Web3 Gaming Tokens Experience Significant Drops Amid Broader Crypto Market Decline
Market Decline: The market value of Web3 gaming tokens has dropped to $8.83 billion, a 69% decrease year-over-year and 34% in the past month, despite a brief bullish period in late November.
Token Performance: Only a few tokens, such as Game Company (GMRT) and Echelon Prime (PRIME), have shown significant gains, while others like My Lovely Planet (MLC) and CateCoin (CATE) have experienced steep losses.
Partnerships and Challenges: Despite several strategic partnerships aimed at enhancing the Web3 gaming ecosystem, investor confidence remains low, leading to a notable decline in market enthusiasm and the closure of multiple gaming studios.
Animoca Brands' Expansion: Animoca Brands is venturing into tokenizing real-world assets and plans to launch a stablecoin and an RWA marketplace by 2026, highlighting a shift towards institutional adoption in the crypto space.
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