Web3 game market capitalization falls below 9 billion dollars: Does GameFi still have a future?

Question

[Chain Wen] The Web3 gaming wave has really cooled down.

The total market cap of the GameFi tokens is now only $8.83 billion, a direct halving compared to last year, down 69%. Just last month, it shrank by another 34%, and this decline is painful to watch.

Actually, there was a glimmer of hope at the end of November: in two weeks, the market value surged by 7%, and it seemed like it was about to touch the $10 billion mark, with trading volume skyrocketing by 103% to reach $6.1 billion. However, on December 1st, a pullback caused the industry market value to drop below $9 billion, which is the worst decline in over a year.

What's worse is that the entire ecosystem feels lifeless. There are hardly any discussions about GameFi on crypto Twitter, and the hype has reached a five-year low. To put it bluntly, most players are not here to play games—they are focused on whether the price of tokens can double. This game of passing the buck can't sustain the scene; in the first ten months of this year alone, at least 27 game studios have directly gone bankrupt.

Capital is not foolish either; venture capital is currently lukewarm towards Web3 game projects. New projects hoping to secure funding? It's basically a no-go. If the industry wants to turn around, it has to rely on those AAA game studios to invest real money, otherwise this sector may have to continue lying low.

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TokenUnlocker · Accepted Answer

Another wave of suckers is being blood-washed, I&#39;m already tired of this trap. How many are truly playing the game? It&#39;s all just gamblers.

SmartContractWorker · Answer

This wave is really tragic. I was still thinking about a rebound in November, but December just slapped me...

The unfortunate thing is that no one is really playing games; everyone is just betting on coin prices. No wonder it doomed so quickly.

GameFi should have died a long time ago; it’s basically an eyewash trap.

MultiSigFailMaster · Answer

A 69% fall is really incredible. I thought it could rebound at the end of November, but it was slapped back to reality by December.

NotGonnaMakeIt · Answer

It&#39;s another false Rebound. I still remember the slap in the face scene from November. This kind of play should really be over.

GamefiHarvester · Answer

A 69% fall? That&#39;s just unbelievable, the group of "I can make a fortune" people aren&#39;t saying a word now.

To be honest, this whole drum-and-flower game was a dead end from the start, and it&#39;s a miracle it&#39;s lasted this long.

As soon as it falls below 9 billion, the screaming begins, well, here we go, someone will start buying the dip and blowing it up again.

In November, they were still saying it would break 10 billion, but then in December, a slap in the face, that contrast is quite amusing.

The projects that genuinely want to make games have already left, what’s left are just things trying to play people for suckers.

The statement about the heat being at a five-year low is indeed quite tragic; only when you calm down do you realize how watered down this industry is.

27 studios closing down? That’s still a small number; the shady projects in the circle should be cleaned up.

ThreeHornBlasts · Answer

Damn, it fell by 69% again? What kind of monsters are these? I just want to ask if anyone is still playing?

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Looking at this data, it reminds me of last year&#39;s madness, now it really feels like we&#39;re back to square one...

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Slap to the face, brother. In November, I was hoping for over 10 billion, but by December it was a total collapse. This Rebound is so fake.

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If the coin price doesn&#39;t double, who would still play this broken game? It&#39;s that simple, everyone.

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27 studios went bust, how desperate must that be... it&#39;s really not about playing games anymore, it’s purely gambling.

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It went from 10 billion to 9 billion in an instant, GameFi hasn&#39;t even figured things out and is already lying on the ground.

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The scariest part is that no one is chatting on Twitter anymore, the hype is at a five-year low, it&#39;s dead, it&#39;s dead.

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Actually, it was obvious early on, without real demand this is the outcome, the coin price can&#39;t play the game.

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A 34% shrink in a month, I don&#39;t even know how to describe it, but I&#39;m not touching it anymore anyway.

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This ecosystem is just an empty shell, the prosperity that was blown up has instantly collapsed.

FloorSweeper · Answer

nah, that capitulation signal tho... classic weak hands panic selling at exactly the wrong time. funny how nobody talks about the accumulation phase anymore, everyone just fixated on the price action lol