GameFi market cap hits $17.35B as blockchain gaming shows resilience.
TL;DR
- GameFi market cap reaches $17.35B
- Blockchain game activity shows volatility
- Hamster Kombat and Sony announce significant developments
- SEC scrutiny of NFTs could impact gaming assets
GameFi Market Overview
Looking at CoinMarketCap’s top gaming tokens list, we can see that:
The GameFi sector is showing strong signs of recovery. The market cap has increased from $16.6B to $17.35B this week, with a peak of $18.5B following Nvidia's impressive earnings report.
While still below late July's $20.8B, it's a notable rebound from August's downturn.
The play-to-earn sector maintains a robust position, with a total market cap exceeding $8 billion.
Active Users and Volume
DappRadar's data gives an interesting insight in blockchain gaming activity:
- Unique Active Wallets (UAW) remain steady at approximately 4M
- This coincides with Solana hitting a 12-month record for an active user count of 2.3 million this week.
- Volume fluctuates significantly, ranging between $40M and $5M
This suggests a core user base remains engaged, but there's hesitation around larger transactions or investments in the space.
Top Coin Movements
- Immutable (IMX): +20.84%
- FLOKI: +9.42%
- SuperVerse (SUPER): +23.75%
- Echelon Prime (PRIME): +25.81%
- Chromia (CHR): +13.36%
YTD performance remains challenging for most, with notable exceptions in BinaryX (+366.44%) and FLOKI (+316.99%).
Most Popular Games
Which Crypto Games Are People Playing?
Here are DappRadar’s top 10 most active games based on Unique Active Wallets (UAW) over the past 7 days:
Top Gainers
- KGeN: +23.8%
- World of Dyplans: +17.96%
- GombleGames: +32.93%
- PlayEmber: +2.16%
Top Losers
- BoomLand: -28.59%
- Lumiterra: -31.31%
- Pixels: -8.63%
- Sweat Economy: -10.31%
Key Observations
- Pixels continues to lead with 895k UAW despite a 9% user drop and a 7% token price decline.
- World of Dyplans and KGen continue to grow their user base (18% and 24%) with Dypians matching Pixels for transaction volume.
- GombleGames: Highest user growth at 33%.
- Sweat Economy: Best token performance (+15.63%), despite a 10.31% user decrease.
- BoomLand and Lumiterra dropped 30% of their active users this week.
- Treasure Ship had the highest volume ($15.64M) despite ranking 10th in users.
- Multi-chain games dominate, showing that cross-chain gaming is important.
- No Solana game is listed in the top 20, despite their surge in new users
Latest News
Hamster Kombat's TGE and Airdrop
Hamster Kombat has announced its token generation event (TGE) and airdrop for September 26. With 60% of tokens allocated to players, it's going to be a bumper payday for TON users.
Sony Debuts Soneium Layer-2 Chain Testnet
Sony is making a big move into Web3 with the launch of the Soneium Minato testnet and Spark incubator. The Soneium Spark program offers developers investment opportunities up to $100,000 and support from various Web3 firms, including Astar Network, Circle, Optimism, and Chainlink.
Will we see the Sony Playstation use it in the future?
Could SEC vs OpenSea Impact Gaming NFT Collections?
OpenSea, one of the largest NFT marketplaces which also serves most of crypto gaming’s NFT collections, has received a Wells Notice from the SEC, indicating potential enforcement action. The regulator alleges that the sale of NFTs on OpenSea constitutes the sale of unregistered securities.
This move has raised concerns about the broader impact on the NFT ecosystem, with some creators already taking proactive legal steps. OpenSea has pledged $5 million to assist with legal fees for NFT creators who may receive Wells notices.
Solana SVM Layer 2 Hits 1 Million Active Users
Sonic, a Solana-based gaming layer 2, reached 1 million monthly active users on its testnet, generating over 600 million transactions. The Odyssey campaign drove engagement across eight games, with Rage Effect, LowLifeForms, and JogoJogo being the most popular. JogoJogo alone attracted 250,000 registrations for its prediction-based game.
Despite this success, Web3 gaming still struggles with mainstream adoption due to a lack of quality games and "soft" infrastructure for marketing and user engagement according to Chris Zhu, Sonic's CEO.
Sui Goes In For Games
Sui blockchain is bringing some notable game developers to its ecosystem:
- Japanese developer Gumi has partnered with Sui Foundation to create "Brave Frontier Versus," set for a 2025 launch. This game will leverage Gumi's popular "Brave Frontiers" IP, featuring a card-based battle system with classic pixel art characters.
- Animoca Brands' studio Blowfish announced "Darktimes", a multiplayer brawler royale inspired by Nordic medieval dark fantasy, will deploy on Sui.
- NDUS Interactive is bringing "Xociety" to the platform
What's Next?
- Watch Hamster Kombat's TGE: Mark your calendar for September 26 and consider participating in the airdrop if you're interested in the game.
- Explore Sony's Web3 Initiatives: Read up on Soneium Spark incubator for potential opportunities and support.
- Keep a close eye on the SEC's actions regarding NFTs and their potential classification as securities.
- Go Where the Gamers Are: In order for a crypto game to succeed long-term, it needs to appeal to players and attract them. So use the Active User Wallet count of games as a leading metric to figure out if they’re fire or just influencer-pushed junk.
- Token2049 and Solana Breakpoint are just over 2 weeks away, and these Singapore conferences should bring some solid attention to blockchain gaming. Look at which gaming studios will be delivering keynote speeches or announcements.
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