Sizable chunks of tokens tied to crypto games or gaming platforms could come onto the market in the coming weeks. Nearly $250 million worth of gaming tokens are set to be unlocked by the end of March, per data aggregated by Token Unlocks.
Crypto projects often lock away sizable portions of their token supplies years in advance, which means that tokens intended for developers, investors, community funds, and other groups get unlocked in waves over time. Crypto traders and investors watch these unlock schedules closely, as a flood of additional tokens on the market often impact their price.
ApeCoin (APE)—the Ethereum token tied to the Bored Ape Yacht Club ecosystem including the Otherside metaverse game—is set to unlock 15.6 million APE on March 16. That’s about $38.2 million worth at the current price, and represents 2.55% of the current circulating supply.
Just one month after launching, the PIXEL token from Ronin farming game Pixels will hold its first unlock following the token generation event. On March 19, 54.38 million PIXEL will unlock, representing just over 7% of the circulating supply. That’s $42.5 million worth of the token, which hit a new all-time high price over the weekend.
IMX, the token of Ethereum gaming platform Immutable, represents the largest gaming token unlock in March, with 34.19 million IMX set to unlock on March 21. That’s about $117.3 million worth at the current price, and is equal to just under 2.5% of the current circulating supply. IMX also hit a two-year high last weekend.
Other notable gaming token unlocks this month include the YGG token of Yield Guild Games, with 16.69 million tokens—or about $15.9 million worth—unlocking on March 27. Also, NFT card game Parallel will unlock 1.66 million PRIME tokens on March 30, representing $32.1 million worth amid the token’s recent surge to another all-time high price.
Lastly, move-to-earn game Stepn’s GMT token will begin a 30-day linear unlock on March 31, with 3.32 million GMT opening up per day—that’s $1.23 million worth at the current price.
Edited by Ryan Ozawa.
Stay on top of crypto news, get daily updates in your inbox.
Source: https://decrypt.co/221623/pixels-parallel-apecoin-gaming-projects-unlock-250-million-tokens
