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September 2022 GameFi Report

After a late-summer rally, the crypto markets pulled again in September, bringing many metrics associated to the well being of the GameFi trade down with it. 

  • The quantity of quantity passing by way of GameFi protocols reached historic lows
  • Funding nonetheless remained sideway
  • Only a few new GameFi tasks have been launched

Alternatively, the variety of lively GameFi customers jumped, largely on account of arcade app Arc8 on Polygon and, to a lesser extent, a number of smaller tasks on BNB. 

Nonetheless, even well-performing tasks in September didn’t see giant will increase of their token costs. The market cap of GameFi tokens continues to say no. 

Key Findings

Total Market 

  • The Worry and Greed index fell again to excessive worry
  • Ethereum was simply 20% away from yearly lows on Sept. 22 when it hit $1,245.
  • Within the GameFi house, this pull-back manifested itself as much less funding within the house and a dearth of recent tasks launched
  • The variety of GameFi tasks grew by 1.3%, an all-time low for the trade
  • Out of the four largest chains for blockchain video games (BNB, ETH, Polygon, Wax), BNB had probably the most new tasks, 12 in complete
  • Ethereum, WAX and Polygon had 2, Three and four new tasks, respectively

Financing & Funding

  • The quantity of funding raised within the GameFi house dropped 20% MoM from $0.448B to $0.133B.
  • Impartial sport studio Theorycraft obtained the month’s largest funding with a $50 million B spherical. The founding workforce contains names from Blizzard, Riot Video games and Ubisoft. The enterprise into GameFi highlights the development of established gaming corporations and builders getting into into Web3, even throughout extreme market situations.
  • The month’s second funding spherical was closed by Revolving Video games, one other blockchain sport studio.
  • Animoca Manufacturers continued to pour cash into the house, changing into one of many greatest funders and backing the funding for Revolving Video games and Thirdwave in September.
  • Immortal Sport raised the month’s second funding spherical with $15.5M by TCG, together with different tech and leisure VC specialists.

GameFi Quantity & Customers 

  • The whole quantity in GameFi dropped 40% % MoM to achieve an all-time low because the starting of the bear market
  • Counterintuitively, the variety of players has elevated sharply MoM
  • This means a decline within the quantity per consumer, which is mirrored within the GameFi Quantity and Transactions per Consumer knowledge
  • Ronin—and, by extension, Axie Infinity—misplaced 11% of market share for gaming quantity. One the opposite hand, Polygon and BNB gained 5% and seven% respectively
  • MAU jumped by 27%, 43% of which have been new customers (614.6K in complete)—the most important MoM enhance since March
  • This enhance was pushed principally by new gamers on Polygon (88% of recent gamers in September), a overwhelming majority of whom performed Arc8, a mobile-first arcade sport

Tasks Overview

  • The rise of individuals taking part in Arc8 drove Polygon’s vital progress in October; Arc8 is a mobile-first GameFi arcade by blockchain studio GAMEE
  • In contrast to what would have possible occurred early within the yr, when a breakout efficiency by a sport would generate hype and result in jumps in token worth, GMEE—Arc8’s native token—didn’t see a big worth enhance, growing by 20-30% MoM. It’s nonetheless 97% beneath its ATH and round 20% beneath its June worth when it had the same variety of lively customers.
  • Splinterlands and Alien Worlds proceed to be the 2 most-played video games in GameFi, with total quantity remaining comparatively secure

Crypto Macro Overview

After sharply leaping to nearly attain “greed” ranges on the Worry & Greed Index in August, the index fell again to a state of maximum worry in September.

Footprint Analytics - ETH Price VS FGI (September Report)
Footprint Analytics – ETH Value VS FGI (September Report)

The value of Ethereum fell because the hype round The Merge died down—although this can be purely incidental; the S&P Index additionally had a pointy drop within the second half of the month. 

Funding in GameFi dries up

Essentially the most placing knowledge in September pertains to funding and funding. It declined from $0.448B in August to $0.133B in September. 

September Monthly Report: Funding, Monthly Investment
September Month-to-month Report: Funding, Month-to-month Funding

Whereas the top of summer season is a really tough time to acquire funding (and thereby shut offers in September) the hole between this yr and final is just too monumental to disregard. The collapse in funding may have trickle-down results for studios, ecosystems and builders, who will possible be rather more conservative this winter. 

Polygon overtakes BNB because of Arc8

Polygon closed the hole with BNB, a niche which seemed to be widening at an accelerated tempo because the starting of summer season.

Daily Number of GameFi Users Cross-Chain
Day by day Variety of GameFi Customers Cross-Chain

Energetic customers for Arc8 elevated to June numbers, however this didn’t replicate within the venture’s token, GMEE, which was nonetheless round 20% decrease than initially of summer season. 

GMEE Price
GMEE Value

Extra players, much less cash 

One of many greatest surprises of the month was the sharp progress in new GameFi customers. 

New Users by Month (September Report)
New Customers by Month (September Report)

The logical query is, why did the amount lower regardless of the variety of new customers growing. 

The 2 tasks which drove probably the most new customers in September have been: 

Nonetheless, neither noticed their tokens respect correspondingly. The value of GameFi tokens continues to drop, mirrored by the final decline of GameFi token market cap. 

GameFi Token Market Cap
GameFi Token Market Cap


Because the macro-economic surroundings continues to change into increasingly difficult, September was a tough month for the GameFi trade. 

Even robust consumer numbers didn’t assure will increase in token costs, and funding within the sector has been minimize to a small fraction of what it was months in the past. In different phrases, if traits proceed, discovering sources of revenue to maintain tasks alive will likely be tough. Unsurprisingly, there have been nearly no new GameFi tasks launched—and no main ones. 

This piece is contributed by Footprint Analytics group.

Oct. 9 2022, Daniel

Information Supply: September 2022 GameFi Report (ENG)

The Footprint Group is a spot the place knowledge and crypto fans worldwide assist one another perceive and achieve insights about Web3, the metaverse, DeFi, GameFi, or every other space of the fledgling world of blockchain. Right here you’ll discover lively, numerous voices supporting one another and driving the group ahead.

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Posted In: Analysis, GameFi

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