The GameFi sector continues to attract venture funding despite the overall decline in the altcoin market.
TL;DR
- Leading investors poured $5 million into a Web3 gaming publisher.
- FUNToken doubled its value in a week, outperforming the GameFi sector.
- Bitcoin's dominance continues to rise, sucking liquidity from altcoins.
Bitcoin dipped below $100,000 but has since recovered to $107,000, primarily driven by the ceasefire agreement amid geopolitical tensions in the Middle East.
While Bitcoin posted an 8% gain from its weekly lows, altcoins are still stuck in the recent drawdown.
Web3 gaming tokens continue to bleed. To add insult to injury, a Telegram-based Web3 shooter game is closing shop.
But there are reasons to keep playing. A Web3 gaming publisher raised $5 million to launch a gaming title, while new titles are launching each week.
Here is what went down in the GameFi sector this week.
GameFi Sector Review
The altcoin market was shaken, pulling the GameFi sector's market cap down to $25.7 billion, a 7% slide. The only silver lining is the 2% rise in trading volume.
Source: CoinMarketCap
It is easy to see that, at least for the time being, liquidity is flowing into BTC as Bitcoin dominance reaches 65%.
Translation: altcoins, including gaming tokens, have to wait for their liquidity turn.
Source: CoinMarketCap
Top Gainers
The crypto market doesn't disappoint when it comes to unexpected pumps. FUNToken brought some excitement with over 100% gains after an airdrop campaign.
- FUNToken (FUN): +115.42%
- Four (FORM): +16.1%
- NeuralAI (NEURAL): +12.65%
- Biswap (BIS): +12.31%
- Victoria VR (VR): 11.38%
Source: CoinMarketCap
Top Decliners
- Epic Chain (EPIC): -19.72%
- Cross The Ages (CTA): -19.4%
- Treasure (MAGIC): -18.89%
- Hamster Kombat (HMSTR): -17.63%
- Virtuals Protocol (VIRTUAL): -22.72%
On the crypto narrative tracker, nearly all sectors took a hit in the past 30 days. The GameFi sector's 5% slide was dwarfed by double-digit losses in other sectors.
Source: DeFiLlama
Game of the Week: Artyfact (BNB Chain)
Artyfact is a Web3 gaming metaverse that blends AAA-quality gaming with blockchain technology and NFTs. It offers a virtual world where players can play high-quality third-person shooter games with unique game modes and abilities. Earn rewards through a play-and-earn model using the $ARTY token and exclusive NFTs.
Artyfact is built on Unreal Engine 5 for top-tier graphics and runs on the BNB Chain.
Web3 Gaming Activity This Week
Spekter Games Raises $5M for Web3 Roguelite Game on Telegram
Spekter Games raised $5 million in pre-seed funding to debut Spekter Agency, a Telegram-based roguelite game blending arcade-style action with user-friendly Web3 rewards. Investors include a16z, Speedrun, and London Venture Partners.
Golden Guardians: Survivor Shuts Down
Telegram-based Web3 shooter Golden Guardians: Survivor ends service on June 27, with developer OVERTAKE confirming all in-game data will be lost, but $TAKE rewards are secured.
ICN & Moonveil Team Up for Web3 Gaming
Impossible Cloud Network (ICN) has partnered with Moonveil to launch fully decentralized, trustless Web3 games, combining cutting-edge cloud infrastructure with on-chain gaming innovation.
What You Can Do Now
- Track the flow of venture funding in Web3 gaming.
- Sever all ties with Golden Guardians as its service ends.
- Pay attention to new Web3 games; you never know which one could be the next big thing.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
