Arbitrum Arcade launch could fuel narrative for crypto gaming tokens
- Arbitrum Arcade gameathon goes live on March 11, likely fueling the crypto gaming narrative.
- The eight-week-long gaming event features 24 games in the Arbitrum ecosystem.
- IMX, RONIN, BEAM, ENJ, ILV gaming tokens see prices rally on Monday alongside BTC gains.
Crypto gaming token prices surge on Monday. The Arbitrum Arcade gameathon event that launches on March 11 is likely driving the gains, fueling the gaming narrative in crypto. Bitcoin’s rally to $72,000 catalyzed gains in altcoins across several categories.
Also read: Arbitrum community passes proposal for Atlas to support Ethereum’s Dencun and other upgrades
Gaming tokens see gains as Arbitrum kicks off gameathon
Crypto gaming token Immutable (IMX), Ronin (RONIN), BEAMX (BEAMX), Enjin Coin (ENJ) and Illuvium (ILV) prices rallied on Monday. The gains in gaming tokens can be attributed to a broad crypto market rally as Bitcoin crosses $72,000 on Binance.
Ethereum (ETH) scaling solution Arbitrum’s Arcade gameathon goes live on March 11. The event is eight weeks long and will feature 24 games in the Arbitrum ecosystem. It is likely catalyzing gains in the ecosystem alongside Bitcoin’s rally.
The Arbitrum gaming ecosystem has been exploding on Arbitrum One, Nova, and the broader Arbitrum Orbit chain ecosystem.
— Arbitrum (,) (@arbitrum) February 27, 2024
We’re extremely excited to include:@aiarena_@AOtactics@BattleFlyGame@PlayBattlePlan@PlayBitmates@CosmikBattle@DininhoNFT@RuniverseGame@KaijuCards… pic.twitter.com/A9mbK3axRl
The event aims to offer a web3 gaming experience to participants and include projects from Arbitrum One, Nova and the broader Arbitrum Orbit chain ecosystem.
Gaming tokens IMX, RONIN, BEAMX, ENJ and ILV prices climbed between 2% and 9% on the daily timeframe.
Another key development in the gaming ecosystem is that entertainment giant Sony submitted a US patent application for “super-fungible tokens” for gaming. The PlayStation console series’ game developer submitted the application in 2022, and the documents became public in February.
Patent for Super fungible tokens. Source:Patentscope
The anticipation of further push in the gaming industry and higher demand for gaming tokens through gamethon and similar events could catalyze gains in the long term.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
