For the first time in years, there are no gaming tokens in the top 100 cryptocurrencies by market capitalization. According to CoinGecko, Impute (IMX) recently dropped out of the rankings, marking a symbolic turning point for the blockchain gaming sector. While a few gaming tokens still linger near the bottom of the list, their performance has been consistently weak—reflecting a broader loss of investor confidence and market momentum.
Just a year ago, there were six gaming tokens in the top 100. At that time, the total market cap for CoinGecko’s gaming category stood at $29.3 billion. Today, it has plummeted by 68% to just $9.24 billion—despite the launch of several new projects and tokens in the interim.
The Fall of Once-Dominant Gaming Tokens
Immutable’s IMX was once seen as a flagship project for crypto gaming. In December 2023, it ranked 31st globally by market cap, with investment firm VanEck predicting it would break into the top 25 in 2024. Even as recently as one year ago, IMX held the 34th spot.
Now, it sits at #103 after an 87% decline over the past year. Contributing factors include a cooling crypto gaming market and a now-closed SEC investigation. In just the past week alone, IMX fell 29%, outpacing even Bitcoin’s 10% drop during the same period—making it the worst performer before exiting the top 100.
Other major gaming tokens have suffered similarly:
- Gala Games (GALA): Down 80% over the year (19% weekly drop)
- The Sandbox (SAND): Down 64% (16% weekly drop)
Even newly launched tokens haven’t escaped the downturn:
- Pixels (PIXEL): Down 98% from its peak
- Notcoin (NOT): Down 94%
- Hamster Kombat (HMSTR): Down 68%
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Even high-profile launches like Gunzilla Games’ GUN token—tied to the Avalanche-based Off the Grid—have struggled. Despite being called the largest in-game token offering in months, GUN dropped 62% from its peak, even though the game itself hasn’t yet integrated the token.
A New Generation of Higher-Quality Games Is Emerging
Not all is lost. There are signs of progress in game quality and player engagement.
Off the Grid was named the best blockchain game of 2024 by Decrypt and topped Epic Games Store’s free-to-play charts—briefly surpassing Fortnite. Meanwhile, Pixels, a farm-simulator game, and Parallel, a sci-fi card battler, have gained critical acclaim and growing communities. Crypto: The Game, a survival title, went viral and carved out a niche audience.
“The current state of crypto gaming is pretty solid,” said Jaxie, community manager at GIA. “We have some great games coming online right now, and they have the potential to bring millions into the crypto ecosystem.”
Loopify, founder of Treeverse Games, noted that while 2021’s crypto gaming boom was largely narrative-driven—with few actual playable products—the landscape today is different.
“There are indeed more products now,” Loopify said. “But they still need time. They haven’t broken into the mainstream yet.”
Why Rushing Leads to Failure
Great games take time. Consider Rockstar’s Grand Theft Auto VI, seven years in development with massive resources. Yet many crypto gaming projects rush to launch, prioritizing token sales over gameplay depth.
The Illuvium series exemplifies this pitfall. Its token (ILV) soared to $1,749 in 2021 on hype alone. But when its three interconnected games launched in July 2024, reception was underwhelming. Co-founder Kieran Warwick admitted gameplay criticism was “justified” and pledged a full overhaul.
Today, ILV trades at just $10.60—down 99.4% from its peak.
The Core Dilemma: Are We Building Games or Tokens?
“99% of crypto games aren’t fun,” said Munnopoly, a member of the MLG meme coin team. “It feels like the token comes first, then they build a game around it.”
This backward approach alienates traditional gamers and fails to sustain Web2 crossover appeal.
Take Deadrop, once hailed as a bridge between mainstream gaming and Web3. Developed by veterans from Call of Duty and Halo, and backed by streamer Dr. Disrespect, it generated real buzz. But after allegations involving Dr. Disrespect surfaced and funding dried up, the studio shut down in January.
“It’s a major setback,” said content creator Mayor Reynolds. “This was one of the few projects that could’ve stood on its own.”
Other projects face similar fates:
- Treasure DAO: Announced mass layoffs due to financial strain
- Neon Machine (Shrapnel): Reportedly running low on funds
- The Mystery Society: Paused development; co-founder Chris Heatherly called the industry “full of disruptive behavior”
“Greed and stupidity are killing players before they can prove themselves,” Heatherly said. “We need healthy on-chain business models—not this ‘token = Ponzi’ fallacy.”
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Shifting Investor Narratives
Investor attention has moved on.
After meme coins and SocialFi came AI-driven tokens. Each wave pulls capital away from gaming.
“The crypto narrative around gaming has disappeared,” Loopify said. “The industry follows trends. Even if games are better now, the market takes time to price them in.”
Jaxie raises a fundamental question: Do crypto games even need their own tokens?
“Players care about owning skins via blockchain,” he said. “Not about holding a game-specific token that crashes after launch.”
Many “tap-to-earn” games like Hamster Kombat, Catizen, and Zoo issue tokens purely for short-term engagement—but offer no long-term utility. The result? Rapid devaluation and player churn.
Similarly, the “play-to-airdrop” model boomed last year but failed to create lasting economies. Players join for free tokens, then leave when rewards dry up.
“Most Web3 players are just speculators,” Jaxie said bluntly. “If you know a game’s economy will collapse in 90 days, why contribute?”
Frequently Asked Questions
Q: Why are there no gaming tokens in the top 100 anymore?
A: Due to prolonged underperformance, declining investor interest, and lack of sustainable in-game economies, most gaming tokens have lost significant value and market share.
Q: Are blockchain games improving in quality?
A: Yes. Titles like Off the Grid, Pixels, and Parallel demonstrate higher production values and gameplay depth compared to early crypto games like Axie Infinity.
Q: What caused IMX’s price to drop so sharply?
A: A combination of broader market cooling, lack of mainstream adoption, and regulatory scrutiny—including an SEC investigation—contributed to IMX’s 87% decline.
Q: Can crypto games succeed without their own tokens?
A: Possibly. Some argue that blockchain ownership of assets (like skins) is enough—tokens often serve more as speculative tools than functional game mechanics.
Q: Is investor interest in crypto gaming gone for good?
A: Not necessarily. While attention has shifted to AI and meme coins, strong gameplay and sustainable models could reignite interest in the future.
Q: What’s the biggest challenge facing crypto gaming today?
A: Balancing tokenomics with real gameplay value. Projects that prioritize hype over substance fail quickly once speculation fades.
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Final Thoughts: Rebuilding With Purpose
The absence of gaming tokens from the top 100 isn’t just a market correction—it’s a wake-up call.
The era of launching tokens before building viable games is over. The next phase must focus on player experience, sustainable economies, and real utility—not just speculation.
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With better games finally arriving—and lessons learned from past failures—the foundation is being laid for a more resilient future. But this time, success won’t come from hype. It will come from substance.