AI dapps surge past gaming, investments plummet to $23M, but user activity skyrockets.
TLDR:
- GameFi market cap is at $7.45 billion, down 1.87%, but trading volume is up 3.56%.
- Catizen leads in user activity with 963,280 UAW, followed by KGeN and Pixels.
- Women make up 45% of all gamers.
- AI dapps have overtaken gaming dapps in blockchain activity.
- Blockchain gaming investments hit an all-time low of $23 million in July 2024.
- GALA Games reaches 3 million users on Telegram, while Shiba Shootout's presale surpasses $1 million.
Welcome back, GameFi followers. Let's dive into this week's market developments and gaming trends.
Market Overview
GameFi market cap and volume over the last 30 days
We're looking at a total market cap of around $16-17 billion over the last week, with much bigger fluctuations over the past month. Trading volume has seen some volatility, currently sitting at about $674 million. This back-and-forth movement reflects the ongoing uncertainty in the broader crypto market.
Blockchain Gaming Activity
There's been a notable shift in the gaming landscape:
- Catizen has taken the lead with 963,280 unique active wallets (UAW), showing significant growth of 253.62%.
- KGeN follows closely with 895,260 UAW, demonstrating a strong increase of 163.32%.
- Pixels maintains its relevance with 859,760 UAW, despite a slight decrease of 3.72%.
Let's look at the overall gaming activity:
7-day historical activity of blockchain games
While daily volume fluctuates considerably, the number of active wallets remains relatively stable. It suggests that user engagement is consistent, even as transaction values vary.
Top Coin Movements
Top GameFi Tokens Ranked by Market Capitalization
Here's how the leading tokens are performing:
- FLOKI leads with a $1.18 billion market cap
- Notcoin (NOT) hangs in there for Pavel with a 2.99% weekly increase, boasting a $791 million market cap.
- Axie Infinity (AXS) maintains stability with a $680 million market cap and a marginal 0.10% weekly gain.
Other notable tokens like BEAM, GALA, and SAND are clustering around the $600 million market cap range, indicating a competitive mid-cap segment in the gaming token space.
Key Observations
- Short-term gains: Some tokens are showing promising weekly performances, with WEMIX up 3.11% and Notcoin rising 2.99%.
- Long-term challenges: The 90-day view reveals ongoing struggles for many top tokens. FLOKI is down 41.85%, while Notcoin has experienced a more significant 54.90% decline.
- Mixed year-to-date performance: While some tokens like FLOKI boast impressive YTD gains (235.27%), others such as AXS and GALA are still working to recover lost ground.
- Emerging trends: The rapid rise of Catizen and KGeN in user activity suggests a potential shift in gamer preferences within the blockchain gaming ecosystem. This trend warrants close observation in the coming weeks.
Latest Blockchain Gaming News
- 7 out of 10 Women Online Play Games: A recent study reveals that 72% of women in the online population play video games, compared to 81% of men. This nearly even split reflects the significant presence of women in the gaming world, with 45% of all gamers being women.
- Blockchain Gaming Investments Hit All-Time Low: July 2024 saw a notable decline in investment, with only $23 million invested across three deals. This marks the lowest funding level since Q3 2020, despite the continued growth in user activity.
- Ronin Remains Top Gaming Blockchain: Ronin maintained its status as the top blockchain ecosystem for gaming activity, with 1 million dUAW. This success is largely fueled by popular games like Pixels and Lumiterra.
- GALA Games Reaches 3 Million Users on Telegram: Gala Games has hit three million users on its Telegram mini app. The platform also launched GALACoin, a new referral-based game where players earn GALA for inviting friends.
- Shiba Shootout Presale Surpasses $1 Million: The presale for Shiba Shootout, a new game combining meme coin culture with a Wild West theme, has raised over $1 million. The game offers SHIBASHOOT tokens for engagement and staking opportunities.
What To Do Next
- Stay Informed on AI Developments: Given the rise of AI dapps in the blockchain space, educate yourself on how this might impact the future of GameFi.
- Monitor Investment Trends: While blockchain gaming investments are at a low, this could present opportunities for savvy investors as the market cycles.
- Explore New Platforms: With GALA Games' success on Telegram, consider exploring gaming opportunities on non-traditional platforms.
- Evaluate Presales Carefully: While presales like Shiba Shootout can be exciting, always conduct thorough research before participating, or you WILL get burned.
Remember, the GameFi space is high-risk but also high-reward and many old-school OGs believe that the sector will eventually explode in growth as games like Off The Grid pull in the normie gamers on devices like PS5.
Stay informed, diversify your interests, and always invest responsibly.
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