Why is crypto gaming “dead”? Let's break it down
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Disclaimer: None of this information should be taken as financial advice. DYOR + I will hold some of the assets mentioned in this newsletter.
PRODUCT REVIEW: POP ARCADE
Proof of Play has launched the first game in its arcade, Pirate Nation: Rising Tides. Here's an overview of the game and its initial rollout:
Next week, we will explore …..
MARKET TALK
CRYPTO GAMING IS "DEAD" (AGAIN)
A couple of days ago, I published a new article, “Crypto Gaming is "Dead" (Again) - Let's Break it Down”. Almost 5,000 words of me assessing the current crypto gaming landscape. Here’s a (very) high-level summary of what was discussed:
Why is crypto gaming “dead”?
Crypto Twitter sentiment is at rock bottom (if it can’t go lower)
VC funding of crypto gaming has largely dried up
Utility tokens present misaligned incentives between players and VCs
Player incentive structures (e.g., P2E) need innovation
The vast majority of new TGEs have (largely) underperformed this year
Gaming is dependent on ETH, but underperforms comp. to other sectors
Audience vs. product/builder problem
Audience problem: CT consumes games for reasons other than “gamers”
Product/builder problem: crypto games are simply not good enough
There are success cases, but they look different in Web2 and Web3
What needs to change (potential solutions)?
Apptokens and/or stablecoins
Introducing tokens later in a game’s lifecycle
Crypto gaming needs a new vision for retail to rally behind
Conclusion:
2025 has been a year of cleansing: studios shutting down left and right, tokens bleeding out, funding drying up, and sentiment hitting rock bottom. It's “dead.” And yet, this clean slate might just be the reset builders need to start fresh.
The use case for crypto in gaming still holds massive potential, think: digital ownership, player-driven economies, new genres, payment rails, etc.
GAMING NFTs UPDATE AUGUST 2025
After 1.5 months (June analysis), it’s time for another 2025 gaming NFT sentiment analysis. Here are my findings (data):
Tracking 87 mints (100+ in total)
Makes for an increase of 16 (tracked) mints over the past ~1.5 months
70/87 (~80%) of mints were paid. This number was 81% in the June analysis
At least 2/3rds of these paid mints are under their mint price
Most mints continue to be on Ronin and Abstract, followed by ETH
However, recently the # of new mints on the blue and the green chain has slowed down
Biggest paid performers: (MP vs. FP) by change in %:
Sabong Saga Genesis: 20 → 154.5 RON (+672.5%)
Gigaverse ROMs: 0.05 → 0.154 ETH (+208%)
Fishing Frenzy Founders Pass: 120 → 470 RON (+291%)
OCH Heroes: 0.069 → 0.188 ETH (+172%)
Monsters.Fun Capsules: 0.125 → 0.454 ETH (+263%)
Moonfrost OG Mystery Box: 150 → $270 (+80%)
Breath of Estova Legacy Egg: 15 → 489 MON (+3160%)
Ragnarok Landverse: Genesis Land: 100 → 228 RON (+128%)
Pixiland: 90 → 179 RON (+98%)
Biggest “free” performers (MP vs. FP):
Anichess Genesis: FREE → 0.3 ETH
Anchiess is the only noteworthy one, because all other free mints are less than $20. Tokyo Games naturally “fell off” post-TGE, and Space Rush’s Genesis collection did as well, post the 2nd collection mint
Sentiment: Neutral (previously: slightly negative)
The gaming NFT landscape looks slightly better than in mid-June, when gauging the more product-backed collections. At the same time, many of the newly launched NFTs, with a lack of product (or updates), continue to trend towards 0
NFT value continues to be driven by product (updates), access to opportunities, and serving as a token voucher (e.g., Anichess Genesis)
Here’s what drives the value of Gigaverse’s ROM NFTs imo
ON THE RISE
Ubisoft’s Might and Magic Fates TCG is releasing a Founders’ Keys collection
Fishing Frenzy will soon introduce AI gameplay using Treasure's Agents