The market capitalization of Web3 game tokens is currently $8.83 billion, a year-on-year decrease of 69%.

PANews reported on December 2nd that currently, the market capitalization of Web3 game tokens has reached $8.83 billion, a year-on-year decline of 69%, and a 34% drop in the past month. During the crypto winter, despite continuous cooperation news, it has still failed to boost volume. At the end of November, the GameFi sector experienced a brief bull run, with a market capitalization increase of 7% in two weeks, nearing $10 billion, while volume surged by 103%, reaching $6.1 billion. However, according to CoinMarketCap charts, this rebound was short-lived, with a pullback on December 1st causing the industry’s market capitalization to fall below $9 billion for the first time in over a year. The sentiment in the GameFi ecosystem is relatively low, with fewer discussions on crypto Twitter, marking one of the lowest levels of enthusiasm in the past five years. Many Web3 game users use these platforms mainly for speculative purposes rather than gameplay. This has led to at least 27 studios closing down between January and October this year. Interest from venture capital has also cooled, and compared to previous cycles, funding for new Web3 game projects has dried up. To bring Web3 games back to a level that the industry deems unmissable, AAA game publishers need to take an interest in Web3 games and invest more funds.