Top gaming tokens: an overview of the leading cryptocurrencies on the GameFi and Metaverse market
The digital assets owned by GameFi projects were called game tokens. Some of these tokens have even gained a foothold in the top 100 cryptocurrencies regarding market capitalization, indicating the demand for the GameFi sphere.
1. ImmutableX (IMX).
The gaming platform ImmutableX was launched in March 2021 and has already taken over the GameFi market in 2024. Its native token, IMX, has become the leading token in the GameFi segment, overtaking capitalization and displacing such well-known projects as The Sandbox, Axie Infinity, Decentraland, and Ronin from the top positions.
Created as a Layer 2 (L2) solution to scale Ethereum, ImmutableX has grown into an entire GameFi ecosystem and decentralized gaming hub similar to Steam and Epic Game Store.
In addition to the game collections, which already include hundreds of games, the ImmutableX ecosystem also includes NFT trading marketplaces such as Sphere, AtomicHub, TokenTrove, and Altura.
By market capitalization, which is $1.17 billion, ImmutableX holds the top position among gaming tokens and is ranked 64th in CoinMarketCap's (CMC) overall cryptocurrency ranking.
2. FLOKI (FLOKI).
FLOKI emerged in the summer of 2021 and, along with Shiba Inu (SHIB), was one of the first meme tokens launched on the Ethereum blockchain. The FLOKI meme token became a top favorite of Tesla CEO Elon Musk and even briefly became the symbol of his social network X instead of the popular blue bird.
The creators of the FLOKI token were inspired by Dogecoin, the first and most capitalized memcoin in the cryptocurrency market. According to CMC, Dogecoin is one of the top ten largest digital assets as of February 2025.
However, unlike the main memcoin, FLOKI has become not just another copycat but has acquired its own Game-Fi ecosystem, which includes:
- P2E metaverse* Valhalla;
- TokenFi — an all-in-one platform for tokenizing game assets and staking;
- FlokFi — a suite of decentralized (DeFi) financial applications in the Floki ecosystem;
- FlokiPlaces suite of NFT marketplaces;
- University of Floki educational platform;
- Floki Trading Bot Telegram bot;
- Proprietary domain name service is similar to Ethereum Name Service (ENS) and is based on the SPACE ID platform.
* P2E (Play-to-Earn) is a game model with built-in earning mechanisms and a real token-based economy.
The Floki team has also released its own NFT collections and a debit cryptocurrency card that allows tokenized transactions without fees.
According to CMC's February 2025 data, FLOKI ranks #2 among gaming tokens, #6 among memcoins, and #78 in the overall cryptocurrency rankings by capitalization, which is $735 million.
3. The Sandbox (SAND)
As the name suggests, The Sandbox was launched in 2012 as a two-dimensional sandbox game. However, in 2021, the developers launched a three-dimensional version of The Sandbox on the Ethereum blockchain.
In the same year, the platform was refocused on MetaFi amid the growing popularity of metaverses. It quickly became one of the leading blockchain projects in the GameFi segment, which remains to this day.
As of February 2025, The Sandbox ranks third in the GameFi token ranking and 78th among all cryptocurrencies in market capitalization at $732 million, only slightly behind the FLOKI meme token.
4. Gala (GALA)
Gala is a popular blockchain gaming platform in the crypto industry. It competes with GameFi-segment leader ImmutableX. The Gala project was launched in 2019 and was one of the first gaming platforms.
Nevertheless, as of February 2025, the Gala platform is firmly entrenched in the top four most significant gaming projects by capitalization, slightly behind Floki and The Sandbox.
5. MultiversX (EGLD)
Originally called Elrond, MultiversX's blockchain platform, launched in July 2020, was developed based on a then-innovative sharding mechanism that enables the creation of scalable blockchain networks. This sharding mechanism was implemented in the largest Ethereum Upgrade, released in 2022.
The MultiversX project token was originally named ERD and was issued on the Binance Smart Chain blockchain (now BNB Smart Chain) shortly before the launch of the Elrond core network. At that time, the project developers renamed the ERD token to EGLD.
In October 2022, the Elrond team renamed the project to MultiversX, changing the focus to the increasingly popular metaverse market. This happened a month after the Ethereum Upgrade was released and the sharding mechanism was introduced — the MultiversX team probably decided not to compete with the leading blockchain platform in the DeFi segment and focused on a narrower area.
According to CMC data for February 2025, EGLD cryptocurrency is worth $20.91 with a market capitalization of $587. This ranks EGLD as the 5th most valuable gaming token and 96th among all cryptocurrencies on the market. The ATH of MultiversX cryptocurrency was recorded in November 2021 at $542, 96% higher than the current value.