P2E Moon Watch: The Gaming Week in Review (September 23 – September 30, 2022)

P2E games are turning to free mode, while adding more meaningful NFT items.

The last quarter of 2022 approaches, in a year that was challenging to most P2E games. Some of the games, like Crabada, are tweaking their earnings model, while others are growing a Web2 audience while also offering a Web3 dimension. The P2E market remains volatile, tracking the movements of BTC and ETH as the two assets try to recover against bear market pressure. At the same time, more games are joining either through IDO, NFT sale or even a giveaway, showing there is still interest in the Web3 space.

Top Events of the Week

Leading Games by Number of Users

Leading games had a small re-scramble this week, with Benji Bananas and Axie Infinity going up the ranks. Still, WAX-based games remain at the top, mostly because the network is fast enough to record more transactions on-chain, with negligible fees. Axie Infinity established itself around 24K players in 24 hours, while still remaining highly popular as a free game with no on-chain records.

GamePrevious WeekCurrent
Alien Worlds167.91K205.05K
Farmers World99.25K87.13K
Benji Bananas34.29K
Axie Infinity23.56K

P2E Token Price Action

P2E tokens have erased roughly around 90% of their value since the peak, though leading game assets remain close to a predictable range. The unfavorable market conditions are pressing more games to build tools to circle back tokens into the game, instead of selling on the open market. 

Weekly Lagger: The Sandbox (SAND) -3.42% to $0.84. SAND still hovers under $1, almost unchanged by the game’s overall positive achievements. The Sandbox relies on exclusive events for avatar holders, generating one of the top metaverse experiences on the blockchain.

The market cap of all P2E tokens remained largely unchanged at 5.66B, with most of the losses under 5%. 

Decentraland (MANA) +1.37 % to $0.72=0. MANA regained its top position in terms of market cap, and continues on its path of development despite the bear market. 

The Sandbox (SAND) -3.42% at $0.84, still close to MANA in terms of market cap. The Sandbox gets a boost from Alpha Season 3 with exclusive closed events for avatar owners.

Axie Infinity (AXS) -0.73% down to $12.69. AXS is frozen in a range for another week, as Origin Season 1 is going smoothly with a minor update. Axie Infinity has remained one of the most high-profile games on the blockchain, though still relying on free play for growth.

During the past week, Ethereum (ETH) remained in the $1,300 range, while BTC also battled to avoid a deeper crash. The P2E space still depends on tokenization and trading, but there are tools to bring value to tokens based on real users and real game adoption.

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