Crypto markets achieved relative temporary stability, managing to calm some of the fears for a further crash. Once again, L1 networks like Avalanche and Solana started to make their bids as hubs for new projects from the Web3 space. Games are trying to renew their earnings appeal while tweaking their payout models and tokenomics.
Top Events of the Week
- TimeShuffle Prepares for Pre-Alpha Launch
- Solana Plans Web3 Phone
- Avalanche Core Gives One-Point Access to NFT, Gaming Ecosystem
- Axie Infinity Ends Final Season
- Crabada Brings Back Idle Game Easy Access
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.
P2E Token Price Action
Weekly Leader: The Sandbox (SAND) up 25.28% to $1.08. The Sandbox recovered relatively fast, reflecting the potential for P2E tokens to still offer short-term gains.
Most P2E assets regained some of the lost ground, adding as much as 25% in a single week, as ETH remained above $1,100 and ensured relative stability, with BTC above $21K.
Weekly Loser: WEMIX, down 1.21% to $2.82. WEMIX remained stagnant, though the token often moves against the market and has a different price logic compared to other P2E assets.
The market cap of all P2E tokens rose to $6.77B, breaking the past month of losses.
Decentraland (MANA) +8.60% to $0.91. MANA is actively traded and invited buying at the lows, though not lining up with the biggest winners.
Axie Infinity Shards (AXS) +24.17% to $17.08. AXS rallied as Axie Origin keeps on with active development, growing its user base with a goal of global mobile launch. AXS also took the spot of SAND in terms of total market capitalization.
The Sandbox (SAND) +25.27 to $1.08. The Sandbox is one of the most active communicators on social media, with almost daily special offers.
Gala Games (GALA) +5.22% to $0.052. GALA remains relatively stagnant, though the token reflects one of the actively growing ecosystems with varied NFT types encompassing game avatars and even music.
Ethereum (ETH) rallied to $1,207.09, remaining the most influential network in P2E and as a form of value collateral. The past week showed that despite the bear market and what may be considered “crypto winter”, projects keep building and there is interest in various free or semi-free models. Even without efficient tokenization, experiments in digital ownership and NFT continue, with the space getting a boost from the New York NFT meetup.