P2E games keep trending based on milestone achievements, as more projects are offering a completed product. Most games survived the worst of the bear market in 2022, and now exist in a period of relative stagnancy for most crypto assets. This has made most games carful about their tokenomics, as they cannot rely on demand for new tokens. Games resort to offering exclusive NFT, or keeping most assets within the game.
Top Events of the Week
- Crabada Overhauls Tokenomics, NFT Marketplace
- Sunflower Land Locks Farms with NFT Resale Cooldown Period
- First Axie Infinity Mini-Game Goes Live
- VoxVerse and Dreamworks Sell Trolls NFT Collection
- Vulcan Forged Opens Metaverse LAVA Bank
Leading Games by Number of Users
Benji Bananas left the top 10 of games after the period of PRIMATE token payouts. Axie Infinity is also fluctuating, sinking under 20K players at one point this week. The top 3 games remain the same, though there is an outflow of users for Alien Worlds, Splinterlands and Gameta. P2E games vary in their reporting potential, and some claim more than 100K users per day based on mobile app usage. But based on blockchain interactions, players may estimate the projects where token or NFT usage is more important.
P2E Token Price Action
P2E tokens slid this week, following the weakness on cryptocurrency markets. With BTC still under $20,000, other assets are more vulnerable to downward corrections. As tokens slide, games are also changing their reliance on a bull market and offering other forms of reward and incentive.
Weekly Lagger: Axie Infinity (AXS), -11.78% to $10.96. AXS is sliding for the second week in a row, despite the success of Sky Mavis in its goals and game improvements. AXS still works for passive income, but demand from the crypto community is lower.
The market cap of all P2E tokens inched down to $5.15B, with most tokens erasing close to 10% of their price in the past week.
Decentraland (MANA) – 8.05 % to $0.63. MANA has abandoned hopes of moving to a higher price range, and Decentraland focuses on development.
The Sandbox (SAND) – 7.76% at $0.76. The token accrued most of the losses ahead of the weekend as other crypto assets slid.
Gala Games (GALA) -8.56% to $0.036. Gala Games remains highly active with game releases, but its token has not recovered the levels of hype, or demand from buyers to run nodes.
During the past week, Ethereum (ETH) dipped under $1,300 on a few occasions. The Ethereum Merge event has not caused problems for tokens. Still, most games pick either ImmutableX or a Layer 1 solution like Avalanche, Solana, BSC or other networks. The Ethereum network has also lost the hype as the main hub for NFT mints, with no more gas wars or competition.