coinedition.com
In a recent tweet, the CEO of Generation Crypto Media Channel, famously known as Ben GCrypto, disclosed the top ten GameFi projects by market capitalization. According to him, tokens and NFT powered this aspect of the gaming industry, providing the intersection between blockchain gaming and finance.
Top 10 GameFi Projects by Market Capitalization#GameFi is the intersection of blockchain games and finance. The financial aspect of the game are usually powered by tokens and #NFT.$APE $ICP $SAND $AXS $IMX $ENJ $FLOKI $MAGIC $GALA $GMT pic.twitter.com/RfS11j7vsD
— Ben GCrypto (@GCryptoBen) February 24, 2023
ApeCoin tops Ben’s list with a market capitalization of $2 billion. The price of APE, the project’s native token, experienced a recent dip which users attributed to a token unlock. This dip comes after APE rallied by 77.56% in January 2023.
APE reached $6.42 in January before retracing a current price of $5.17. As mentioned above, part of the reason for the dip is the token unlock, another of which should take place in March 2023. Despite the price dip, Ben’s report shows that ApeCoin retains the leadership position in market capitalization among GameFi projects.
Ben’s report reflects that Internet Computer is the second most-capitalized GameFi project. It follows ApeCoin closely with a market capitalization of $1.9 billion. Like ApeCoin, Internet Computer, regarded as a Web3 enabler, has shown impressive results since January 2023. The price of the project’s native token, ICP, rallied from $3.1 to $8.1 in the initial phase of the general bull run.
ICP price has dipped, trading at $6.2 as of the time of writing. In spite of the dip, it remains the second-highest most-capitalized GameFi project, according to Ben’s report. The ICP daily trading volume at the time of writing is over $36 million, per Coinmarketcap, and the circulating token supply was $291.3 million.
The Sandbox ranks third based on Ben’s report, with a market capitalization of $1.3 billion. It is one of the most famous GameFi projects in the blockchain industry and has grown over the years through significant adoption and partnerships.
One of the recent partnerships by The Sandbox is an MOU entered with the government of Saudi Arabia for future metaverse plans. The partnership will allow both parties to support each other in plans for metaverse development.
Other projects that make up the list from Ben include Axie Infinity, Immutable X, Enjin Coin, FLOKI, Magic, Gala, and STEPN.