Regardless of one of many worst potential occasions taking place in November—the entire collapse of the world’s largest crypto firm—the GameFi market didn’t fall considerably in comparison with October.
This will point out that the market, barring a systemic collapse, has reached a restrict of its draw back threat.
However, reducing funding in area continued, with the quantity of funding and the variety of funds reaching a historic low.
Amid the downturn, Polygon has carried out comparatively properly as a gaming chain, with a number of giant titles gaining customers in November.
Total, November was a comparatively uneventful month for GameFi, particularly contemplating what occurred within the CEX sector.
Crypto Macro Overview
On the finish of November, the F&G index closed greater than on the finish of October. The FTX collapse stopped the F&G index restoration, inflicting it to fall from 40 to twenty. Hitting $1,091 on Nov. ninth, Ethereum was near dropping beneath the thousand-dollar mark however didn’t.
The FTX collapse didn’t trigger the worth of ETH to drop under its June lows, regardless of this occasion being arguably extra vital than the Terra Luna collapse that occurred.
Curiously, BTC did drop under its June lows, which is surprising as a result of altcoins would beforehand bear the larger brunt of unfavourable market sentiment and volatility.
One potential rationalization is that this seemingly minor worth motion information is the primary proof of one thing large: the tokenomic results of the Merge coming to fruition. For the primary time, Ethereum is much less risky than BTC.
GameFi Financing & Funding
GameFi funding continued to fall and dropped to an ATL of $60 million in November, a decline of 69% MoM. There have been simply 9 rounds within the GameFi business, led by Roboto Video games and Thirdverse. Thirdverse is a Tokyo-based growth studio specializing in Web3 and VR video games. It acquired a $15 million spherical led by MZ Web3 Fund.A16z was the lead investor in Roboto Video games’ $15 million Collection A. The standard gaming studio hopes to increase into Web3 and blockchain.
Funding for GameFi has dried up a fraction of what it was. Funds have been invested in a handful of initiatives, most recreation builders and studios. Most of these rounds have been for established builders with a report of publishing profitable initiatives in Web3 or Web2.
GameFi Market Overview
The overall quantity in GameFi dropped from October, declining from $260 million to $100 million. Transactions per consumer additionally declined sharply on the finish of November however are nonetheless greater than 6 months in the past.In October, Axie Infinity’s unlocking occasion prompted an unusually excessive quantity of site visitors on Ronin. In November, the breakdown between chains went again to a extra common distribution.
The overall quantity of GameFi greater than halved. A big a part of this was unusually excessive quantity in October pushed by the Axie Infinity unlocking occasion—with the market now coming again to its regular state.
GameFi Customers Overview
MAU declined from 2.2 million % in October to 2 million, whereas new customers declined by simply over 100 thousand. Polygon noticed the best quantity of recent customers due to a number of titles rising in recognition, specifically Benji Bananas and Planet IX.
Polygon has established itself as a possible winner within the GameFi area if it may well proceed attracting strong initiatives. Some notable Polygon-based titles which have grown rapidly prior to now few months are Benji Bananas, Arc8 by GAMEE, and Planet IX.
GameFi Tasks Overview
The sharp improve in quantity on Polygon was pushed by Benji Bananas gaining customers and quantity. The variety of customers grew to over 80K. Planet IX, a space-themed technique recreation, greater than tripled its customers in November. Observe that the worth of the sport’s token, IXT, didn’t improve.
Benji Bananas has vital development in customers in November, which was mirrored in its token worth. Then again, Planet IX additionally noticed a surge in gamers, however its token, IXT, continued to say no, indicating a much less sustainable undertaking.
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