$250 Million Worth of Gaming Tokens Set for Launch in March
Crypto Gaming's Financial Wave
March 14, 2024 03:09 PM
Reading time: 1 minute, 35 seconds
TL;DR Nearly $250 million worth of tokens tied to crypto games or gaming platforms are set to be unlocked by the end of March. This significant event has caught the eye of crypto traders and investors, as these unlocks could potentially impact the market. The largest unlock involves IMX tokens from the Ethereum gaming platform Immutable.
In the rapidly evolving world of cryptocurrency, the gaming sector is poised for a significant event. Nearly $250 million worth of gaming tokens, locked away years in advance, are scheduled to be released into the market by the end of March.
The move is part of a broader strategy employed by crypto projects to manage their token supplies, earmarking portions for developers, investors, and community funds, among others. These unlocks happen in waves, often leading to heightened attention from traders and investors keen on predicting market impacts.
One of the most anticipated unlocks is that of IMX, the token of the Ethereum gaming platform Immutable. Scheduled for March 21, this unlock will release 34.19 million IMX tokens, valued at approximately $117.3 million.
That figure represents just under 2.5% of the current circulating supply. Notably, IMX recently reached a two-year high, adding to the fervor surrounding this upcoming event.
Other gaming tokens set for release include the YGG token of Yield Guild Games, with 16.69 million tokens unlocking on March 27, and the PRIME tokens from the NFT card game Parallel, set for March 30. These unlocks are not just significant in terms of volume but also value, with the YGG and PRIME tokens valued at about $15.9 million and $32.1 million, respectively.
In addition to these, the move-to-earn game Stepn's GMT token is gearing up for a 30-day linear unlock starting March 31. This process will see 3.32 million GMT tokens, worth $1.23 million, released into the market each day. Such a steady stream of tokens presents a unique dynamic, potentially offering both opportunities and challenges for market participants.
The upcoming unlocks represent a crucial moment for the crypto gaming sector, with potential implications for token prices and market liquidity.
Investors and traders are closely monitoring these events, hoping to navigate the waves of new tokens entering the market. As the end of March approaches, the crypto gaming community waits with bated breath to see how these unlocks will shape the landscape.
