Good morning Game Space Community! We are trying something new here. Each week we will bring you a recap of what you might have missed in the GameFi/Crypto space. Happy reading!
Fun over Earn
A recent ChainPlay survey suggest that GameFi players now value fun over earn. Of the 2428 people who participated in this survery, over 75% came into the crypto space because of GameFi. Over 62% of survey participates lost 50% of their profit in the bear market. However, players mainly blame poor tokenomics as the main reasons why these games failed during the crypto winter. Apart from this, players also blame poor graphics, fear of rug pulls and Ponzi schemes as reasons why they have turned away from GameFi projects. In response, players want to see more traditional gaming companies entering the GameFi space as a way to solve the above issues.
(Source: https://cointelegraph.com/news/gamefi-investors-are-now-prioritizing-fun-factor-over-money-survey)
GameFi leads in Crypto Space
According to DappRadar X BGA Blockchain Games Report #7, GameFi continues to be a leading force in the blockchain and crypto space. GameFi projects raised a total of $748 million just in August, which is a 135% increase from the previous month. A total of $3.1 billion has been raised in the last quarter with forecasts indicating investment could reach $10.2 billion by the year's end, remaining bullish despite the market downturn. In terms of investment distribution, 38% of the investments goes to infrastructure, 33% to games and metaverse projects, and 27% to investment firms. Furthermore, over 50% of industry usage in blockchain has been contributed by GameFi project, with over 847,000 daily Unique Active Wallets (UAW) in August.
(Source: https://dappradar.com/blog/dappradar-x-bga-blockchain-games-report-7)
Coffee on Chain
Last week coffee giant Starbucks announced its entering Web3 in partnership with Polygon to build NFTs into its hugely successful rewards program, dubbed the Starbucks Odyssey. The company has hinted at its plans to venture into Web3 this May, and the Starbucks Odyssey program will reward coffee drinkers and store partners with NFTs by completing tasks and playing games. NFT can also be purchased by either credit card or crypto and can be traded on the platform. NFTs collected will enable holders access to exclusive experiences and rewards such as coffee making classess and even a trip to Starbucks's Hacienda Alsacia coffee farm in Costa Rica. Starbucks Odyssey is built on Polygon’s proof-of-stake sidechain and aims to achieve high transaction speeds and near-zero gas fees.
(Source: https://blockworks.co/polygon-to-power-starbucks-nft-loyalty-program/)
Game Space sees 400% growth
Game Space launched an airdrop event in July airdropping NFTs to 1 billion Steam users in partnership with more than ten organizations such as ByBit, Gate.io, Huobi, KuCoin Wallet, BitKeep, DAOs and Gaming Guilds. User volume grew by almost 400% since the event launched in July and recorded over 50,000 downloads and registered Steam-connected users on the Game Space Wallet. Game Space also recorded 13,820 active wallets in August, and the transaction volume in its GameFi NFT Marketplace has grown by over 50%. This follows the general trend that GameFi has become a key entrey point for more users and players entering into the Web3 and crypto space.
(Souce: https://ambcrypto.com/game-space-sees-400-user-growth-since-the-launch-of-its-steam-event-in-july/)
Ubisoft goes "research mode"
CEO of French gaming giant Ubisoft Yves Guillemot said in a recent interview that the company is still in research mode in terms of NFT integration in games. This is taking a step back from previous statements from other Ubisoft executives, who have said Ubisoft aims to be a key player in blockchain enabled games. Last December, Ubisoft launched the Ubisoft Quartz, which aims at providing playable in-game NFT assets in its popular games such Tom Clancy’s Ghost Recon Breakpoint. However, Ubisoft was faced with some backlash from its existing players, which the company attributes to a lack of proper communication, and that the company is still looking at how to maximize benefits to the players before launching.
(Source: https://cointelegraph.com/news/ubisoft-cools-off-on-nfts-and-blockchain-says-it-s-in-research-mode)
Here is all for today!
Have a great week and make sure to stay tuned for all things Game Space!
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