Co-Presenting: BitMetis, BitMart, Chainplay, ResearchDAO

Data Source--Footprint, Dune, Tradingview, Ethscan, Bscscan, Solscan, Token Unlocks

This monthly report aims to provide a comprehensive and accurate market macro trend, allowing Gamefi enthusiasts to have a better grasp of the current Gamefi market. It is believed that the bull market belongs to Gamefi in the near future.

Key Takeaways

• Generally speaking, the Gamefi market in September is in all-round decline: monthly trading volume down 40.5%, much slower growth in new gamefi projects, and sharply crashing in Funding amount.

• The Macro downturn is accelerating the monopoly in blockchains. In September, Polygon was the absolute leading blockchain in the gamefi market, chains like BSC, HIVE, Ronin could only maintain a small share of the pie. Is Polygon’s monopoly a good thing for the gamefi market? No one can tell.

• Top games cannot escape the macro downturn, staying at a relatively low level in both active user numbers and NFT/Token trading Volume. But Splinterland makes exceptions, as a mobile game, it has natural advantages in user acquisition, which gives it back certain stability in the macro environment.

• The rebound in August couldn’t last longer. Such macro downturn leave new gamefi projects almost no room for growth, fewer new projects means few new users, such dead end is threatening the future of Gamefi.

Gamefi Market Overview

1. Monthly Active Users Up 23% MoM, New Users Up 51.97% MoM

The total active users increased this month, up 23% MoM, the number of new users increased 51.79% MoM, which shows that the Gamefi market is continuously absorbing fresh blood.

2. 40.5% Decrease MoM in Trading Volume

The monthly trading volume in September was down to $202.19M, an decrease of 40.5% MoM.

A major increase in the number of MAU and new users fail to drive the rise of trading volume, there are two main reasons for that:

Most new users are casual gamers with little intention to spend money in games, and there are no new games intriguing enough to attract whales.

Many games now are accepting the concept of “free to play”, “free to own”, which actually might be a good trend.

3.  25 Newly Released Gamefi Projects, An Increase of 1.3% MoM

This month, only 25 new gamefi projects were released, the number of gamefi projects stood at 1922, up 1.3% MOM, much slower increase compared to 3.43% in august. The macro downturn cause the stagnation of releasing new games.

4. Gamefi Financing Down to 132.6 Million, A Sharply Decrease of 70.28% MoM.

This month, the amount of gamefi financing dropped sharply, reaching the lowest point of this year at 132.6M, which indicates that the gamefi market has temporarily entered a trough.

The macro downturn puts VCs in an awkward situation, forcing them to be more cautious about each funding deal.

Analysis by Chain

1. User Numbers

Polygon is the leading blockchain in the current gamefi market, accounting for 52.61% in MAU and shockingly 87.91% in new user numbers. It seems the biggest winner in ETH Merge is Polygon.

Such performance is not a surprise, low gas fee, high transaction speed, carbon neutral, strong security, that’s everything a new gaming project needs, just like Polygon’s CEO said “The future of blockchain gaming is being built on 0xPolygon.  Why be anywhere else?”

Although BSC still has a large foundation, it can barely maintain its current status: only taking up 19.55% in MAU and 9.46% in new user numbers. Its influence is going down.

Hive’s portion of 23.86% in MAU mainly comes from the contribution of Splinterland, whose market performance is as good as always.

2. Trading Volume

Huge user numbers also contribute to a large amount of trading volume. Polygon eats nearly half the market share in monthly trading volume.

Ronin comes second as usual. As one of the top games, Axie Infinity still has a large user base contributing to a considerable training volume.

And judging from monthly volume, BSC’s situation is not that worse.

Analysis of Top Games

Axie Infinity

1. DAU, MAU and User Stickiness

MAU: 268.74k

Avg. DAU: 24.62k

Stickiness(DAU/MAU): 9.16%

2. NFT Market Performance

The daily trading volume of Axie Infinity was relatively stable yet smaller than that in August.

3. Token

3.1 Vesting Schedule of Governance Token

Currently, 54.15% of the total AXS have been unlocked, which is 146,196,407 AXS, and the next event unlock is on Oct 25th, with 7.979% of AXS will be unlocked.

3.2 Trending of AXS/ETH Trading Pair

Overall, The price AXS had a slower decrease than ETH in September.

3.3 Token Holding Distribution & Top Holder Analysis

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

No.13 Holder(0.1194%): Whale

No. 14 Holder(0.1033%): Whale

No. 17 Holder(0.0871%): Whale

StepN

1. DAU, MAU and User Stickiness

MAU: 139.51k

Avg. DAU: 9.83k

Stickiness: 7.02%

2. NFT Market Performance

The FP of StepN Shoes kept falling overall, and the daily volume only had quite an increase on Sep 24th because of the deployment of GMT earning.

3. Token

3.1 Vesting Schedule of Governance Token

Only 12.45% of GMT have been unlocked, and each day, nearly 800K GMT will be generated from users.

3.2 Trending of GMT/SOL Trading Pair

The rise and fall of GMT and SOL remains quite the same, but SOL outperformed most of the time in September.

3.3 Token Holding Distribution & Top Holder Analysis

The Team still holds most of the GMT, nearly 92%, the in and out of GMT from whales only have limited impact on the price. So it’s more important to focus on the following token vesting and burning plan.

No.2 Holder(3.39%): Whale

No.7 Holder(0.1141%): Whale

No. 9 Holder(0.0498%): Whale

The Sandbox

1. DAU, MAU and User Stickiness

MAU: 10.93K

Avg. DAU: 700

Stickiness: 6.4%

2.NFT Market Performance

The volume of the Sandbox land had a slight increase in September compared to August, but it's still extremely small compared to the beginning of this year. And the daily volume has a major rise on 23th and 24th because of the deployment of Sand Staking Program for Land Owners

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 SAND underperformed MATIC overall in September

3.3 Token Holding Distribution & Top Holder Analysis

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

No.3 Holder (10.07%): Whale

No.11 Holder(1.1088%): Whale

No.14 Holder (0.8962%): Whale

Splinterlands

1. DAU, MAU and User Stickiness

MAU: 333.5K

Avg. DAU: 161.47K

Stickiness: 48.34%

2. NFT Market Performance

The daily volume remains relatively stable in September, and overall monthly volume is up 78.09%.

3. Token

3.1 Vesting Schedule of Governance Token

The SPS has been released for 16 months, with nearly 40% of SPS being unlocked, and the release rate has been much slower than before.

3.2 Trending of SPS/HIVE Trading Pair

The price of SPS outperformed HIVE in the whole September

3.3 Token Holding Distribution & Top Holder Analysis

The top 10 holders collectively own 89.08% (837,143,239.01 Tokens) of Splintershards

No. 6 Holder (2.9368%): Whale

No.8 Holder (1.4899%): Whale

No.10 Holder (0.6962%): Whale

Era7: Game of Truth

1. DAU, MAU and User Stickiness

MAU: 54.63K

Avg. DAU: 21.42K

Stickiness: 39.21%

2. NFT Market Performance

The overall trading volume stays stable in September, but is down 23.48% compared to August.

3. Token

3.1 Vesting Schedule of Governance Token

Currently it is still in the early stage of ERA Token vesting, with a much slower vesting rate.

3.2 Trending of ERA/BNB Trading Pair

The ERA token underperformed BNB the whole time in September.

3.3 Token Holding Distribution & Top 5 Holder Analysis

The top 10 holders collectively own 94.50% (429,916,634.69 Tokens) of Era Token

No.6 Holder (1.1866%): Whale

No.8 Holder (0.5766%): Whale

No.11 Holder (0.1571%): Whale

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