Top Gaming Assets – Q1 2025 Report
Global crypto market overview
in the first quarter of 2025
The first quarter of 2025 marked a challenging period for the whole cryptocurrency market, with Bitcoin posting an 11.7% decline – its worst Q1 performance in over a decade. The GameFi market experienced a notable correction in Q1 2025, with a 19.3% drop in market capitalization in January alone. This decline reflects broader crypto market volatility and a cooling of the speculative fervor that defined previous years
At the same time, venture capital investment in crypto jumped to $4.8 billion in Q1 2025 – the strongest quarter since late 2022. A big part of this was a $2 billion investment in Binance by MGX, a company based in Abu Dhabi. This deal is now the largest ever in crypto VC history, showing that big investors are still very interested in major crypto infrastructure projects, even while overall markets stay cautious (source: Cryptorank, State of Venture Capital in Crypto, Q1 2025). The gaming sector rebounded with significant capital inflows, with over $500 million raised across GameFi projects during the quarter (source: Cointelegraph Accelerator).
Despite consistent capital inflows, on-chain data revealed a pattern of price stagnation, suggesting growing investor hesitation. Broader economic pressures added to the volatility, most notably President Trump’s announcement of reciprocal tariffs, which rattled both traditional and crypto markets alike.
Market Performance of Gaming and Metaverse Tokens
To bring the closer look at the Gaming and Metaverse sector in Q1 2025, we’ve analyzed the gaming tokens whose market cap exceeded $10M throughout Q1 2025 (source: messari.com). These 60 biggest tokens account for 81,6% of total gaming market cap. We took this group as the representative for this sector in our report.
Let’s have a look at a visual of the trading activity vs overall market valuation.
While volume shows volatility, market cap appears smoother, indicating a valuation downtrend in Q1 across all gaming tokens. The total market cap declined by approximately 57.15% over Q1 2025.
In Q1 Bitcoin maintained a market cap in the $1.6T to $2.1T range, Gaming tokens started strong (~$16B), but declined steadily to around $6B by the end of March. Most tokens, including Bitcoin and gaming coins, reached peak strength in early January, then declined consistently.
While BTC had smoother movements with minor drops, gaming tokens showed sharper spikes and declines. Certain peaks (e.g., mid-January) in gaming tokens align with BTC upticks, suggesting partial correlation, possibly driven by overall market sentiment.
In March, gaming token market cap continued to decline, reaching its lowest point (~$5.8B). Meanwhile, Bitcoin stabilized around $1.7T, showing resilience.
Industry leaders in Q1
Who is the leader in GamiFi? We’ve checked the biggest gaming token’s market share across all the industry.
IMX had the highest total market cap, dominating the gaming sector (16.1% market share). GALA and SAND have more than 10% market share each. Tokens like MYTH (1.4%), HMSTR (1.5%), and WILD (1.1%) represented a much smaller share, despite visibility.
We’ve checked how the market cap rank by CoinGecko was changing in Q1 for top gaming tokens. Here you can see the visualization for top 5 gaming tokens (Golden 5) and tokens ranked 6-10 (Silver Gainers).
Top 5 January 2025
Position 1-5
Top 5 March 2025
IMX consistently held the highest (best) market cap rank rank among the group. GALA, SAND, AXS, and MANA maintained relatively close positions, showing stable market caps. BEAM trailed slightly but remained competitive.
Top 6-10 January 2025
Position 6-10
Top 6-10 March 2025
WILD, HMSTR, and MYTH showed notable improvement toward the end of the quarter. ILV and PRIME held mid-range rankings, fairly stable.
HMSTR and MYTH had sharp short-term spikes with an upward trajectory in March, likely tied to specific announcements. Here is how the market cap of HMSTR and MYTH was changing in Q1 2025:
On February 7, 2025, Hamster Kombat introduced HamsterVerse, a new ecosystem where all apps and decentralized applications (dApps) will utilize the $HMSTR token, enhancing the token’s utility.
On February 25, 2025 it announced the launch of Hamster Network, described as the first gaming-focused Layer-2 blockchain built on TON (The Open Network).
In March 2025 Mythos introduced a token economic update in which all fees on the Mythos network will be burned, reducing the total supply of $MYTH over time. Additionally, The Mythos DAO officially migrated to the Polkadot network, adopting its Democracy Pallet for governance.
Let’s analyze deeper the market cap rank change in Q1 2025 for top gaming tokens.
- Blue boxplots: The spread between first and last recorded rank in Q1 2025
- Whiskers: Full range of ranks (best to worst)
- Red dots: The current rank
Interpretation: If a token was very volatile, its whiskers would be much longer than its box. If a token’s first and last rank are close together, but it had large fluctuations in between, the box will be short but the whiskers long.
- Short Whiskers, Long Box: The token’s rank didn’t fluctuate much but had a strong directional move.
- Long Whiskers, Short Box: The token was volatile but ended up close to where it started.
- Both Long: The token experienced big swings and a major change in ranking.
- Both Short: The token remained stable in ranking.
IMX, GALA, SAND, AXS and MANA remained in the top tier with consistent rank ranges. WILD, HMSTR, and MYTH had wide rank ranges and lower final standings, suggesting higher volatility. BEAM and PRIME saw broader movement across Q1 but still stayed competitive.
Summary
The crypto gaming sector faced a notable downturn in Q1 2025, with the total market cap falling from over $15 billion to just $6.2 billion by the end of March. Despite this, the space remained active, with key projects launching updates, securing partnerships, and expanding ecosystems.
Immutable (IMX) and GALA maintained strong positions, while newer entrants such as Hamster Kombat (HMSTR) and Wilder World (WILD) drew attention through early access launches and community growth. However, price performance lagged across the board, reflecting broader market weakness and a shift away from riskier assets.
Still, growing developer activity and continued venture funding suggest that while Q1 was tough, foundations for long-term growth in Web3 gaming are still being built.
What next?
- GameFi is shifting from Play-to-Earn to Play-and-Own—with real utility.
- AI is powering the next wave: dynamic gameplay, evolving stories.
- Dev focus: Mobile-first, smoother onboarding, and making games actually fun.
Let’s Talk About Your Token’s Future
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