Like most of the rest of the market, the crypto winter of 2022 wasn’t kind to GameFi. In fact, you could say it was downright brutal. Of all the emerging sectors of blockchain technology, GameFi took one of the hardest hits, bottoming out in Q4 2022 with a mere $60 million in funding. The average gamer saw a 50% decrease in profits, accompanied by a steep downturn in active users. This isn’t especially surprising, considering that GameFi is one of the newest sectors of the crypto industry, thus one of the most speculative.
But what is surprising is how strongly the market bounced back. By the first month of 2023, nearly 50% of all blockchain activity was gaming-related, according to analytics, making GameFi tokens among the best altcoins to buy. So let’s take a deeper look at what GameFi is and why its gems, such as Galaxy Fox ($GFOX), are about to skyrocket.
What is GameFi?
As the name suggests, “GameFi” is where online gaming meets decentralized finance (aka “DeFi”). It introduces the concept of play-to-earn (P2E), where in-game activity earns the player digital assets, collectibles and other rewards. In the first era of video games, players could earn rewards, but they had little value outside the game’s virtual space. Furthermore, centralized game publishers controlled ownership. But blockchain technology and non-fungible tokens (NFTs) changed the game completely – granting sole ownership to players who could then trade these items and earn money via crypto tokens.
The global GameFi industry was estimated to be worth $11 billion in 2022, and is expected to rise to almost $100 billion by 2030. There’s good reason to believe that GameFi may be one of the most important narratives of the incoming 2024 bull market.
GameFi Token Price Break-Out and a Stand-Out Presale
Leading GameFi coins, such as Galaxy Fox and Immutable ($IMX) have led the charge in price rally lately. $GFOX recently captured the $300K milestone in its presale, which only began a few short weeks ago. The coin’s performance has captured many investors’ attention as it’s one of the most scorching ICOs of the year. Immutable ($IMX), meanwhile is up 205% for the year, with a blistering run last month alone of 104%.
GameFi Ecosystem Gala ($GALA), meanwhile, chalked up an impressive 53% gain in the past month, while Axie Infinity ($AXS) managed to do nearly as well at 41% – and its technicals still remain surprisingly strong, despite the recent market breather that has seen some double-digit retracements in other Top 100 projects like Polygon and Near Protocol.
Overall, GameFi tokens rank as the best altcoins to buy while the rest of the crypto market has a bit of a hangover from the recent Bitcoin and Solana-driven euphoria. Immutable ($IMX) looks strong on the weekly chart, with a bullish EMA cross and a classic “Adam & Eve” double-bottom, signifying it could be in the very early stages of a major price recovery towards its all-time-high last year of $9 – which would nearly be a 10x.
But far and away, the star of the show is Galaxy Fox. What makes it so special as a GameFi token is its hybrid nature as both memecoin and serious contender in the GameFi industry, as well as innovative staking mechanisms and strong tokenomics.
While its Web3 runner places it squarely in the GameFi narrative, $GFOX’s tokenomics are in a league of their own compared to other memecoins. Early stakers in Galaxy Fox’s Stargate module will be the greatest winners earning in a deflationary asset. Yield on a deflationary has long been the dream of many DeFi protocols, and finally, $GFOX makes it a reality. Alongside growth predictions forecasting a 3,900% surge before the end of the year, it’s clear why $GFOX is one of the best altcoins to buy before the bull market begins.
Conclusion
The GameFi industry has outstanding growth potential and GameFi tokens appear to be setting up for a major comeback. This next bull market cycle could in fact be largely driven by GameFi, which has managed to capture a significant portion of all blockchain activity so far in 2023, and is expected to grow at a compounded rate of over 20% annually over the next ten years. What that means is that we’re really just seeing the tip of the iceberg, as NFTs, crypto and gaming merge seamlessly into a future Web3 ecosystem – as evidenced by exciting new projects like Galaxy Fox. So make sure to click the links below to get involved with their presale now, before it hits the open retail market.
Learn more about $GFOX here:
Visit Galaxy Fox Presale | Join the Community
