This GameFi Weekly Recap is provided solely for informational purposes and does not constitute investment advice. Last week was so good for the market in general and the GameFi market in particular. Let’s take a look at on-chain data and some important news with Coincu.
Network Growth
Weekly Number of GameFi by Chain
The crypto market generally recovered last week, and then some new games were released. According to Footprint statistics, the overall game is 1542, accounting for 0.5 percent of the growth from last week.
Total transactions
This week, The total transactions of Gamefi are 161,172,725 transactions with an average daily transaction of 23,024,675 transactions. Increasing trivial from last week, with the average number of daily transactions in week 24 being 23,024,424 transactions when the market is recovering after days of deep decline.
Gamer trends
From June 20th to 26th, there were about 561,698 unique users, a decrease of about 3.32% from the number of unique users last week. This index is low and tends to decrease further. And the number of new users increased by more than 9.91% with 57,920 users.
Top Gainers and Losers
Top 15 Largest Tokens by Market Cap
Highlight Events
Gaming Firm Admix Reaches $300M Valuation Following Merger, Rebrand
Admix, a gaming company specializing in non-intrusive, in-game product placements, has reached a $300 million valuation after merging with LandVault, the metaverse’s largest construction company.
The newly merged entity, which will be branded as LandVault, now counts more than 160 staff among its ranks, including 100 metaverse developers and artists. Adding to the new company’s resources are the $25 million in growth capital Admix raised in its Series B funding round last October and the gaming company’s roster of large brands seeking to enter the metaverse.
The merger enhances the companies’ access to “substantial financial resources and thousands of brand partners,” LandVault founder Ryan Inman said in a press release. “The merger with Admix gives LandVault enhanced opportunities to lead this metaverse,” said Inman.
For more information: click here
Tencent Joins the Metaverse Race with New ‘Extended Reality’ Unit
Tencent is joining the metaverse craze according to people familiar with the matter. The Chinese technology and entertainment conglomerate announced to the staff on Monday the official formation of an extended reality unit. The move is seen as the company’s formal foray into the metaverse as it targets the opportunity presented by the concept of virtual worlds.
The new unit will build the company’s extended reality business, including both hardware and sources, and will be led by Tencent Games Global Chief Technology Officer Li Shen, the sources said. Eventually, the unit could have 300 staff and will be part of Tencent’s Interactive Entertainment business group. The projected staff count was a surprise to two of the sources, who cited the company’s recent staff cutting measures and a relatively slower hiring rate.
For more information: click here
Cryptoys Maker OnChain Studios Bags $26M Series A Funding Led by A16Z Venture
OnChain Studios, the maker of NFT-native toy and gaming platform, Cryptoys, announced that it has raised $23 million in Series A funding led by A16Z. Participants in the round include Draper & Associates, Acrew Capital, CoinFund, Animoca Brands, Sound Ventures, Dapper Labs, and Mattel, among others.
Both the funding and the partnership are a lead-up to the launch of the Cryptoys platform, slated for this summer. OnChain Studios is building NFT-related products for kids, including games and the Cryptoys platform as well as preparing for the genesis launch of the initial line of Cryptoys, which is expected to happen in the coming months.
For more information: click here
KPMG Kicks Off Metaverse Collaboration Hub
KPMG International, a global network of firms headquartered in the Netherlands, reported roughly $32 billion in revenue for its 2021 fiscal year. The companies offer audit, tax and advisory services. KPMG’s US and Canada businesses have launched a so-called collaboration hub in the metaverse as it seeks to help clients develop strategies within the space.
The private hub is a place where employees, partners and clients can conduct virtual team meetings and share ideas — using virtual whiteboards, for example, a spokesperson told Blockworks. They will also be able to conduct training sessions, job interviews and employee evaluations in the metaverse, as well as meetings to demonstrate KPMG’s services and capabilities.
“The metaverse is making it possible for us to experience the ‘Digital’ world, where physical and digital worlds collide,” Armughan Ahmad, president and managing partner of digital at KPMG in Canada, said in a statement. “The metaverse is a $13 trillion market opportunity that could boast as many as five billion users by 2030.”
For more information: click here
GameFi Updates
Axie Infinity: The Ronin Bridge Is Open
Ronin Bridge, the link that enables users to transfer funds to and from accounts in the “play to earn” Axie Infinity game, has reopened following a $625 million theft that took place in March. Sky Mavis, the developer group behind Axie Infinity and the Ronin blockchain that powers the game, announced that players can now use the bridge to make deposits and withdrawals.
Since March, the Ronin Bridge has been closed off as Sky Mavis worked to bolster its security protocols and recover users’ funds. The attack went unnoticed for six days until a user tried to withdraw funds and couldn’t do it. In a postmortem, Sky Mavis blamed a spear-phishing attack that compromised an employee’s account, saying that person no longer works with the company, as well as its lack of a tracking system to monitor large outflows.
Sky Mavis appears to have followed through on its promise to compensate players affected by the theft. Although it notes that users’ funds are “fully backed 1:1 by the new bridge,” Sky Mavis still hasn’t made up for a large portion of the Ronin network’s stolen funds. After pooling money from the founding members of the Sky Mavis team and receiving $150 million in funding from a number of companies, including Binance, the firm says Ronin’s currently down 71,600 ETH (~$85.8 million) and 25.5 million USDC ($25.5 million). Sky Mavis says it’s reimbursing these liabilities in full.
For more information: click here
Verdict
Above is the important information in the past week on the GameFi. Crypto winter has arrived, it’s also time to purge projects. Good projects stay and bad projects go. Everything is just beginning.
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected]
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Ares
Coincu Ventures
