GameFi projects, which became active despite the decline in Bitcoin (BTC), achieved increases that marked the day.
The cryptocurrency market has been cyclical in recent years. Bear markets, bull markets and trends direct the sector. The most important trend of the past week was SocialFi projects. Stars Arena has achieved a rise that marked the month of October. However, the hacking of the project also disrupted the SocialFi trend.
There is activity on the GameFi side, which was one of the trends of years ago. The most rising cryptocurrencies of the day came from GameFi.
GameFi trend lost its blood
According to Binance and CoinMarketCap data, GameFi is among the most rising cryptocurrencies of the day.
GameFi projects, which have a P2E (Play to Earn) model or metaverse operation, were the most popular trend of a period. However, the bear market and unsuccessful tokenizations of projects disrupted this trend. The fact that the play-win model could not be supported by tokenization and the projects did not receive enough attention ensured that the trend lasted quite a short time.
Efe Bulduk also criticized the GameFi trend recently. Regarding the failure of GameFi projects, Bulduk said, “Participating users were given the impression that you can survive by doing nothing, just playing games.” said.
Despite all this critical view, the intense efforts of GameFi projects continue. Projects are constantly striving for improvement. On the other hand, projects such as YGG, MC, BNX, LOKA and GODS from the GameFi trend made their mark on the day by experiencing an increase.
Rising GameFi projects of the day
YGG, the highest rising GameFi project of the day, achieved an increase of nearly 11 percent. Yield Guild Games (YGG) stands out with its ability to invest in NFTs in the play-win model. Unlike other GameFi projects, it stands out with its DAO structure.
MC was the second highest rising cryptocurrency of the day. MC marked the day with a 10 percent rise. Merit Circle (MC) is considered one of the newest GameFi projects. The project attracts attention by offering a blockchain-focused in-game ecosystem. The focus of the project is the trading of NFTs and gaming assets.
The third highest rising GameFi project of the day was GODS. GODS attracted attention with an 8 percent increase. Gods Unchained (GODS) is known as a blockchain-based card game. The project creates a virtual environment through NFTs.
Other rising cryptocurrencies are as follows: BNX is up 6 percent, LOKA is up 3 percent.
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