P2E Moon Watch: The Gaming Week in Review (May 6 – May 13, 2022)

Games continued with their next milestones, ensuring players most will be able to develop their vision even in a crypto bear market.

Cryptocurrency markets went through one of the most dramatic weeks in history when the Terra (LUNA) project crashed to zero in just a few days. The Terra project did not succeed in its plan to support UST through LUNA or through its vast Bitcoin reserves. This crashed the entire market, bringing BTC under $30,000 and damaging the price levels of most P2E tokens.  

Top Events of the Week

Leading Games by Number of Users

The primacy of games is difficult to estimate. The P2E space contains games with high social media presence. Not all players are reflected on-chain, hence some games appear less busy than in reality. 

Sunflower Land once again takes the top spot on Polygon, Crabada is the leader on Avalanche and Mobox is among top BSC games. All games retained their positions over the course of a few days

GameUsersChange 24 hours
Splinterlands369.38K+2.55%
Alien Worlds181.15K-20.40%
Farmers World136.26K-1.28%
Upland46.31K-2.16%
Second Live30.28K-3.58%%
Sunflower Land20.93K+26.40%
Pegaxy12.08K+37.22%

P2E Token Price Action

Weekly Winner: Axie Infinity Shards (AXS) – 17.5% to $22.67. The token sank even more, but it was the biggest survivor after a market that erased nearly 50% of the value of most gaming tokens.

Weekly Loser: Mines of Dalarnia (DAR) -53.18% to $0.51. The game was off to a good start, but the token price was hurt by the overall fallout. 

The market cap of all P2E tokens sank to $8.45B equivalent, further erasing value as BTC and ETH sank, while stablecoins lost their attachment to a $1 price. Gaming tokens are also affected by the slide in DeFi projects, as some of them are exposed to decentralized trading, or are actually used as a DeFi asset in liquidity mining. 

Decentraland -26.13% for the week, traded at $1.09 after gaining 47% on Friday in a rapid recovery.

The Sandbox (SAND) – 32.60% to $1.42, up 18.99% for the last day. SAND kept its ratio, remaining the token of a top game with multiple partners and sub-games.

Axie Infinity Shards (AXS) $22.61, surviving the week well after making progress with Origin updates and launching an Android version.

Gala Games (GALA) – 32.96% to $0.09, up 32.13% on Friday. 

WAX (WAXP) – 39% to $0.11. WAX still supported with active gaming, Wombat Dungeon Master preparing for the next season.

The crash of Terra also affects games that intended to build their reward structure around LUNA and UST. So far, the list of games is relatively small. Gaming projects gave signals that most are well-financed and can continue with their milestones. Games that move on with a play-and-earn model may be more sustainable. Other games are scrambling to return to a higher profitability as their tokens crash more than 90% from their peak.

Previous Post

Earning for Fun Activities: What are the Alternatives of the Play to Earn Model

Next Post

Sunflower Land Unlocks 20K New Farms, SFL Token Moves Up

Related Posts
Join the @play2moon community on Twitter for exclusive content and giveaways!
Follow @play2moon
Total
0
Share