September 2022 GameFi Report
Oct. 9 2022, Daniel
Data Source : Transaction volume via GameFi protocol hits all-time low Investment remains on a downward trend Few new GameFi projects are being launched On the other hand, the number of active GameFi users has skyrocketed, mainly due to the arc8 arc8 on Polygon, and the promotion of several small projects on BNB. However, even the projects that performed well in September did not see a huge increase in the price of their tokens. The market cap of the GameFi token continues to drop. Overall market overview Fear and greed index falls back to extreme fear When Ethereum touched $1,245 on Sept. 22, it was only 20% away from its yearly low. In the GameFi space, this pullback has manifested itself in less investment in the space and a lack of new launches The number of GameFi projects rose 1.3%, an all-time low for the industry. Among the four major chains of blockchain games (BNB, ETH, Polygon, Wax), BNB has the most new projects, with a total of 12. Ethereum, WAX and Polygon have 2, 3 and 4 new projects respectively. Investment and financing The amount of financing in the GameFi field fell from $448 million to $133 million, a 20% month-on-month drop. Indie game studio Theorycraft received its biggest investment of the month, with a $50 million Series B round. The founding team includes names from Blizzard, Riot Games, and Ubisoft. The investment in GameFi by established gaming companies and developers underscores its move into Web3, even under tough market conditions. The second round of funding this month was completed by Revolving Games, another blockchain game studio. Animoca Brands continues to increase its investment in this field, becoming one of GameFi's largest backers, and supporting Revolving Games and Thirdwave's financing in September. Immortal Game raised $15.5 million in its second round of financing this month, led by TCG and other technology and entertainment venture capital experts. GameFi transaction volume and number of users GameFi's total transaction volume fell 40% month-on-month, reaching an all-time low since the start of the bear market. Contrary to this, the number of gamers has increased dramatically within a month. This shows that transaction volume per user is declining, which is reflected in GameFi transaction volume and transaction per user data. Ronin - and by extension Axie Infinity - lost market share by 11% of game volume. Polygon and BNB, on the other hand, gained 5% and 7%, respectively. MAUs jumped 27%, 43% of which were new users (6.146 million total) -- the largest monthly increase since March. Project Overview Project Overview Polygon's massive growth in October was fueled by an increase in people playing Arc8, the mobile GameFi arcade from blockchain studio GAMEE. Unlike what might have happened at the beginning of the year, when a game’s breakthrough performance would generate hype and cause a token price to jump, GMEE — Arc8’s native token — didn’t see huge price increases, growing 20-30% monthly. It’s still 97% below ATH’s current price and around 20% below its June price (with a similar number of active users). Splinterlands and Alien Worlds remain the two most played titles at GameFi, with overall numbers remaining relatively stable. The fear and greed index jumped sharply in August, almost reaching"greedy"image description key summary
Crypto Market Macro Situation
Ethereum’s price fell as The Merge’s hype died down — though that may have been purely accidental; the S&P also saw a sharp drop in the second half of the month.
Fundraising in the GameFi space plummets
The most eye-catching data for September related to investment and money. It fell from $448 million in August to $133 million in September.
September Monthly Report: Funding, Monthly Investment
While late summer was a very difficult time to secure funding (and thus close deals in September), the gap between this year and last was too great to ignore. The collapse in funding will have a trickle-down effect on studios, ecosystems and developers, who may be more conservative this winter.
Polygon overtakes BNB with Arc8
Since the beginning of the summer, Polygon has been catching up with BNB in the number of active users, and officially surpassed it at the end of September.
Daily Number of GameFi Users Cross-Chain
Arc8’s active users increased and returned to June user numbers, but this was not reflected in the project’s token, GMEE, which is still around 20% lower than it was in early summer.
More users, less capital investment
One of the biggest surprises of the month was the dramatic increase in new GameFi users.
New Users by Month (September Report)
The intriguing question is why the number of transactions has decreased while the number of new users has increased.
The two projects that drove the most new users in September were:
Arc8
Tiny World
However, none of their tokens appreciated commensurately. The price of GameFi Token continues to drop, which is reflected in the general decline in the market cap of GameFi Token.
Summarize
September was a tough month for the GameFi industry as the macroeconomic environment continued to become increasingly challenging.
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