November 2022 GameFi Report

Haru Invest

Regardless of one of many worst attainable occasions occurring in November—the whole collapse of the world’s largest crypto firm—the GameFi market didn’t fall considerably in comparison with October. 

This will likely point out that the market, barring a systemic collapse, has reached a restrict of its draw back danger. 

Nonetheless, reducing funding in house continued, with the quantity of funding and the variety of funds reaching a historic low. 

Amid the downturn, Polygon has carried out comparatively nicely 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 increased 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.
ETH Price VS FGI (November Report)
ETH Worth VS FGI (November Report)

The FTX collapse didn’t trigger the value 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 higher brunt of unfavourable market sentiment and volatility. 

One attainable rationalization is that this seemingly minor value motion information is the primary proof of one thing big: 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 Sequence A. The normal gaming studio hopes to broaden into Web3 and blockchain.  
Investment by Category (Nov. GameFi Report)
Funding by Class (Nov. GameFi Report)

Funding for GameFi has dried up a fraction of what it was once. Funds have been invested in a handful of initiatives, most sport builders and studios. Most of these rounds have been for established builders with a file of publishing profitable initiatives in Web3 or Web2. 

GameFi Market Overview

  • The full 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 increased than 6 months in the past.
  • In October, Axie Infinity’s unlocking occasion induced an unusually excessive quantity of site visitors on Ronin. In November, the breakdown between chains went again to a extra common distribution. 
November Report—GameFi Monthly Volume
November Report—GameFi Month-to-month Quantity

The full 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. 

November Report—GameFi Volume and Transactions Per User
November Report—GameFi Quantity and Transactions Per Consumer

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 very best quantity of recent customers because of a number of titles rising in recognition, specifically Benji Bananas and Planet IX.
New Users by Chain % - November
New Customers by Chain % – November

Polygon has established itself as a possible winner within the GameFi house if it might 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. 

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

GameFi Tasks Overview

  • The sharp enhance 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 sport, greater than tripled its customers in November. Notice that the value of the sport’s token, IXT, didn’t enhance. 
Benji Bananas Users
Benji Bananas Customers

Benji Bananas has vital development in customers in November, which was mirrored in its token value. Then again, Planet IX additionally noticed a surge in gamers, however its token, IXT, continued to say no, indicating a much less sustainable mission. 

Posted In: Evaluation, DeFi

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