{"id":236814,"date":"2022-05-17T10:30:03","date_gmt":"2022-05-17T09:30:03","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=236814"},"modified":"2022-05-17T06:16:16","modified_gmt":"2022-05-17T05:16:16","slug":"gamefi-slides-on-macro-trends-but-individual-projects-shine-april-monthly-report","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/gamefi-slides-on-macro-trends-but-individual-projects-shine-april-monthly-report\/","title":{"rendered":"GameFi Slides on Macro Trends but Individual Projects Shine | April Monthly Report"},"content":{"rendered":"

In April, <\/span>GameFi<\/span><\/a> game projects grew from 1,406 to 1,479, a monthly increase of 5.2%, with growth concentrated in the <\/span>BSC<\/span><\/a> and <\/span>Polygon<\/span><\/a> chains. Monthly active users were 9.22 million, and transaction volume was $34.37 million. But compared to March, active users and transaction volume fell by 24.9% and 73.4%, respectively.<\/span><\/p>\n

However, despite declining users and trading volume, some GameFi projects continued to perform well. For example, STEPN was the hottest DApp on the crypto market, <\/span>Splinterlands<\/span><\/a> ranked #1 in daily active users, averaging over 350,000 daily users, and <\/span>DeFi Kingdoms<\/span><\/a> surpassed <\/span>Axie Infinity<\/span><\/a> as the most traded GameFi project.<\/span><\/p>\n

Here's a look at GameFi's overall performance in April by the numbers.<\/span><\/p>\n

GameFi Market Overview<\/b><\/h2>\n

GameFi projects grew 5.2% MoM, with growth concentrated in BSC and Polygon<\/b><\/h3>\n

According to Footprint Analytics, as of April 30, 38 blockchains participated in the <\/span>GameFi<\/span><\/a> sector, with 1,479 game projects, <\/span>up 5.2% MoM<\/span>.<\/span><\/p>\n

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Footprint Analytics – Number of GameFi Protocols by Chains<\/figcaption><\/figure>\n

Ethereum's project count in the GameFi ecosystem is not growing as fast as on the BSC and Polygon chains. The projects on BSC and Polygon have become some of the most popular games in the crypto market today. They include Bomb Crypto and Mobox on BSC, Crazy Defense Heroes, and Pegaxy on Polygon.<\/span><\/p>\n

Developers prefer BSC and Polygon for games because of their low gas fees, high throughput, and the same high security as Ethereum. The number of projects on Ethereum is gradually divided by blockchains such as BSC, Polygon, and WAX, attracting a large number of game users and projects.<\/span><\/p>\n

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Footprint Analytics –\u00a0 Monthly Number of Games by Chain<\/figcaption><\/figure>\n

Active users down 24.9% MoM, Gamefi's transaction volume down<\/b><\/h3>\n

As of April 30, the total number of active users was 9.22 million, of which 780,000 were new users. Compared to March, the number of active users decreased by 24.9%.<\/span><\/p>\n

Since October, the number of new and active users has declined even though the number of games has increased.<\/span><\/p>\n

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Footprint Analytics – Monthly Gamers Trend<\/figcaption><\/figure>\n

However, some games have seen increases in new users. For example, the Polygon gaming ecosystem saw 25% more new users, led by Crazy Defense Heroes and Pegaxy.<\/span><\/p>\n

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Footprint Analytics – GameFi New Users by Chain<\/figcaption><\/figure>\n

According to Footprint Analytics, trading volumes spiked from October to November, exceeding $510 million per day. However, GameFi trading volume has been in a slump due to macroeconomic trends since January. Per wallet, trading volume has gradually dropped from $105 to $20.<\/span><\/p>\n

In addition, the Axie Infinity hack in mid-February significantly impacted active users and trading volume\u2014it caused users to lose over $615 million worth of ETH and USDC.<\/span><\/p>\n

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Footprint Analytics – GameFi of Volume Trend<\/figcaption><\/figure>\n
\"Footprint
Footprint Analytics – GameFi Volume and Transactions per User<\/figcaption><\/figure>\n

Nearly $2.4 billion raised in GameFi, up 381% MoM<\/b><\/h3>\n

Data shows that April saw the most significant amount of funding across the blockchain <\/span>sector<\/span>, with $6.62 billion invested. The GameFi <\/span>sector<\/span> accounted for 36.3% of that total, with $2.4 billion in investment. Compared to March, GameFi saw a 381% increase.<\/span><\/p>\n

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Footprint Analytics – Funding-Monthly Investment Trend<\/figcaption><\/figure>\n

Web3 saw the largest investments in the GameFi investment sector, with the STEPN Web3 project, which combines elements of GameFi and SocialFi, the most notable project.<\/span><\/p>\n

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Footprint Analytics – Gaming Financing Distribution<\/figcaption><\/figure>\n

GameFi Data is Underperforming, Still Have Excellent Games<\/b><\/h2>\n

While macro trends are unfavorable, several projects performed well in April. Splinterlands ranked first in the number of daily active users for more than three months, with average daily average users of more than 350,000. DeFi Kingdoms surpassed Axie Infinity to become the largest GameFi project by transaction volume. <\/span>STEPN<\/span><\/a> has become the hottest DApp in the crypto market with its Move-to-Earn.<\/span><\/p>\n

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Footprint Analytics –\u00a0 Top 10 Games Ranking by Users (April 30)<\/figcaption><\/figure>\n
\"Footprint
Footprint Analytics –\u00a0 Top 10 Games Ranking by Volume<\/figcaption><\/figure>\n

Splinterlands holds the #1 spot with 350,000 daily users<\/b><\/h3>\n

Splinterlands, an NFT card game, has become the most popular project in the GameFi sector. According to Footprint Analytics data, the number of users and transactions has gradually increased and stabilized.<\/span><\/p>\n

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Footprint Analytics – Splinterlands Users & Transactions<\/figcaption><\/figure>\n

Splinterlands has proven popular with its simple gameplay and low barrier to entry. And like Axie Infinity and other games, it adopts a dual-currency model, which has stabilized the liquidity of funds in the game and minimized the impact of token price fluctuations in the secondary market.<\/span><\/p>\n

DeFi Kingdoms surpasses Axie Infinity as the most traded project<\/b><\/h3>\n

On March 29, DFK surpassed Axie Infinity as the most traded program. News of the attack on Axie Infinity, which was considered safe, shook users' confidence, and trading volume fell off a cliff. As a result, it's been a tough month for Axie Infinity, and hopefully, it will be able to restore user confidence in the game by recovering $5.8 million in funds and launching Axie Infinity Origin's new arena game mode on April 7.<\/span><\/p>\n

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Footprint Analytics – Comparison of Users Axie Infinity and DeFi Kingdoms<\/figcaption><\/figure>\n
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Footprint Analytics – DeFi Kingdoms Monthly Retention Analysis<\/figcaption><\/figure>\n

Although DeFi Kingdoms has no VC funding, they maintain a monthly user retention rate and a solid daily user base through their tokenomics and roadmap.\u00a0<\/span><\/p>\n

STEPN becomes the hottest DApp\u00a0<\/b><\/h3>\n

STEPN is the first successful Move-to-Earn game and has real potential to be the long-awaited game that makes GameFi mainstream.<\/span><\/p>\n

Users buy NFT sneakers and get paid in the game\u2019s tokens to walk, jog or run. It further gamifies exercise by creating a system of sneaker upgrades.\u00a0<\/span><\/p>\n

STEPN has been online for less than six months and, as of April 30, its market cap has surpassed $2 billion. At present, Axie Infinity has fallen into the situation of insufficient new users, and STEPN may even exceed the market cap of Axie Infinity of $2.2 billion.<\/span><\/p>\n

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Footprint Analytics – Market Cap of STEPN and Axie Infinity<\/figcaption><\/figure>\n

Footprint Analytics data shows that the price of token GMT rose from $0.16 to $3.52, an increase of 2100% in a short period.<\/span><\/p>\n

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Footprint Analytics – Trading Volume vs Price of STEPN<\/figcaption><\/figure>\n

There is no doubt that STEPN is currently one of the hot trends on the market.\u00a0<\/span><\/p>\n

Summary<\/b><\/h2>\n

While GameFi is unavoidably tied to macro trends, seeing an overall decline in deals and users, individual projects have seen positive news in April. STEPN has grown immensely, DFK overtook Axie Infinity as the most traded project, and Splinterlands stabilized its daily active user base.<\/span><\/p>\n

April<\/b> Events Review<\/b><\/p>\n

NFT & GameFi<\/b><\/p>\n