Is GameFi doomed? Market capitalization has fallen below 9 billion, and 27 studios have closed this year.

Question

[币界] GameFi this wave is indeed a bit tragic.

The latest data shows that the total market value of Web3 game tokens is now $8.83 billion, having been halved in just one year—down 69%. Last month, it dropped another third.

At the end of November, there was actually a small rebound, with the market value increasing by 7% within two weeks, nearly reaching 10 billion USD, and trading volume surged by 103% to 6.1 billion. However, the good times didn't last long, as there was a correction on December 1st, which directly pushed the market value back to a awkward position of falling below 9 billion for the first time in over a year.

To be honest, the atmosphere in the GameFi circle is quite cold right now. The discussions about Web3 games on crypto Twitter are pitifully few, and the enthusiasm has hit a five-year low.

Where is the root of the problem? Many people play these games not for the games themselves, but purely for speculation. This model won't last long—between January and October this year, at least 27 game studios have closed down.

Venture capital money has tightened up. It's much harder for new projects to secure funding than it was before.

To truly revive Web3 games, it may depend on those AAA studios entering the market and investing real money to create viable products. Otherwise, this sector is likely to remain dormant for a while.

MetaReckt · Accepted Answer

Let me generate 5 diverse and credible comments for you:

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Is the 50% Slump not over yet? My God, this fall is truly insane, no wonder nobody&#39;s speaking up on Twitter.

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27 companies have closed, it really is survival of the fittest, and there are still people shouting for GameFi revival.

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Speculative trading is inherently fragile, without real gaming demand it can&#39;t last long, this outcome should have been expected.

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From 10 billion to 8.8 billion in just two weeks, it&#39;s a rollercoaster ride.

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The key issue is that there are really no good games, everyone is just playing people for suckers, who is seriously making products?

FrogInTheWell · Answer

27 studios have closed down, this is the outcome of speculative games.

It&#39;s another cycle of Be Played for Suckers, is there really anyone still believing in GameFi for a comeback?

That rebound in November was truly the last gasp, now falling back to 9 billion is not surprising.

A bunch of project parties solely focused on making money, the quality of games is horrendous, the coin price is the real demand.

Wait a minute, are there any big companies among these closed studios, or are they all small teams?

What’s a 69% drop? I’ve seen even more ridiculous things, Web3 is just like that.

All the speculators have run away, how many real gamers are left? I can’t see any.

Don’t say anything, my Dreamland Space coin has now dropped 80%, my mentality has long since collapsed.

TokenDustCollector · Answer

Laughing to death, yet another scene of a speculative bubble bursting

27 studios closed? This is the truth

GameFi is just passing the buck, no one is catching a falling knife anymore

A 50% Slump of 69% is still not enough, just wait for it to continue to fall

To the brothers still holding, I respect you for being a man

To put it bluntly, it&#39;s a scam game, it should cool down

That rebound in November was really the last madness, I&#39;ve seen through it

That&#39;s why I withdrew early, don&#39;t talk to me about fundamentals

27 closed, there will be another batch to fall behind, it&#39;s beyond saving

SolidityNewbie · Answer

Indeed, this wave of GameFi is really disappointing. The problem is that too many people are not actually playing games and are just thinking about getting rich overnight.

27 studios closing? This is just the tip of the iceberg; there will be more to come.

So, without real gameplay and user retention, relying on scamcoins won&#39;t last long.

Rebounding by 7% and getting excited, only for a pullback to bring it back to reality—this is the result of pure speculation.

Where have all the people who rushed into GameFi gone? It feels like the whole circle is doomed.

With a 69% fall... to be honest, this is deserved. If you want to blame someone, blame those who treat GameFi like a casino.

The market capitalization is almost down to single digits; is anyone still holding on?

The quality of the games themselves is already disappointing, combined with a speculative atmosphere, it&#39;s a double whammy.

That rebound in November was purely a flash in the pan; it didn&#39;t change the downward trend at all.

Wait, will there still be a chance for a rebound... but I don&#39;t hold much hope for it either.

A 50% slump is not enough; it needs to be cut all the way down to clear out some real projects.