P2E Moon Watch: The Gaming Week in Review (September 16 – September 23, 2022)

The Sandbox (SAND) rallied to become the top P2E token, on expectations of another play season just around the corner.

The P2E gaming market is as active as ever, despite the weakening prices of crypto assets. Even without constantly growing token prices, most of the big projects and an array of smaller ones have been building up their games. New arrivals draw in users with time-tested techniques, including through regular Facebook or Google account logins. The new crop of P2E games draws in from big gaming projects and the producers of mass-appeal mobile games. The added dimension of NFT and tokenization is also becoming more seamless, with in-game wallets and in-game asset balances. 

Top Events of the Week

Leading Games by Number of Users

There are always shifts among top games, with new arrivals managing to briefly join the top 10. This week, Benji Bananas entered the fray, as it added more distribution of PRIMATE tokens. Benji Bananas is an example of a mass-adoption game where the Web3 component is partial. At this point, there are multiple games used for free and with a much higher adoption rate, despite losing the hype of crypto token trading.

GamePrevious WeekCurrent
Alien Worlds167.45K167.91K
Farmers World90.42K99.25K

P2E Token Price Action

P2E tokens remain rangebound, though at this point most game assets have lost as much as 90% of their value since the peak. The overall market conditions mean no rallies are to be expected soon, except for very low cost tokens that are also volatile in the short term. 

Weekly Lagger: Gala Games (GALA) -13.32% to $0.041. GALA gets some of its value from its staking and usage in various types of nodes. 

The market cap of all P2E tokens rose slightly to 5.66B, with most of the drop triggered by ETH and BTC correcting downward and losing positions. 

The Sandbox (SAND) +1.34% at $0.88, becoming again the number 1 game token. SAND displaced MANA in the past week, as The Sandbox is still watched ahead of its next season launch.

Decentraland (MANA) -4.12 % to $0.72. MANA remains linked to the wider market, though the metaverse project token is still deflating more slowly. 

Axie Infinity (AXS) -0.35% down to $12.71. AXS already erased some of its gains, as the game is trying to reinvent its earnings mechanism. 

During the past week, Ethereum (ETH) slid even more, and is down to the $1,300 range. ETH also dipped lower as the hype around the Merge event wore out. Ethereum is also becoming a vestigial chain for most games, which either use a Layer 2 solution like ImmutableX, or build on BSC, Solana, Avalanche or other networks.

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