Footprint: Most GameFi Projects Had Fewer Than 10 Active Users in October
A new report from on-chain analytics firm Footprint reveals that among the 2,651 GameFi projects currently available, 1,937 (73%) games had fewer than 10 active users in October.
Footprint: Most GameFi Projects Had Fewer Than 10 Active Users in October
As of October, Footprint's data shows a total of 2,651 Web3 games, an increase of 1.7% compared to September and 14% compared to May. However, the industry's growth is outpacing the limited number of users.
October was an interesting month for Web3 gaming, it was good but overall not great.
— Footprint Analytics (@Footprint_Data) November 9, 2023
Let's dive into the data from our October Gaming Report👇🧵https://t.co/jZyfZNEImQ
Specifically, it is quite surprising that among the 2,651 games, 1,937 (73%) were recorded to have fewer than 10 active players per month. In contrast, 282 games had around 500 users (10.6%), while the remaining games had around 1,000 users.
Polygon remains the network attracting the largest number of players, with 38 GameFi projects having more than 1,000 users, representing 8.1%. This rate is 5.4% for BNB Chain and 1.7% for Ethereum.
October Web3 Gaming Industry Faces User Acquisition Challenges Despite Market Cap Growth
Top GameFi projects on Polygon. Source: Footprint
In contrast to the aforementioned reality, Footprint's statistics on funding flowing into the GameFi sector in October show steady growth—7 funding rounds with a total value of $50.9 million, including: NexGami ($2 million), Forge ($11 million), Upland ($7 million), Darewise Entertainment ($3.5 million in token presale), Third Time Entertainment ($2 million), Neon Machine ($20 million), and Moonveil Entertainment ($5.4 million).
Additionally, notable developments in the GameFi sector include Animoca introducing FORMULA E—a Web3 electric racing game; France enacting Sorare Law to regulate cryptocurrency gaming; Immutable partnering with AWS to drive Web3 gaming growth; and The Sandbox establishing a $35 million fund to invest in gaming projects.
Despite these advancements, the current pace of user growth suggests that the market still requires significant time to demonstrate its appeal and enter a more sustainable development cycle.
