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July is shaping up to be a big month for the unlocking of cryptocurrency tokens for gaming.
Over the course of July, more than $148 million worth of crypto gaming tokens will be unlocked and allowed to enter the market, according to data from Token Unlocks. And all the projects in question have launched tokens on Ethereal.
Many crypto projects release their entire token supply over a period of days, weeks, months, or years. Often, when a project launches its token, it will lock up a significant amount of the supply for contributors, community rewards, and perhaps investors. Those tokens are then gradually unlocked for access and trading over time.
First there is the biggest of the month from Ethereal Level 3 gaming network Yeswhich will release 198.4 million XAI tokens ($60.76 million) in a “cliff unlock” on July 9. The majority of these tokens will go to investors and the team, with just over $7 million of the value going into the ecosystem and reserve.
A reef break, as defined by Token Unlocksreleases a mass of tokens at once rather than drip-feeding them over multiple days. Linear unlocks will do the opposite, slowly releasing tokens each day over a specified period of time.
THE Ronin Networkfor example, it will release 404,290 RON token ($671,000) every day for 92 days starting July 27, resulting in a release of just over $5 million over that period. Meanwhile, Gala Games will unlock 2.14 million GALA ($44,800) per day for an entire year, for a total of $639,910 in July.
Immutable will release 32.47 million IMMX-I … token ($38.32 million) on July 12 in a cliff unlock; these tokens will go towards the development of projects and ecosystems. A week later, on July 19, the farming game Ronin Pixel will have a cliff release for 54.38 million PIXEL ($10.19 million), which will represent 7.05% of its circulating supply.
ApeCoin—the Ethereum token tied to the Nautical Club Bored Monkey ecosystem including the Otherside Metaverse Game— is set to issue 15.6 million APEs ($10.89 million) on July 17, representing 2.31% of its circulating supply.
Last but not least, Parallel will wait to finish the month with 750,000 FIRST ($5.54 million) unlocked for those who invested in the studio behind the Ethereum NFT card game.
By Andrea Hayward
GG Newsletter
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