Web3 first-person shooter (FPS) game Shrapnel is set to leave the Avalanche blockchain for a new home in the Gala Games ecosystem.
The team announced the move via X on July 30, referring to the migration as a “strategic move that enables our global launch and reflects our shared vision.”
The reaction from the gaming community has been mixed, but the move is certainly commanding attention, and as a result, Shrapnel accounts for 24% of the total AVAX mindshare according to Messari Portals*.
AVAX Mindshare Portal – Messari
Despite some initial pushback, the market seems to like the idea, with the SHRAP token up 17% over the last 24 hours. However, it is worth noting that the token is flat over the last week, and down 90% over the last year.
SHRAP is a micro-cap token with just a $6.7 million market capitalization and $13 million fully diluted valuation. The token can be used in the game’s marketplace, where users can buy and sell unique weapon skins, similar to the popular Counter-Strike: GO (CSGO) marketplace.
SHRAP skyrocketed to a $166 million market capitalization shortly after its launch in January 2024, but has been in a protracted downtrend ever since.
SHRAP Chart – CoinGecko
Gala Games, a gaming-focused blockchain ecosystem, has been incredibly volatile since its token launch in 2021. The chain’s GALA token peaked at a $5.5 billion market capitalization in November 2021, but then fell as low as a $120 million valuation after the collapse of the FTX exchange in 2022.
In this cycle, GALA rallied as high as a $2.5 billion valuation in March and December 2024, and currently changes hands at a $717 million market capitalization.
*Messari Portals are a free-to-use community resource that combines quantitative data with qualitative context, giving crypto communities transparent, convenient access to information that helps them make better decisions. Visithttps://messari.io/portals to learn more.
