P2E Moon Watch: The Gaming Week in Review (October 14 – October 21, 2022)

With ETH under $1,300, the P2E market remains little changed. AXS keeps wiping out value despite the game’s sucecss.

Blockchain-based games are still hitting their milestones, and big established brands are still around. In Q4, earlier overhyped projects may be struggling, but strong game teams keep building. The shift to game-first approach continues, as the crypto market remains stagnant and cannot afford an endless inflow of liquidity. 

Top Events of the Week

Leading Games by Number of Users

Benji Bananas is once again up to the task and among top 10 games. Axie Infinity is raned at number 11, despite a recently announced mid-season Halloween bonus. There is some churn among the top 20 of games, but top brands keep up the pace. Some player growth is noticed among top games. The best P2E projects use fast and cheap blockchains, which allow for multiple smart contract interactions and a high reported user count.

GamePrevious WeekCurrent
Alien Worlds194.38K217.03K
Farmers World85.9K81.63K
Benji Bananas41.17K
Axie Infinity28.17K17.4K

P2E Token Price Action

With BTC stuck between $19,000 and $20,000, and with ETH just under $1,300, P2E tokens remained stagnant. 

Weekly Lagger: Axie Infinity (AXS), -16.24% to $9.20. AXS keeps losing previous positions with few chances of recovery. AXS is also a target for shorting, and may continue the slide to a lower tier. Despite the popularity of Axie Infnity and the Origins Season 1, AXS is underperforming for weeks now.

The market cap of all P2E tokens crashed again to $4.94B, though most tokens slid less than 5% in the past week.

Decentraland (MANA) – 3.72% to $0.60. MANA is relatively unchanged compared to other tokens, as Decentraland is mostly focused on events. 

The Sandbox (SAND) – 3.50% at $0.73. The Sandbox project remains active with new events and collections, but its token has abandoned the predictions of trading at a higher range.

Gala Games (GALA) -10.66% to $0.033. Gala Games aims to create demand for its token by selling nodes. 

Ethereum (ETH) remained under $1,300, putting pressure on some P2E projects. The most successful games are the ones that manage to build despite the valuations on the crypto market. Other games keep trying to switch to short-term rewards and tournaments, to remain attractive to players.

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