Gaming and NFT cryptos such as Enjin and The Sandbox, have increased over the past week, despite a $552million hack of AxieInfinity’s Ronin sidechain.
Investors are still investing in gaming, NFT, and metaverse cryptos, even though Axie Infinity’s Ronin-sidechain, a “play-to earn” game, was hacked this week.
The steady rise in cryptos such as Enjin Coin, Flow (FLOW), Gala(GALA), The Sandbox [SAND] and Decentraland (“MANA”) demonstrates this interest. All five have seen significant increases over the last week. According to CoinMarketCap, Enjin Coin rose more than 11% over the past day and 19% in seven days. This project allows game developers to easily add scarce digital goods, in the form non-fungible tokens. It offers a social network similar to Discord, which allows users to form guilds and even create digital shops.
Over the past seven days, Flow saw a 15% increase in its native cryptocurrency. Dapper Labs developed Flow, a blockchain project that is powered by NBA Top Shots. To meet NFT space standards, the firm created its own blockchain.
Gala Games also enjoyed a strong week with 10% growth. This project was part of the first wave crypto-centric gaming companies. It is adding Blockchain-based in-game products to popular games like Farmville.
Metaverse gaming network At $3.71, the Sandbox trades up 5.7% over the past 24 hours and more than 10% in the week. The game’s native token, SAND is used to power the DIY digital world. Users can use the cryptocurrency to purchase, build, and sell different pieces of the gaming universe. Instead of gamers making a living from their games, developers outside The Sandbox team are incentivized as well to create.
Decentraland, the least bullish among the group, has risen over 7% in seven days. MANA is the native token of Decentraland. It underpins what is basically a virtual real-estate market in the metaverse. Since last week, MANA is the HTML20 token that is used to make transactions. LAND is the native NFT of the project and represents digital plots on land. However, market leader Axie Infinity and its native tokens AXS, and SLP have seen their prices drop.