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Top 20 Gaming Coins by Market Cap

Ephraim Austin

Ephraim Austin

May 11, 2023

Web3 gaming development hasn’t slowed down. Despite the bear market we are still seeing new games launched every week. Although investment in the sector is down compared to the heyday of the bull market, investors are still deploying capital in the space. 

Indeed in Q1 2023 “Web3 gaming projects attracted $739 million in investment according to a new report from DappRadar and the Blockchain Games Alliance.” 

In this week’s Macro Insights, we looked at the top 20 gaming tokens by market capitalization to see if we could draw any conclusions or trends from the data. Are there some characteristics of the top projects in the gaming space that stand out?  

We were curious about the following questions: 

  • Who are the top tokens? 
  • What category of protocols are they (Games, Chain/Ecosystems, Infrastructure)? 
  • What chains are accruing the most value in the gaming sector? 
  • What other insights can we glean from the data?

The Data

First, let’s look at the list: 

At the time of writing, the top 20 gaming tokens are worth roughly $7.8 billion and comprise games, ecosystems and infrastructure plays.  

Category Type

So what are the categories of the projects that make up the Top 20 gaming tokens? 

Top 20 Gaming Coins Categories

We categorized them as ecosystems, games and infrastructure plays. Not surprisingly, it’s Ecosystems that made up the majority of the group at 75%. Games came in second with just 20% of the group and Infrastructure plays made up the remaining 5%. 

This makes sense as ecosystems (we are using chains and ecosystems interchangeably) are valued higher than single games or infrastructure plates. 


Next up, we looked at what blockchain these projects operated on. Not surprisingly Ethereum took the majority share with 70% of the group. This also included projects that used Ethereum sidechains and scaling solutions. BNB Chain came in at number two with 10% of the group and the rest of the list included WAX, BORA, WEMIX and Solana. 

Unsurprisingly, the top blockchain (Ethereum) is home to most of the top gaming projects. 

Top 20 Gaming Coins - blockchain

Blockchain Share of Total Market Cap

What’s even more interesting is if we look at each project’s share of the total market cap. Ethereum dominates with 89% of the total market cap value. 

Top 20 gaming coins blockchain share of total

Additional Thoughts 

There were only four games that made the Top 20 list. Three of those were Ethereum based. 

  1. Axie Infinity (ETH – Ronin) 
  2. STEPN (Solana)
  3. Illuvium (ETH – IMX)
  4. Astrafer – Phantom Galaxies (ETH)

This weekly Macro Insights clearly shows that Ethereum dominates the Web3 gaming market. Indeed, there is no surprise here. If you were expecting any rival chains to contend for the top spot you were disappointed. Stay tuned for next week as we continue to analyze trends in the Web3 gaming space.

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