The cryptocurrency markets are in Goblintown, literally. This week, marked by another flash crash for most assets, saw the arrival of the Goblintown NFT collection, a spark of weirdness and a high ETH turnover. At the same time, games of various ranks seek to attract players and justify their tokenomics. The P2M model is now working toward viability and longevity, for all games from idle mobile to AAA-type 3D worlds.
Top Events of the Week
- Ni No Kuni Explores Tokens, NFT
- Thetan Arena Held Fusion Event, Last Chance for Legendary and Mythic Thetans
- Goblintown Revives NFT Market
- Alien Worlds Brings Back In-Game NFT
- Move-to-Earn Games Pick Up the Pace
Leading Games by Number of Users
Top games on WAX and EOS follow different rules and do not see an outflow similar to previously hot P2E hubs. New games are coming into the ranks, displacing previously busy ones. Player count and value in the game are sometimes not matched, depending on the game’s economic model. Mobox NFT Farmer remains the game holding the highest notional value.
|Game||Users||Change 24 hours|
P2E Token Price Action
Weekly Winners: The Sandbox (SAND) +3.10%, $1.33. The Sandbox game cares less of its token value, while still distributing branded NFT collections as promised. The latest avatar collection introduced Pororo, the stop-motion animation with Penguin characters.
WEMIX, up, 103% to $4.32. WEMIX is notoriously volatile, allowing for anomalous weekly gains.
Weekly Loser: Axie Infinity (AXS) -10.97% to $18.61. The Axie game turned extremely low profits, and has lost its previous appeal as a source of regular income. This reflects on the AXS governance token.
The market cap of all P2E tokens sank to $7.63B equivalent, a slight week-on-week gain. Interest in tokens has waned across the crypto market, and games are now entering a new period of competition to pick the best model mixing game results and token value.
Decentraland -12.16% for the week, traded at $0.95, crashing despite the success of sub-games and locations in the metaverse.
The Sandbox (SAND) to $1.32, keeping some of the gains for now and continuing as a high-profile metaverse game without emphasizing its token.
Axie Infinity Shards (AXS) -11.91% to $18.48, among the biggest weekly losers.
Gala Games (GALA) – 12.11% to $0.071. Gala Games almost took the loss leader position, despite its success with Town Star.
WAX (WAXP) -9.77% to $0.11. WAX is still a relatively strong performer due to the speed of its network and the presence of a significant community of players, but the asset has not rallied for months.
The past week saw Ethereum (ETH) crash to $1,800, potentially hurting the decentralized finance sector and by extension, gaming. Despite the bear market, projects continue to build with expectations of winning players and using the token model in a more sustainable way.