Crypto gaming Q3: another disappointing quarter, will Q4 deliver?

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Oct 23, 2024

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TLDR :

FCHAIN is a new L1 on Avalanche, created to power the Faraway gaming ecosystem
- To date, this ecosystem includes Shatterline, HV-MTL, Serum City, Dookey Dash, and other titles (9 games in total)
- Faraway has 1st-party (internal dev), 2nd-party (co-dev), and 3rd-party titles (platform partners)
  - Various tools and services will support the onboarding of new Web3 titles to their platform, including cross-game reward systems (like Ronin has)
The new chain is being built on Avalanche9000, the ecosystem’s most recent network upgrade that makes custom L1s much more cost-efficient
In the announcement, it was also mentioned the chain will be “powered by a decentralized validator network”
- I.e. it will run based on nodes, and we will likely see another node sale…
The move of Web3 Gaming publishers/ecosystems building their own chain has been an ongoing trend in the past year or so
- For a company like Faraway, it makes sense in terms of strengthening the interoperability between their different titles (something they already did with HV-MTL)
- In general, this trend is also incentivized by financial motives, as it allows you to raise more funds (nodes sale/token) and increases your company valuation

Yesterday, the Big Blockchain Game List published another quarterly report, let’s take a look at some of the key trends and highlights:
- Overall, most of the industry’s metrics (e.g. gaming token prices and investments) continued to decline in Q3, although slower than in Q2
  - Only BEAM, PRIME, and SUPER increased in price out of the gaming tokens ranked in the top 200 from the start of this year
  - In Q3 only $128M was raised compared to $296M in Q2 and $324M in Q1
- One positive was the growth of Telegram games on the TON network
  - 265 new Telegram games were announced during the quarter
  - However, many of the popular Telegram game tokens showed a decline post-TGE
- Pixels remains the only blockchain game in 2024 to show a sustained MoM audience greater than 200K DAUWs
  - Apeiron, Wild Forest, and Axie Infinity have been some of the Ronin-based, growing titles this year
- Starknet saw the largest addition of new games this Q, with over 66 new games announced
With Q3 being rather disappointing, the hope is we can end Q4 on a more positive note…
- Will Off the Grid be the catalyst to revive Web3 gaming? Sentiment seems up, but the markets haven’t shown much improvement yet

Last week the Saakuru Protocol (a consumer-centric L2) and Memecore (a meme-powered chain) announced a $10M fund
- The capital will be used to acquire memecoin communities and gaming projects to bring them into the projects’ ecosystems
- Saakuru Labs will provide full support to games from incubation to publishing, aiming to increase the overall TVL of the ecosystems
Saakuru seems to have a broad network of gaming-based clients, according to its lite paper
Jonah Blake, who announced he will start working with Saakuru Labs in 2025, further explained the focus will be on:
- “…meme culture in the game to push the memecoin super cycle thesis”
- Additionally, he adds that they will be looking to acquire casual mobile games, AI concept gameplay, indie-AA PC, interesting coin and NFT use cases, and socially layered games
Overall, it’s one of the more interesting L2-based funds imo, focusing on the crossroads of memes and games
- I expect they will acquire more Web3-focused/degen-like games (e.g. Onchain Heroes, Fantasy Top, etc.)

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