GMEE, REVV, TOWER, and SAND all see significant pumps
Ubisoft and a consortium of investors have put $65 million into blockchain gaming company Animoca Brands, valuing it at $2.2 billion. The announcement of the investment reflected on the token price action of Animoca’s products. Token prices for Gamee, Revv Motorsports, Crazy Defense Heroes, and The Sandbox all moved up.
Animoca Brands will use the investment from Ubisoft and the others to fund the development of other projects or acquire game studios. The confidence of Ubisoft, among various other investment companies, was met with enthusiasm from the wider crypto community. The price of tokens like GMEE, REVV, TOWER, and SAND increased 5% up to 24% over the past 24 hours.
Especially GMEE, REVV, and TOWER, each token with a relatively small market capitalization, saw a strong increase. Social gaming platform Gamee saw its GMEE token jump up 18% against the dollar to $0.39. Furthermore, the Revv racing ecosystem made a 16% jump, while the TOWER token increased a stunning 24%. With a 5% jump the news had a bit of impact on the price of the SAND token.
Ubisoft isn’t the only gaming company dipping its toes in the blockchain industry. Reportedly PlayStation and Sony Interactive Entertainment are experimenting, while Electronic Arts want to do something with NFTs as well. However, a multimillion-dollar investment speaks volumes about Ubisoft’s intentions in the blockchain industry.
Blockchain game industry growing
According to the latest reports from DappRadar, gaming has been responsible for 49% of all active wallets during Q3 2021. Games like Axie Infinity, Alien Worlds, Splinterlands, CryptoBlades, Farmers World, and Arc8 attract thousands of wallets per day. In addition, the gaming footprint becomes even more clear in the NFT space, where gaming represented 22% of the entire $2.32 billion NFT trading volume.
Investors and gamers alike are willing to spend lots of money on virtual land or digital identities. Last week a big piece of land for an upcoming expansion of the trading card game Splinterlands sold for $704.000. We’ve also seen virtual racing cars for F1 Delta Time sell for hundreds of thousands of dollars, or land for Axie Infinity sell for millions.