4Game

"Gamers will play," as the saying goes, regardless of economic conditions, but the GameFi industry—based on a play-to-earn crypto model—isn't immune to larger stocks and crypto market crashes.

The number of active users — calculated by the number of unique wallets interacting with games — has gradually declined during the first bear cycle for the nascent blockchain gaming industry, according to data from CoinMarketCap.

Despite the downturn, 2022 is also shaping up to be a fundraising year for GameFi, according to a recent report from cryptocurrency tracking platform Footprint Analytics, with games like Axie Infinity, Uplands, and Cryptogene shining in the field.

Investors are bullish on GameFi. As venture capital firms increasingly invest in the open Web3 field, they seem to be dreaming of a future where if you build it, users will come.

CoinMarketCap found that fundraising for metaverse and gaming projects saw a huge increase from $874 million in 2021 to $2.4 billion in 2022. These two segments received more capital than projects within the tools, trading, and lending segments.