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PlayMining’s DEP Token Rebounds over 60% Ahead of AXS & SAND in Q4 GameFi Rally

Key points:
  • PlayMining’s DEAPcoin (DEP) surged recently, reaching as high as 61% on November 6.
  • DEP surge may be linked to key partnerships with government bodies and corporations.
  • PlayMining is revolutionizing the GameFi Play-and-Earn (P&E) mechanic to address global labor shortages affecting 80% of companies globally.

GameFi tokens across the cryptocurrency market are rallying, with significant double-digit price increases over the past couple of weeks. Well-known tokens Axie Infinity (AXS) and Sandbox (SAND) are seeing two-week price gains of 26.24% and 23.97%, respectively.

Ahead of both is PlayMining, whose DEAPcoin (DEP) token gained 38.48% over the same time period, shooting up as high as 61% on November 6. The DEP token has been exhibiting a significant upward trend since October 25 following an announcement by their co-founder and co-CEO, Kozo Yamada. After a year of downward slipping prices, DEP appears to be on a rebound.

#GamifyingWork in Heavy Industries

The DEP token’s recent favorable market performance appears to be tied to their announcement of very high-level partnerships with governmental organizations and corporations to offer #gamifyingwork solutions. This past year has seen PlayMining chase a number of very bullish premium opportunities, which put them on par with the biggest names in the GameFi industry.

Notably, PlayMining is innovating on the GameFi Play-and-Earn (P&E) mechanic to help alleviate a global labor shortage crisis affecting nearly 4 in 5 companies worldwide, especially in heavy industries such as energy infrastructure. DEA is “gamifying work” by designing gaming mechanics that enable people to perform work tasks in the form of in-game “quests” in exchange for crypto rewards; they’ve extended this model by incorporating remote control robots and other innovations that allow users to work remotely, enabling users to perform in-game tasks from entirely different locations, even in different countries.

PlayMining’s pilot project with partner company TEPCO Power Grid—the largest electric power company in Japan and the fourth largest electric utility in the world—will be a Pokemon Go-style game, set to launch in 2024 Q1, that incentivizes people to go out into their communities to inspect aging electricity poles, solving the real-world problems of limited staffing and aging public infrastructure.

Global GameFi Overview

In 2021, the global GameFi market size was just $9 billion. By 2031, the rapidly growing sector in the blockchain industry is expected to reach $90.51 billion. According to DappRadar statistics, gaming transactions accounted for 49% of all blockchain transitions in 2022—almost half of the transactions across the whole blockchain industry.

DappRadar statistics also reveal that in the past month alone, gaming has increased its Web3 dominance by 62%, which is up 10 percentage points from September 2023, with 1.66 million daily Unique Active Wallets (UAWs) interacting with gaming dApps in October.

The onslaught of trends in the GameFi space has been continuous. The ever-evolving X-to-Earn models such as Move-to-Earn, Learn-to-Earn, and Wear-to-Earn have not stopped. Earlier this year, AAA gaming studios added NFTs to their headliner franchises, with the most famous being Square Enix’s internationally acclaimed Final Fantasy RPG series.

Within the Web3 gaming space itself, high-quality games meeting triple A standards are being churned out, including the likes of Illuvium, Delysium, and Sorare, while infrastructure blockchains catered specifically for blockchain gaming, such as Oasys and Immutable zkEVM, continue to be built and developed. At this rate, one thing is clear—the Web3 gaming industry is only going to keep expanding.