Footprint Report: 73% of GameFi projects have monthly active users fewer than ten
Footprint has released its recent observations on the GameFi industry. According to their report, while the capital and startup markets of the Web3 gaming industry have indeed seen growth, the consumer market is lagging behind.
Table of Contents
Conclusion
This research analyzed a representative sample of 2,651 gaming projects:
- In October, amidst the rise of Bitcoin, the total market value of Web3 Game tokens grew by 15.8%.
- In October, out of a total of 2,651 projects, 1,937 projects, accounting for 73.1%, had monthly active users of less than 10.
- The top three gaming blockchain networks were BSC, Polygon, and Ethereum.
- In October, investments in the Web3 gaming sector continued to grow, with a total of $50.9 million raised over seven rounds of financing.
Current Status of Gaming Projects
While the number of gaming projects continues to increase, the growth of active gaming users has not kept pace. Projects with monthly active users (MAU) exceeding 1,000 account for only 8.8%, and those with MAU exceeding 500 make up just 10.6%.
The majority of games, 73.1%, have monthly active users of less than 10, leading to increasing doubts about the Web3 gaming industry.
Despite the market rebound, the number of Web3 Game users has shown minimal growth this month, indicating that acquiring and retaining users remain significant challenges for many Web3 gaming projects.
Current Status of Gaming Public Chains
Gaming projects are relatively stable across different blockchains. BSC still has the most gaming projects at 30.6%, followed by Ethereum at 24.5% and Polygon at 15.0%. There is a noticeable gap between second-tier gaming blockchains like Wax at 5.3%, EOS at 2.1%, and Avalanche at 2.0%.
When considering only Web3 Games with over a thousand MAU, BSC still holds the largest share at 22.3%, followed by Polygon at 16.3% and Ethereum at 5.6%, showcasing the dominance of the top three gaming public chains, although competitors are keeping a close eye.
Current Status of Gaming Tokens
In October, GameFi token market values closely followed the trend of Bitcoin, showing an upward trend. Web3 games benefited from the rising price of Bitcoin, with the market value of gaming tokens growing by 15.8% this month. Among them, the token prices of 17 projects rose by over 50%.
In particular, the gaming tokens SLP and governance token AXS of Axie Infinity saw significant growth due to their healthy development. AXS price rose by 18.3%, while SLP surged by 70.0%.
Current Status of Industry Fundraising
Investments in the Web3 gaming sector continue to grow. This month saw a total of seven rounds of fundraising, raising a total of $50.9 million, including:
- Neon Machine $20 million
- Forge $11 million
- Upland $7 million
- Moonveil Entertainment $5.4 million
- Darewise Entertainment $3.5 million
- NexGami $2 million
- Third Time Entertainment $2 million