GameFi Weekly Recap: Despite the Fed's significant rate cuts, GameFi tokens still experienced a "Red October" crash! Yuga Labs delisted Koda, and Virtuals Cook emerged!
Despite the Fed's significant rate cuts, GameFi tokens still crashed during "Red October"! Bored Ape's developers launched a social hub for their metaverse! Mythical Games partnered with Sam Altman-backed World! Gala shut down three Telegram games! VIRTUAL surged 69%!
Let's take a look at why the Web3 gaming market continued its upward trend this week! 🧵
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Market Overview:
The GameFi sector fell 4%, with its market capitalization declining to $13 billion. Bitcoin's price briefly fell to $106,500 before recovering to $110,000 (down 1%). The altcoin seasonal index rose from 23 to 29, but Bitcoin's market share remained solid at 59.4%. Trading volume surged 26% to $2.6 billion, with market volatility rising again. 👀
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💎 Top Gainers:
🔹 Virtuals Protocol (VIRTUAL): +68.82%
🔹 Open Loot (OL): +51.27%
🔹 Heroes of Mavia (MAVIA): +39.69%
🔹 inSure DeFi (SURE): +16.99%
🔹 Yooldo (ESPORTS): +11.35%
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🎮 Gaming Focus, Koda Nexus:
@YugaLabs will launch Koda Nexus on November 12th, the social core of its Otherside metaverse, along with Amazon NFT avatars. After years of testing, the developers of *Bored Ape* have finally presented this open-world game to players as a 24/7 online digital playground.
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Industry News:
🔹 @Worldcoin, powered by Sam Altman, has partnered with @playmythical to bring "real-person identity verification" to games such as FIFA Rivals, NFL Rivals, and Pudgy Party. Real players enter, bots exit
🔹 PlayCambria raises $2.3 million for its native on-chain MMO game (led by Bitkraft and Sky Mavis)
🔹 Gala Games to shut down three of its Telegram games (Music Coin, Meow Coin, and DFTF) to focus on the $TREZ launch of Treasure Tapper
🔹 Ragnarok: Monster World to shut down on December 29th following the Ronin spin-off
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🎯 Key Takeaways:
🔹 Market volatility is high this week; please manage risk carefully.
🔹 Follow venture capital and understand the flow of funds in GameFi.
🔹 Closely monitor macroeconomic trends that may influence market direction.
Safety first, stay informed! 📊
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