October 2022, BitMetis, BitMart, ResearchDAO

**Data Source–BitMart; Footprint, Dune, Tradingview, Ethscan, Bscscan, Solscan Token Unlock                                         **

This monthly report aims to provide a comprehensive and accurate market macro trend, allowing Gamefi enthusiasts to have a better grasp current Gamefi market.

Key Takeaways

Generally, in October, the Gamefi market is not as desperate as in September: User numbers stay relatively stable; monthly volume and funding amounts all have a considerable increase. But the first-ever decline in the number of Gamefi projects could signal to us all that winter has come.

Polygon remains the leader chain in Gamefi space, especially in user numbers. And Ronin’s boom in monthly volume is entirely from Axie Infinity.

Under the downturn of the macro environment, most games have been through a tough time: user loss and volume decline, which further cause the token price to drop. But games like Axie Infinity, Alien Worlds, X World Games, Aurory, etc. make exceptions, which still maintain a relatively high vitality in user numbers or trading volume.

We have no idea whether it is rock bottom for this recession, we just believe and hope that Gamefi will lead a brighter future for Web3 industry.

Gamefi Market Overview

1. Relatively Stable Level in Both MAU & New Users

In October, the Gamefi market tended to stabilize, the monthly active users are up 1.96% MoM, and new user numbers declined by 2.46% MoM. Obviously, such float seems reasonable, we believe the Gamefi market tends to stabilize, instead of hitting the rock bottom.

2. Monthly Volume Up 27% MoM, October 11th Witnessed Boom in Daily Volume

Generally, the daily volume stays at a relatively low, except for October 11th, which witnessed the largest volume boom in recent months, and Axie Infinity is the major contributor. And the main reason for such a performance is the official launch of Axie Infinity: Raylights, the first-ever land mini-game for all landowners.

3. First-Ever Decline in the number of Gamefi Projects

In October, we see the first-ever decrease in the number of Gamefi Projects: almost no release of new games and a few games rug pull. This sends us a warning that Gamefi market is undoubtedly in the winter, and the bottom line has been crossed, cause only fresh blood can revitalize Gamefi and make it stronger.

4. Monthly Funding Amount Up 45.85% MoM, Funding Rounds Stand at 9

This month, the funding amount rises from $132.6 Million to $193.4 Million, up 45.85% MoM. Possibly, the slight rebound in the macro market eases the pressure on VCs and institutions and becomes more “generous” in investment. 

Here are several funding deals worth mentioning:

• On October 3rd, AlterVerse, the Metaverse Gaming Experience Developer, secured Funding of private round from Binance Labs, Polygon Ventures & Ankr to Launch Sky City

• On October 4th, Horizon, a blockchain game company, announced the completion of $40M Series A, led by Brevan Howard and Morgoan Creek Digital.

• On October 17th, Delysium, an AI-powered open-world game, announced its $10 million strategic funding round led by Anthos Capital with participation from Immutable, GSR, Blockchain Coinvestors, etc.

• On October 18th, Crypto Gaming Startup Stardust Raises $30 Million led by Framework Ventures, with other support from Acrew Capital, Blockchain Capital, Distributed Global, etc.

Analysis by Chain 

1. User Numbers

User numbers on each chain remain in the same trend as in September. Polygon still eats nearly half of the market share in unique user numbers. Hive comes second place because of Splinterland. And BSC ranks third.

As for new user numbers, Polygon still has huge advantages, and no chain could stand against it in the short term. But BSC is in a relatively better situation than in September.

2. Trading Volume

As we have mentioned above, the launch of Axie Infinity: Raylight triggered the biggest boom in daily volume in recent months, which as a result put Ronin as the largest chain in trading volume (70%) this month. And Polygon and BSC come second (15.61%) and third (10.77%).

Trending Games This Month 

Axie Infinity

1. DAU, MAU, and User Stickiness

MAU: 181.4k (-27.81%)

Avg. DAU: 19.43k (-21.08%)

Stickiness (DAU/MAU): 10.71%

2. NFT Market Performance

Volume: $187.56M +259.48%

This month, we see the largest boom of daily volume on Oct 11th, main reason for such a performance is the official launch of Axie Infinity: Raylights, the first-ever land mini-game for all landowners. 

Although the unique users of Axie Infinity are losing, it is also proof of the loyalty of existing users and their passion for this game.

3. Token

3.1 Vesting Schedule of Governance Token

According to the stats on Token Unlocks, 21,543,000 AXS were unlocked on Oct 25th, nearly 8% of the total supply.

Due to the expectations of this round of token unlock with such a huge supply, the price of AXS hit bottom on October 22nd. Still, given that the price of AXS is relatively low, most users choose to keep holding these tokens, so the price began rising ever since.

3.2 Trending of AXS/ETH Trading Pair 

In the first half of October, the trend of AXS and ETH keep almost the same, while in the second half of October, ETH outperformed AXS greatly. 

3.3 Token Holding Distribution & Top Holder Analysis

The Top 10 holders collectively own 97.14% (262,288,496.90 Tokens) of AXS

No.9 Holder (0.1518%): Whale

No. 11 Holder (0.1251%): Whale

No. 12 Holder (0.1155%): Whale

Aurory

1. Active Users

Given that we don’t have access to the MAU & DAU of Aurory from the available stats, we can only refer to the NFT unique holders to roughly estimate the number of DAU, Showen below. Overall, Aurory’s daily active users were keeping increasing in October.

2. NFT Market Performance

The daily volume is in steady growth, and FP also maintains a relatively stable level except for October 6th, which turns out to be a false listing as we don’t see any sales at such a price.

3. Token

3.1 Vesting Schedule of Governance Token

AURY has only been listed for less than one month, most of the tokens are still locked. The sell pressure comes one year later.

3.2 Trending of AURY/SOL Trading Pair 

The price of AURY underperformed SOL to a large extent.

3.3 Token Holding Distribution & Top Holder Analysis

Top 7 Holder (0.5702%): Whale

Top 8 Holder (0.4819%): Whale

Top 11 Holder (0.2601%): Whale

The Sandbox

1. DAU, MAU and User Stickiness

MAU: 9.81k   -8.44%

Avg. DAU: 660  -9.47%

Stickiness: 6.73%

2. NFT Market Performance

Volume: $30.89M -66.56%

This month, the daily volume stays at a relatively low level, there’s only an increase on Oct 31st because of the promotion of End of Alpha Season 3 Party.

3. Token

3.1 Vesting Schedule of Governance Token

40.21% of SAND Token has been unlocked, and the next unlock event starts on Feb 14th, 2023.

3.2 Trending of SAND/MATIC Trading Pair 

The price of MATIC is more stable and outperformed SAND the whole time in October. On October 30th, SAND had a major rise because of the endorsement policy on Web3 published by the Hong Kong government.

3.3 Token Holding Distribution & Top Holder Analysis

The top 10 holders collectively own 80.36% (2,410,770,645.37 Tokens) of SAND

Top 3 Holder (10.07%): Whale

Top 11 Holder (1.1088%): Whale

Top 16 Holder (0.7992%): Whale

X World Games

1. DAU, MAU and User Stickiness

MAU: 27.75k  +14.26%

Avg. DAU: 23.93k  +13.36%

Stickiness: 86.23%

2. NFT Market Performance

Volume: 265.86k -77.68%

In October, the daily volume of X Wothe rld Games is in a much worse situation.

3. Token

3.1 Vesting Schedule of Governance Token

The proportional unlock of XWG is relatively smooth and won’t cause much of sell pressure.

3.2 Trending of XWG/BNB Trading Pair 

The price of XWG was in continuously decreased and underperformed BNB greatly.

3.3 Token Holding Distribution & Top Holder Analysis

The top 10 holders collectively own 93.59% (9,301,520,656.26 Tokens) of XWG

No. 7 Holder (1.0334%): Whale

No.9 Holder (0.4436%): Whale

N0.10 Holder (0.2451%): Whale

Alien Worlds

1. DAU,, MAU and, User Stickiness

MAU: 616.59k  -5.84%

DAU: 212.35k  +20.19%

Stickiness: 34.44%

2. NFT Market Performance

volume: $2.23M +242.7%

Alien World maintains a stable daily volume the whole month and has two major booms, which is an actually easy thing, especially under such a macro environment

3. Token

3.1 Vesting Schedule of Governance Token

Currently, nearly half of the total supply has been unlocked, and the unlock rate is slowing down to a large extent. The selling pressure is declining.

3.2 Trending of TLM/WAX Trading Pair

The price of TLM slightly underperformed WAX in October.

3.3 Token Holding Distribution & Top Holder Analysis

The Genesis Block possesses most of the TLM toketokens.61%).

No.5 Holder (7.1328%): Whale

No.8 Holder (2.6048%): Whale

No.21 Holder (0.4425%): Whale

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