After a year-long decline, the Web3 horizon is showing signs of a vibrant resurgence. October brought a 30% surge in sales within the NFT realm, driven by notable events such as a $1.1 million transaction involving CryptoPunks. Adding to the momentum, an episode of The Simpsons dedicated to NFTs further fueled the market’s excitement.
This uptick in activity underscores the resilient and dynamic nature of the Web3 space, with metaverse tokens offering a glimpse into the industry’s renewed vitality and potential for growth. Let’s take a look together at three that are worth investor consideration.
Gala (GALA)
The metaverse token GALA (GALA-USD) plays a pivotal role in facilitating transactions, rewarding node operators, and enabling the purchase of NFTs.
Gala Games envisions a gaming industry where players have tangible ownership and governance rights, breaking free from the traditional models where control often rests in centralized entities. With a market capitalization of $618 million, GALA’s influence is not only confined to its current utility but extends to its potential in shaping the decentralized future of gaming.
The platform has recently solidified a strategic partnership with Play Legacy Game, a move that has sparked considerable enthusiasm within the blockchain gaming community. Launched on Oct. 26, Play Legacy Game seamlessly integrates into the Gala Games ecosystem, broadening the horizons for players and offering a fresh avenue for GALA token holders.
The GALA token has experienced a noteworthy surge, marking a 16% increase in the past week and an impressive 76% growth over the last month. Gala Games’ strategic moves within the blockchain gaming space have undoubtedly contributed to this upward trajectory.
Priced at $0.024, GALA’s recent performance suggests a resurgence of interest in the Gala Games ecosystem. Despite an all-time high of $0.8367 two years ago, GALA still presents substantial room for growth.
Axie Infinity (AXS)
Axie Infinity’s native cryptocurrency, AXS (AXS-USD), has been making significant strides in blockchain gaming. With a commendable 9% increase in just one week and an impressive 49% surge over the past month, AXS is not only attracting the attention of crypto enthusiasts but also solidifying its position as a key player in the metaverse.
Despite AXS’s historical peak price of $165, the token has been navigating a downward channel since Feb. 2023, witnessing a drop from $12 to its current valuation of $6.40. However, recent market activities suggest that AXS is not bowing out of the game just yet. A potential bull run could propel this metaverse token beyond the $7.0 mark, offering a glimmer of hope for investors.
On Nov. 2, 2023, Axie Infinity’s developer, Sky Mavis, unveiled a transformative partnership with the Korean gaming studio Act Games. This collaboration marks a pivotal moment in the integration of Japanese gaming franchises into the Ronin blockchain, propelling both entities to the forefront of the blockchain gaming revolution.
To incentivize users to migrate to the Ronin blockchain, the collaboration has introduced initial perks, including exclusive Zoids NFTs and token drops. The unveiling of the partnership had an immediate and profound impact on Axie Infinity’s native cryptocurrency, AXS. On the very day of the announcement, AXS experienced a remarkable surge of 15% in its price.
With its multifaceted utility, governance features, and a history of resilience in the market, AXS presents itself as not just an investment in a token but an entry into a burgeoning metaverse economy with the potential for sustained value appreciation.
The Sandbox (SAND)
Despite an optimistic trajectory in early 2023, The Sandbox (SAND-USD) faced significant challenges, primarily from regulatory uncertainties. By Oct. 2023, the token’s price witnessed a formidable decline of approximately 70% from its peak in February, which reached $0.9365.
In the face of adversity, The Sandbox was committed to growth and development that went beyond market fluctuations. A pivotal move in Oct. 2023 saw the platform reinforce its team with the strategic addition of Nicola Sebastiani as Chief Content Officer. Sebastiani, a stalwart in the gaming industry with a rich history at Ubisoft (OTCMKTS:UBSFY) and notable roles in co-founding the Apple (NASDAQ:APPL) Arcade subscription service and leading PlayStation’s mobile strategy, brings a wealth of experience to The Sandbox. His transition into the Web3 world with The Sandbox is more than a personnel change, it’s a strategic move that underscores the project’s commitment to infusing traditional gaming expertise into the decentralized realm.
SAND is poised for a potential resurgence, according to expert price predictions for 2024. Anticipating a turnaround, industry experts project that SAND could reach a price of $0.8491 in the coming year. As The Sandbox continues to evolve and expand its offerings, the projected price point becomes a symbol of renewed confidence in the platform’s ability to navigate the complexities of the cryptocurrency market and emerge as a significant player in the decentralized virtual experience space.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
