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While the Web3 GameFi sector continues to lose players and investment in June, numerous popular games have maintained relatively constant token values and user bases. In addition, the gaming platform BinaryX reversed its downward trend, marking a rare bear market breakthrough. At the same time, the game developer Playful Studios raised a record amount for the combat game Wildcard.
Despite what seems from the token price charts of erstwhile leaders such as DeFi Kingdoms and Axie Infinity, these developments demonstrate that the GameFi business is far from being in a state of collapse.
The market as a whole remains quite gloomy. According to Footprint Analytics statistics, last month: The number of transactions on GameFi's marketplace decreased by $166 million, or by 30.3% month-over-month.
GameFi has 1.46 million total users, a 26.9 percent MoM drop. Additionally, the number of new users steadily declined by 34.1%.
VC investment in the GameFi industry decreased by 57% month-over-month. In contrast, so-called “risky” investments such as metaverse land and NFTs have done reasonably well compared to “secure” assets like BTC and ETH. We studied this problem using three hypothetical BTC/ETH, NFT, and metaverse land portfolios. According to specific estimations, we discovered that BTC/ETH decreased from ATH more than top NFT and metaverse projects. In a bull market, returns are much more significant for the latter two “riskier” investments.
What transpired at GameFi in June is as follows. The number of GameFi projects increased by 2.9% month-over-month, but funding decreased by 57.7% month-over-month.
The number of GameFi games increased by 2.9% month-over-month to 1,557. The most recent GameFi releases are MIND Games, Fishing Lands, and Fantasm Survivor. There are currently few transactions and users.
The market’s great concern has not prevented the emergence of new enterprises. From May, financing decreased by $239 million, or 57.7 percent. Seed rounds were the most prevalent in terms of the number of funding rounds.
The categories Web3 and NFTs attracted the most investment capital. Wildcard, a Web3 project that got $46 million, was one of the few dark horses during the downturn. The $23 million funding round for Cryptoys, a digital collectible NFT toy concept, was headed by a16z.
Despite the emergence of more new games and initiatives, the macroeconomic climate and volatility of the cryptocurrency market drove the number of active users from a peak of 3.58 million in January to 1.46 million by the end of June. Additionally, the number of new users progressively declined to 500,000. The number of active users declined by 26.9 percent compared to May, while the number of new users decreased by 16.1 percent.
Additionally, the total amount of transactions declined by 30,3 percent in June compared to May.
WAX owns 87 percent of the total GameFi transactions of all retail chains. This results from its top two game development initiatives, Farmers World and Alien Worlds. Both have maintained a consistent number of transactions and users during the bear market.
With the bear market in full force, the NFTs and tokens of once profitable projects such as Bomb Crypto, DeFi Kingdoms, and StepN have depreciated to a fraction of their ATHs. BinaryX, which was initially a trading system that moved to GameFi and spawned the popular game CyberDragon, appeared to be one of several such endeavors.
In September, BinaryX launched its governance token, BNX, for $20.62. In November, Binance revealed that BNX was on the Innovation Board and could be put on the platform as a demand money currency, which means the currency has no pledge time. Holders may immediately purchase for any number of days to earn 15 percent APR. On November 15, BNX reached an all-time high of $200.71, representing 873 percent.
But the golden days were short-lived. The producers of BNX CyberDragon updated the character upgrading system many times to generate additional in-game revenue; Gold must be spent on character upgrades.
As a result, most players sold their game assets and exited the market, resulting in a steep income loss and trouble recruiting new customers. Consequently, BNX fell from its ATH of $200.71 on November 15 to its ATL of $17.71.
In March, BinaryX published CyberDragon V2, which featured new gameplay and modes to preserve the project. It also incorporated a new process for minting and upgrading heroes, which they think would stabilize the price.
Playful Studios’ gaming ecosystem, The Wildcard Alliance, announced the closure of a $46 million Series A investment on June 14.
Wildcard, a hybrid multiplayer online warfare game, received the money. In addition to competing with their NFTs, players may connect and trade directly with in-game fans and holders.
Despite the tremendous depreciation of virtual assets in the current market, Wildcard was able to get substantial funding to assist the development of its project.
While the industry continues to decline with the crypto market in June, movements in the GameFi sector indicate that it may be more resilient than many belief.
StepN Returns to the Top of the Cryptocurrency Market with a 75% Price Increase in the Past Week.
Yuga Labs breaks its quiet, X2Y2 surpasses OpenSea, and NBA Top Shot leads with a 901.95% sales volume increase.
Paris Saint-Germain and Jay Chou release a limited edition run of 10,000 “Tiger Champs” NFTS Phantom and Magic Eden Partner to Deliver an Integrated User Experience for Solana NFT Collectors Metaverse & Web3.
The price of land in the metaverse increases by 879 percent. Since 2019, Bertelsmann has raised $500 million for India and is considering investments in Web3 Layer Three Ventures’ early stages. Announces a $30 Million Web3 Cryptocurrency Fund and Accelerator
In Melbourne, a “highly ambitious” $100M Metaverse R&D facility is being constructed.
Facebook Pay is rebranded as Meta Pay, and Mark Zuckerberg outlines his ambitions to develop a digital wallet for the metaverse DeFi & Tokens.
Lido Will Implement a Two-Phase Voting Governance Model Consisting of a Conventional Voting Phase and an Objection Voting Phase.
Bitcoin Miners Enjoy a 2.35 percent Difficulty Reduction Following the Price Decline of BTC.
In seven days, addresses beginning with 0x40 paid around 13.4 million stablecoins to settle debts on Aave TVL on Layer 2. This represents a decrease of 20.77 percent.
This month, a giant BTC whale purchased 927 BTC Network & Infrastructure.
Arbitrum suspends Odyssey as Layer 2 Fees Exceed Mainnet Fees on Ethereum.
Axie Infinity Begins Again – Months After the $625M Ronin Bridge Hack, Ethereum’s Energy Consumption Sharply Declines as Mining Profitability Falls.
Cross-chain span – Horizon attackers transmitted 6012 ETH in stages to Tornado Cash.
Tether will undergo a comprehensive examination by the top 12 auditing firms to ensure the integrity of its USDT reserves.
Global Alliance of Tech Founders Entrepreneur First Raises $158 Million in Series C Funding Crypto Exchange Unizen Receives $200 Million in “Capital Commitment” From Investment Group GEM.
Crypto.com’s Mobile App Now Supports Apple Pay.
Coinbase Introduces Global Support for On-Chain Polygon and Solana Transactions.
Taiwan’s central bank governor is considering an interest-free CBDC design to avoid the flight of fat deposits.
Over $1.5 Billion Stolen Via Crypto-Crimes, North Korea Retains the Lead.
The Russian parliament adopts a tax relief for digital asset issuers.
The President of the Central African Republic outlines crypto projects after Bitcoin adoption.
New York’s Cryptocurrency Ban Comes to a Halt.
Vincy contributed the following to the Footprint Analytics community.