In an astonishing leap of growth, Pixel, a leading Web3 game celebrated for its vast daily user engagement, has surged in market valuation to nearly $3 billion. This remarkable achievement comes on the heels of the game’s PIXEL token being listed on the prominent cryptocurrency exchange Binance, witnessing an eye-popping 1,246% increase in its trading value since its initial listing price.
The game’s transition from the Polygon to the Ronin blockchain, operated by Sky Mavis, has been a strategic move to tap into Ronin’s robust gaming community. This migration has not only enhanced Pixel’s infrastructure but also its market position, now boasting a diluted market cap of $2.65 billion. The game, known for its immersive adventure gameplay that allows players to farm, explore, and showcase NFTs, has seen a 47.9% increase in wallet interactions over the last month, as per DappRadar.
Despite the Pixel token’s success, the game’s in-game currency, Berry, has lagged behind, highlighting the volatile nature of gaming transactions within the Web3 space. Meanwhile, the Ronin blockchain has rebounded impressively from a significant security breach in 2022, with its token value reaching previous highs and a total value locked at $214 million, primarily driven by its native decentralized exchange, Katana.
Following a brief dip in the Ronin (RON) token value after its Binance listing, due to insider trading issues, Binance has pledged to enforce stricter internal controls. This move aims to safeguard the integrity of token listings and prevent future price manipulations.
Sky Mavis co-founder Aleksander Larsen shared insights on Ronin’s future, highlighting plans to integrate successful Web3 games into the Mavis Hub, a platform akin to Steam for game curation. With ambitions to onboard 16 blockchain games this year, Ronin is setting the stage for a transformative era in Web3 gaming, where Pixel’s success story is just the beginning.