At the time of writing as of 28/01/2022, Bitcoin has retraced about 50% off its high at 69,000. That would classify as a bear market and many cryptocurrencies, especially Gamefi is getting hit pretty hard. In this article, I will go over the ones that I am personally watching to see how they perform in a down market.
1 – Defi Kingdoms (JEWEL)
One of the top games in the Harmony ecosystem, the price of Jewel has dropped well over 75% off its high at $22.57 all the way back down to $6.50. Despite the drastic drop, the development team and community still have not changed and are still pushing out their game updates per usual. They are the first game to incorporate Defi with cross chain mechanics, partnering with Avalanche first.
While the price action is disappointing, the launch of Crystalvale and actual gameplay will help keep the game fresh and alive in the coming crypto winter.
2 – Bomb Crypto (BCOIN)
This is Binance Smart Chain’s top active game so far and the casual and laidback gameplay has kept it at the top for now. After the release of Adventure Mode and Marketplace, users are quite disappointed with the limited use of both as it does require quite some investment to even use them.
Price of the coin has dropped over 80% off its highs and have yet to recover. It will be interesting to see how the coin performs in the bear market and can the developers keep it going for the next few years?
3 – Illuvium (ILV)
The triple A game that has stunning graphics and the auto battler gameplay has attracted a lot of investors and players to pay attention to it’s closed beta test. So far the test looks great and has a lot of players interested.
The price of the token surprisingly went up a lot despite the game not even officially out yet. Price reached as high as 1911 and has since retraced 75%. The game will continue to test its gameplay and will perhaps be ready when the next Bitcoin bull cycle begins.
4 – ERTHA (ERTHA)
With it’s ICO launch a huge success, the game sold out its private funding. The game has a bit of gameplay in the public, but a lot are still in the works. It is expected to be out mid 2022 and they also have a link to their global land sale where you can buy it before the game launches.
The game mimics real life and a lot of strategy is required to do well in it. It will be interesting to see how it will perform price wise when it officially launches.
5 – Crabada (CRA)
A very small marketcap game that is performing very well under the current crypto bear market. It’s native token TUS has held up very well during the Bitcoin dump. The game is very casual and requires very little time investment. However, it does require a pretty penny ($2000+ USD) to even get started. This puts the game out of most player’s reach.
Hopefully, we can see the game continue to thrive and grow until the next bull cycle. Who knows? Maybe, it will even outperform the Gamefi industry.
6 – GALA Games – Townstar (GALA)
I put GALA games in this since Townstar is part of it. GALA games will be coming out with more games irregardless of the bear market. They will survive until the entire indsutry recovers. Townstar still has a lot of players and it doesn’t have a money barrier of entry like other games. This will ensure they always have new players coming in despite poor market conditions.
Their coin has also lost about 80% off its highs, just like most of the other Gamefi projects. However, I am sure they will be fine with so much funding behind this big project.
7 – Axie Infinity (AXS)
The very first game that propelled play to earn NFT games into sky high popularity during the Bitcoin bull market of 2020/2021. Now that the bear market is here, the price of the token has also dropped 70-80% off its highs. The barrier of entry to the game is now also drastically lowered at the time of writing. This is a good thing for anyone that would like to try out the game.
It will be interesting to see how well they can balance their economy moving forward and continue to innovate and adapt to the uncertain Gamefi landscape.
8 – Decentraland (MANA)
This game is the NFT version of Minecraft and so far it has not disappointed so far. The game managed to get Snoop Dogg in the game itself, with custom land/areas dedicated to him. Despite the drastic drop in price off its highs, the game still has a lot of players and the bear market has just slowed it down a little.
9 – Gods Unchained (GODS)
Hailed as the rival of Splinterlands, Gods Unchained has done a good job updating and improving their game. I think this game will continue to do well even during the bear market and its price will improve coming out of the crypto winter.
A strong community is built on Discord and it will thrive with such a vibrant group of hardcore players.
10 – Gamefi (GAFI)
This one is not quite a game, but they are gamefi aggregators that help launch all the new crypto games on their platform. They have also taken a hit and it remains to be seen how well they will do in the bear market. I am keeping my eyes open to see how they perform in the coming years.