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The Web3 GameFi sector continued to bleed users in June, significantly reducing funding rounds, but some of the popular games have relatively stable token prices and user numbers. In addition, the gaming platform Binary X has reversed that downtrend, creating a rare bear market breakout. Meanwhile, game developer Playful Studios has raised a record amount for the battle game Wildcard.
DeFi Kingdoms and Axie InfinityThese developments show that the industry will never collapse, despite a lot of pain for GameFi developers and investors.
The overall market remains very negative. Last month, according to Footprint Analytics data:
On the other hand, apart from the darkness, so-called risk investments like Metaverse Rand and NFT are working relatively well compared to safe assets like BTC and ETH. For this topic, Three fictitious BTC / ETH, NFT, and Metaverse land portfolios And it turns out that BTC / ETH (according to some calculations) fell significantly from ATH than the top NFT and Metaverse projects. For the latter two “risk” assets, returns are also significantly higher in bull markets.
Here’s what happened at GameFi in June:
The number of GameFi games was 1,557, with a 2.9% increase in MoM. Newly released GameFi projects include MIND Games, Fishing Lands and Fantom Survivor. Currently, there are few transactions and users.
The market is very afraid, but it does not prevent the emergence of new projects.
Financing fell by $ 239 million, or 57.7%, from May. There were more seed rounds than any other type when it comes to the number of funding rounds.
Capital flowed primarily into the Web3 and NFT categories. Wildcard, one of the Web3 projects, received $ 46 million and became one of the few dark horses in the bear market. Cryptoys, a digitally collectable NFT toy project, has completed a $ 23 million round led by a16z.
Despite the emergence of more innovative games and projects, the macroeconomic environment and the volatility of the crypto market have reduced the number of active users from a peak of 3.58 million. January To 1.46 million by the end of June. The number of new users has gradually decreased to 500,000. Compared to May, the number of active users decreased by 26.9% and the number of new users decreased by 16.1%.
In addition, the overall trading volume in June decreased from May, down 30.3% from the previous month.
WAX has the most GameFi transactions in all chains, accounting for 87% of the total. This is due to the top two game projects, Farmers World and Alien World. Both maintain a stable number of transactions and users during the bare market.
With the bear market in full swing, NFTs and tokens have been devalued as part of ATH in previously profitable projects such as Bomb Crypto, DeFi Kingdoms and StepN. BinaryX was originally a trading protocol that moved to GameFi and launched a successful title called Cyber Dragon, which seemed to be one of many projects.
BinaryX issued the Governance Token BNX for $ 20.62 in September. In November, Binance announced that BNX is participating in the Innovation Board and can be deposited on the platform as a currency for money demand. The currency has no pledge period and holders can buy directly for any number of days to earn income with a 15% APR. As a result, BNX reached a record high of $ 200.71 on November 15, an increase of 873%.
But the good times didn’t last long. The developers of BNX Cyber Dragon have changed their character upgrades several times to make more money in-game. You must use gold to upgrade.
As a result, most players sell their gaming assets and leave the market, resulting in a rapid decline in revenue and difficulty in attracting new users. This reduced BNX from $ 200.71 for ATH on November 15th to $ 17.71 for ATL.
To save the project, BinaryX released Cyber Dragon V2 in March, adding new gameplay and modes. It also includes new casting and upgrade mechanisms for heroes, hoping to add stability to the price.
On June 14, Playful Studios’ gaming ecosystem, the Wildcard Alliance, announced the end of a $ 46 million Series A round.
The funds were for wildcards, a hybrid multiplayer online battle game. Participants can not only compete with each other for NFTs, but also interact and trade directly with in-game fans and owners.
In the current market environment of significant devaluation of virtual assets, wildcards were able to raise huge amounts of money to support the development of the project.
The overall market continued to slide alongside the crypto market in June, but individual developments in the GameFi sector show that it may be more resilient than many believe.
June event review
NFT & GameFi
Metaverse and Web3
DeFi and tokens
Network and infrastructure
institution
World wide
This work has been contributed by Footprint analysis community By Vinci.
Data Source: Footprint Analysis- June 2022 GameFi Report
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