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During the previous bull market, hundreds of games were launched to play and earn money, but as the market declined, only a few were able to maintain a steady user base. revealed in July.
But the trying market conditions also highlighted a handful of titles that stood out. Splinterlands is he one of those projects that retains users due to its low barriers to entry, simple gameplay, and fast combat speed. Axie Infinity also continued to introduce new features to regain momentum.
Footprint analysis data shows GameFi Sector Overall Performance in July.
Fewer than 80 GameFi projects were launched for the third straight month ending July 31st. As can be seen from the graph, all chains saw stagnant growth (although Polygon and WAX increased slightly).
Gamers pay more attention to game playability and smoothness of network experience, and have very high requirements for the network. With the Ethereum chain, you have to pay high gas fees every time. Encountering on-chain congestion issues can result in a very bad experience for players. Therefore, these issues are a priority for development teams creating new projects.
New projects on Ethereum are facing high fees and congestion, with more projects migrating to BSC (now BNB) after July 2021.
this led BNB It attracts a ton of games that are failing to retain users.
Compared to both chains, Polygon presented a faster solution with a cost per transaction about 10,000 times lower than Ethereum and a transaction speed of up to 7000 tx/s.
The rise of the Web3 concept in blockchain has introduced newer scenarios and requirements to the gaming industry.
Compared to June, GameFi’s fundraising activity gradually recovered in July, increasing by 17%. Regarding the funding category, with the development of blockchain technology, more and more investment funds are being invested in Web3-type GameFi, of which Web3-type funding accounts for 98%.
Web3 has been in the public eye since last November. It wasn’t until April that Web3 became the focus of the cryptocurrency market. And recently, Animoca Brands announced the completion of his $75.32 million funding round. This is his second funding announcement following his $358.8 million on Jan. 18. With a focus on Web3, the company aims to address existing interoperability issues in the metaverse industry and realize the vision of an open metaverse.
A total of 22 projects received funding in July. The investment round has been active for many months in the seed stage and is complemented by other rounds. Judging by the number of active users of the project, star sharks When cryptomins not exceed 3 months. Therefore, according to the current project development trend, VC investment funds still remain in new projects.
According to Footprint Analytics, the total number of monthly users is 1.19 million, of which 483,000 are new users and 710,000 are old users. Earlier this year, the developer attracted millions of users through various game genres and styles. And they continue to experiment with them across a wide range of games. Users can profit if they can catch a bull market, but they will be in trouble if they encounter a bear market.
The overall subscriber base fell from 3.59 million players in January to 1.19 million players in July (-69%). GameFi’s pain points are:
As a result, most P2E games today require new player participation to maintain financial stability.
Axie Infinity and Splinterlands are two examples.
Splinterlands has been a relatively hot game since its launch. In terms of percentage of new users in July, Splinterlands has the highest percentage of all projects.
In contrast to Axie infinity before March, you needed real money to buy pets P2E (estimated at around $110 in currency prices at the time) to get into the game and be truly profitable. will be displayed). However, the cost is high for the average player, and the payback period increases as market trends change. However, Splinterlands has a lower barrier to entry as he only needs $10 to enter the game.
In general, the Axie infinity development team ignored interesting designs when designing the game, and released the Origin version at the end of March, adding cards and free attributes. And in early July, the virtual land pledge feature was launched. We want you to experience the fun of the game, not just earn money.
Based on GameFi’s monthly transaction volume, last year’s transaction volume increased only from October to November, and the overall transaction volume gradually decreased from December, reaching its lowest level in July. This process of change is very similar to the implication of new projects where large numbers of players are attracted to trading and seem to leave when they get tired of playing.
Despite the decline of the GameFi trading market, Ronin was able to buck the downward trend in mainstream blockchain transaction volume and overtake BSC to regain the number one spot. This is largely due to the launch of the Virtual Land Pledge feature in his Axie Infinity He game on-chain, contributing to the AXS price increase and the gradual improvement in trading volume.
In past bull markets, many new play-to-earning games have been launched, but only a few have managed to maintain a steady user base. Barriers, simple gameplay, and fast combat speed keep users going. And Axie Infinity never stopped innovating, adding new features and regaining its place.
At the same time, more money flowed into the Web3 project in July, with the goal of solving more problems for P2E games.
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August 2022, Vincey Data Source: Footprint Analysis GameFi Report for July 2022
The Footprint Community is a place to help data and crypto enthusiasts around the world understand and gain insights about Web3, the Metaverse, DeFi, GameFi, or any other area of the emerging blockchain world. Here you’ll find vibrant and diverse voices who support each other and move the community forward.
