential to redefine gaming,” Dizon added.
Notably, SAND demand generated more than $880 million in trades over the past 24 hours, an 88% increase from the previous day, according to historical data.
recovering
In early June, Decrypt reported how gaming tokens were hit hardest in the crypto market as Bitcoin and Ethereum rallies cooled.
More than 30% of these games were discontinued by the start of 2024, and the sector subsequently suffered heavy losses after the Bitcoin halving.
Despite these drops, gaming tokens have maintained significant following.
According to a Dune dashboard based on research from independent data analyst PanteraFi, SAND has a 13.4% market share in its GameFi Index, which tracks games across decentralized platforms.
“The use case for gaming tokens is about ownership. Players can own their digital assets, trade them freely, and have a say in the direction of the games they play. It’s about aligning incentives between developers and players, so that everyone benefit,” according to Dizon.
Gaming Sector Gains Momentum
Getting back to the numbers, data from CoinGecko shows that intraday changes in SAND volume have cooled since Nov. 25, when trading in the asset jumped from $523 million to $5.2 billion overnight. During the same period, the price also jumped from $0.4 to $0.7.
Meanwhile, the native token belonging to Decentraland (MANA), a Blockchain gaming ecosystem, has also risen during the day, rising 17.5% at the time of writing.
Gala Games (GALA), another blockchain gaming ecosystem, also saw its token rise 21.8% in the last 24 hours. This coincided with GALA’s trading volume, which increased 65.8% to $977 million and recorded a market capitalization of just over $2.1 billion.
Axie Infinity’s AXS token has also shown notable strength, posting a 21.1% gain and reaching $9.29—its highest price point in eight months. This comes after the game development studio behind it, Sky Mavis, announced it was laying off 21% of its staff and confirmed it is working on a new game.
The market capitalization of the AXS token now stands at $1.4 billion, supported by a healthy 24-hour trading volume of $472 million. The broader gaming governance token market has also seen modest movement, with the total market capitalization rising 6% to $5.4 billion.
“The games that come out ahead in this cycle will be the ones that can target and incorporate communities that add value at scale,” Dizon said.
Edited by Stacy Elliott.
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