P2E Moon Watch: The Gaming Week in Review (June 10 – June 17, 2022)

P2E games are feeling the pressure of an even faster slide in crypto markets, but big projects keep building.

P2E assets went through another turbulent week, with liquidations affecting cryptocurrency funds. The market turbulence was felt across the board for assets as Three Arrows Capital saw some of its ETH positions liquidated. The price of ETH also slid close to $1,000, further draining value from the gaming ecosystem. At the same time, game development continued with new tools to attract and retain players. NFT mints and upgrades are still announced almost daily, while games rebalance their reward systems to avoid bot action.

Top Events of the Week

Leading Games by Number of Users

WAX and Wemix remain some of the busiest networks with an ecosystem aside from the volatility of the more popular crypto exchanges. Splinterlands still can’t regain its top position, leaving Alien Worlds as the busiest multi-chain game. Other games keep their popularity but slide in user count, especially after the end of the final Season 21 for Axie Infinity.

GamePrevious WeekCurrent
Alien Worlds187.43K213.99K
Farmers World147.99K138.65K
Crypto Blades25.91K25.02K
Sunflower Land15.78K14.12K

P2E Token Price Action

Weekly Leader: Decentraland (MANA), down only 9.38% with the smallest loss among top coins. MANA traded at $0.84. 

Most P2E assets lost roughly 30% of their value in a single week of increased market turbulence and predictions of further price drops.

Weekly Loser: Illuvium (ILV), down 39.42% to $158.52. ILV slid despite the successful land sale and NFT secondary market. The game is still in closed beta, but its leading staking asset is in freefall.

The market cap of all P2E tokens sank to $5.64B, crashing by about a third after a few weeks of relative stability.

Decentraland (MANA) -9.8% to $0.84. Crypto traders also noted that the valuation of MANA did not reflect the relatively low usage of the project’s metaverse game, outside of special events.

The Sandbox (SAND) -30.68% to $0.84. Officially, The Sandbox is still in alpha mode and the sliding token price has not stopped the project from issuing new popular-themed partnerships for NFT collections. 

Axie Infinity Shards (AXS) -25.46% to $13.84. AXS dipped to $12, pressured by the liquidation of 3AC, one of the funds with positions taken in Axie Infinity.

Gala Games (GALA) -20.38% to $0.05. GALA is one of the tokens also diverging from the project’s performance, as Gala Games manages to set its P2E games on mainstream gaming stores.

Ethereum (ETH) is down to just above $1,000 with immediate fears of dipping lower and causing a bigger market shock. In a week, the asset crashed from levels above $1,700. However, both Ethereum and L1 and L2 solutions remain active for game updates and changes in tokenomics. Projects also have some runway from the previous bull market and big platforms like Otherside Meta, The Sandbox and others have a longer-term outlook.

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