The State of GameFi in Q3/2022 - Update information about GameFi
GameFi/Play to Earn (P2E) shows clear signs of decline since the beginning of 2022. After the first half of 2022, P2E has shown that the heat has not decreased even though the general market is not very positive. So what happened to Play to Earn, GameFi, and Metaverse in the Q3/2022?
This aricle will give you a brief about The State of GameFi in Q3/2022.
In the third quarter, there was a little rise in market cap, from $4.5 billion to $5 billion. The rise was driven mostly by a large number of newly funded top-cap projects. However, the majority of the projects displayed indications of a price drop in the third quarter.
The market's activity level is lower than it was before. The average daily trade volume fell from $2 billion to less than $1 billion. Additionally, the number of daily users has decreased from 5.81M to 3.54M. In particular, September witnessed a significant decrease.
Based on the information available on the chain, WAX and Hive are the two blockchains that have seen the most amount of growth in terms of market share. These two platforms have a singular concentration on gaming, which places them above Solana, BNB Chain, and Poygon.
Highlighted Events of GameFi
These are all important events happening in GameFi market during Q3/2022.
The number of businesses that are a part of Metaverse is greater than 500.
The number of top-tier Metaverse projects increased significantly such as XANA Metaverse, Monavale, Everdome, etc.
Axie Infinity transforms into Axie Origin and deploys Season 0 successfully.
Shanghai invests $1.5 billion in Metaverse and plans to construct a synchronous Metaverse.
STEPN reports $122 million in revenue for the second quarter, despite the bear market.
Microsoft's decision to prohibit NFT in Minecraft shaped many opinions from gaming industry titans.
With the Gamestop NFT, Gamestop is taking a step toward Web3 Gaming, seeing the potential and placing high expectations on this new step.
Aftermath Islands which is a blockchain-based virtual reality interactive platform received $25M finding
Astro Space, the first farm-to-steal Web3 mobile game on Solana, raised funding of $25M successfully.
The eco-friendly blockchain built for the gaming community, Oasys, received $20M in funding
Tokens/coins from GameFi and Metaverse projects are used to pay for physical goods (Gucci, TAG Heuer..)
Shiba Eternity is released.
The Korean government has launched a three-year Metaverse promotion.
Many blockchain game projects are now appearing at Gamescom, the world's largest game event.
The sandbox launches Alpha 3 Season and continues to focus on leveraging the metaverse for social gaming.
Decentraland continues to host numerous virtual meetings, parties, art weeks, and fashion weeks, utilizing the metaverse for social purposes.
Immutable X entered the top 5 blockchain NFT transaction volume.
Limit Break successfully raised $200M
Ready Player Me, The cross-game metaverse avatar platform, received $56M funding
Gunzilla, The AAA Battle Royale 2.0 third-person in Web3, raised $46M
Xterio, The cross-platform publisher and developer of high-quality mobile and web3 games, raised $40M
Myria introduces a Layer 2 scaling solution focused on NFT and Web3 Gaming, with the goal of creating a new breeze in the Web3 space.
AxieCon is held in Barcelona in preparation for the start of Season 1 of Origin.
Blankos is the first Web3-branded game to be released on the Epic Games Store - Guild of Guardian has partnered with the eight largest esports teams to bring wbe3 gaming to esports fans.
Zilliqa unveils the first Web3 gaming console.
Revolcing Games which is the AAA web3 game raised $13.2M
Gameplay Galaxy, the decentralized competitive gaming ecosystem raised $12.8M
Immortal Game, the Web3 chess platform, raised $12M
Featured GameFi Projects in Q3/2022
Myria is a blockchain gaming ecosystem powered by the Ethereum L2 scaling solution developed by Myria. With a fresh approach to Web3 gaming, Myria demonstrates its potential to shape the next gaming revolution. Recently, Myria's ecosystem has been rapidly expanded by partners with high-quality blockchain games.
- GameStop NFT
After struggling to maintain sales as a physical retailer, GameStop announced a partnership with Immutable X in February 2022, kicking off its crypto integration. GameStop makes a big move to the Web3 space with a long-term vision, promising to create new innovations.
- Xana Metaverse
In February 2022, after struggling to maintain sales as a physical retailer, GameStop announced a partnership with Immutable X, kicking off its crypto integration. GameStop makes a significant move into the Web3 space with a long-term vision, promising new innovations.
- Blankos Block Party
Blankos Block Party, a Web3 game by Mythical Games, is the first NFT-powered game to be released on the Epic Games Store. Blankos Block Party is an NFT that focuses on customizable collectible digital toy creatures called Blankos. Blankos is the perfect example of Epic Games CEO Tim Sweeny's promise that their platform will be open to NFTs.
Fundraising In GameFi
Smart money that is being invested in NFT and Web3 gaming continues to rise, and it now accounts for more than a third of the whole investment.
The amount of money flowing into Web3 Gaming and Metaverse remains consistent and has become more varied as a result of many deals entering into smaller market niches.
Although there are no major agreements to speak of in Q3 like there were in Q2, the weekly data reveals that Web3 Gaming shows no symptoms of slowing down at all.
Even if this is the most challenging time for the cryptocurrency market, the GameFi/NFT Game category continues to be intriguing to venture capitalists and other types of investors.
When initiatives that fall into this category and have adequate funding and receive positive feedback from the community, the metaverse is on its way to becoming a new phenomenon.
Hopefully, you have already learnt about The State of GameFi in Q3/2022. If you have any questions, please drop us a comment in the section below.
FQAs - The State of GameFi in Q3/2022
What are play-to-earn games?
Play-to-earn Games are video games in which the player can earn real-world rewards.
While people have been earning money from video games for many years by engaging in practices such as "gold farming" and unofficial marketplaces for in-game items, the advent of blockchain technology and NFTs has literally changed the game.
What is GameFi?
GameFi is an innovative blend of blockchain technology and video games. These play-to-earn games reward players who commit time and effort with marketable tokens.
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