The Web3 gaming sector is all but dead, with $11 billion of the more than $12 billion deployed from 2020 to 2026 “practically gone.” That’s according to market-making and trading firm Caladan, which said in a April 22 report that 93% of all GameFi projects are “effectively dead.” The average gaming token is down 95% from its all-time high. And even Animoica Brands, the biggest player in the Web3 gaming space, has reduced gaming from its core thesis to 25% of its portfolio, pivoting to stablecoins, Caladan said. “The funding arc tells the story,” the report said. “From $70 million in 2020 to a $4 billion peak in 2022, then…
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Will the Metaverse Live Up to the Hype?
Virtual land, concerts, and avatars being sold for thousands of dollars
In the last month, certain GameFi coins have taken off in price, hitting new all time highs and trading volumes. Decentraland (MANA) is the most prominent example. With a peak price of $4.69, the coin currently trades at $3.19, which is significant considering it traded at less than $1 in late October. Other gaming coins, The Sandbox (SAND) and Axie Infinity (AXS) have seen similar patterns of growth in the past few months. A big influence on the price of these coins was Facebook’s recent announcement of the changing of their company name to Meta. Mark Zuckerberg made an extensive video explaining what the Metaverse is and how it can…
