Original source: CoinMarketCap, Footprint Analytics
Introduction
Introduction
The encryption world has experienced ups and downs in the past ten years, and GameFi, as a new segment, only began to enter peoples field of vision at the end of 2020. Therefore, the first half of 2022 is the first bear market cycle experienced by the GameFi industry.
Supported by data, this report analyzes the performance of various projects in the GameFi industry in terms of user behavior, on-chain transactions, financing, and currency price fluctuations. In addition, this report also explores some of the challenges faced by the industry.
opinion feed
A series of events in the GameFi space in 2022 highlighted the fundamental contradiction between the two verticals of gaming and finance. Specifically: people play games to have fun, and participate in financial activities to make money. The data shows that GameFi projects based on hype profits and the unsustainable Play to Earn economic model have a more serious recession in the bear market.
This report delves into the gaming ecosystem in each chain. We also took a closer look at the top GameFi tokens and their market performance in the bear market cycle in the first half of 2022, and found that most projects saw a sharp decline in currency price and user numbers.
Big issues still remain: how to make people play and earn in the game instead of working hard and getting rewarded in the project? How should developers design projects? How is the GameFi project sustainable?
Compared with other tracks, GameFi and Metaverse have attracted a large number of investment institutions. From the data point of view, investors are very optimistic about the GameFi track, but so far, there is no one that is completely built for GameFi and becomes the first choice for GameFi project developers.
Analysis of each chain of GameFi
Table of contents
Overall performance of the GameFi market
Analysis of each chain of GameFi
Analysis of GameFis financing situation
Analysis of GameFis financing situation
GameFi projects to watch in the second half of 2022
GameFi public chains worthy of attention in the second half of 2022
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Overall performance of the GameFi market
Overall performance of the GameFi market
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figure 1:Correlation Analysis of Bitcoin Price and SP 500 Index
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image 3:GameFi Total Market Cap vs. Bitcoin Market Cap
From the perspective of transaction volume,Ronin chain、BNB chain(formerly BSC Chain) andHarmony chainandAxie InfinityandDeFi KingdomsBoth projects have significantly increased the overall transaction volume of both chains.
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Figure 5:Proportion distribution of GameFi users on each chain
Three revelations from the market in the first half of 2022
The sustainability of the project cannot be judged hastily. The enthusiasm under the bull market may not represent the long-term success of the project.
At present, whether it is the first household-known cryptocurrency game Axie Infinity or the first project featuring Move to EarnSTEPNimage description
Figure 6:and
on the other hand,Alien WorldsandSplinterlandsimage description
Figure 7:Active User Trends (Alien Worlds and Splinterlands)
In the GameFi public chain world, there has not been a dominant chain in the market that has become the first choice of project parties. Its too early to predict GameFis industry leaders at this stage.
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Figure 9:Market share of HIVE chain game users
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Figure 10:The market share of each game user on the BNB chain
There is also a high-profile GameFi project Illuvium that will launch on Ethereum, and another upcoming game on Ethereum, Big Time, has also received a large amount of financing. In addition, STEPN has also been extended to the Ethereum chain.
More and more developers aim to create a multi-chain ecosystem.
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Figure 11:Number of GameFi projects deployed across chains
Animoca Brands stated that their upcoming AAA game Phantom Galaxies will be a multi-chain deployment project.
Avalanche is designed to passAvalancheSubnets make it easier for games to be built on multiple chains (i.e. build their own network on AVAX infrastructure). Currently, Avalanche has attracted Defi Kingdoms andCrabadaAnalysis of each chain of GameFi
Analysis of each chain of GameFi
Abstract: The growth of the number of projects on the chain has slowed down significantly since May, with only 47 new projects launched in May. This indicator improved slightly in June, with 63 new projects. However, there is still a big gap compared with the number of projects launched in the first quarter. In July, 38 new projects were launched on the market, a slight decrease in the number.
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Figure 12:Number of GameFi projects on each chain
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Figure 13:The number of new GameFi projects on each chain
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Figure 14:The number of users of the five leading public chains
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Figure 19:The transaction volume of each project on the Harmony chain
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Head GameFi Project Token Observation
Abstract: While the crypto bear market arrived in May, sentiment in the GameFi market has been up and down since December 2021. The market has understood the principle of GameFis death spiral. Whether it is a decline in token prices or a decline in the number of users, it will trigger a downward trend in games. As things currently stand,"Play to Earn"image description
Figure 21:Top 10 GameFi Token Market Cap Trends Ranked by Market Cap
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Figure 22:Top 10 GameFi token trends by currency price (ranked by currency price, based on 100%)
STEPN was once a famous project in the bear market. In the bear market, various indicators of STEPN, including the number of GMT token addresses, new users and deposits, all dropped sharply. at present,GMTimage description
Figure 23:Ranking of top game tokens by average daily trading volume
Green Satoshi Token (GST) — The utility token of the STEPN ecosystem also exploded in trading volume to $14M amid a price crash, illustrating the project’s inability to control token sell pressure even with continued efforts.
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Figure 24:Analysis of GameFis financing situation
Analysis of GameFis financing situation
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Figure 27:Investment amount in 2022 compared with the same period in 2021
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Figure 29:Ranking of the number of investment projects by investors
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Spotlight: GameFi projects to watch in the second half of 2022
Unreleased AAA masterpiece
One thing to watch in the future of the GameFi space is whether a couple of high-profile, big-budget titles turn out to be the hits people were hoping for.
Most of the current projects in the GameFi space are low quality and unsustainable. However, once AAA games come out, GameFi will enter the public eye and solve most of the current problems.
Many AAA titles will be released in 2022 and 2023.
A few notable games are:
Illuvium
Phantom Galaxies
Big Time
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Figure 32:Google Keyword Search Analysis——Interest in Illuvium, GameFi and Blockchain Games
Phantom Galaxies is a project launched by Animoca Brands and its subsidiary Blowfish Studios. This game provides the possibility for the future development of blockchain games - the cooperation between mature game studios in the traditional field and the blockchain field, such Cooperation enables the project to have a strong variety of backup resources.
Big Time is developed by the Big Time studio founded by Decentraland co-founder Ari Meilich. Big Time promises to give players a true AAA-level RPG gaming experience, and they provide users with escrow wallets to make the game easier to pick up.
The teams behind these projects have a glorious history in the blockchain and game fields, such a strong background and resources are likely to create top AAA game masterpieces.
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ethereum chain
EthereumEthereumStill has the most following and the largest developer community.
Combined with the progress Ethereum has made in terms of efficiency and scalability, it could easily capture a sizeable share of the GameFi market. This is because the current influx of GameFi users into other public chains is mainly due to the low transaction speed and high Gas Fee of Ethereum.
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Figure 33:The number of active users of each project on Ethereum on July 31
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CoinMarketCap Research:
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Footprint Analytics:
Footprint AnalyticsTools for discovering and visualizing blockchain data, covering relevant data in fields such as NFT and GameFi. So far, Footprint has collected, analyzed and cleaned up the data of 17 public chains, and built a no-code drag-and-drop dashboard for users. At the same time, Footprint also supports the use of SQL and Python for data analysis.
