Web3 Gaming Market – Weekly Insights

Ephraim Austin

Jan. 20, 2023

Welcome to our weekly Web3 Gaming Market Insights where we break down key trends in the Web3 Gaming market. 

In this article we’ll be covering:

  • Top 10 games by market capitalization
  • Top 10 gainers/losers for the week
  • Web3 gaming funding announcements
  • New games launched
  • Yield farming opportunities

Top 10 Gaming Projects by Market Cap 

Web3 gaming top games by market cap
Source: CoinMarketCap
  • It was a bullish week in the markets and the gaming sector was no exception. This week ApeCoin takes the top spot with a market cap of $1.7 billion. The company behind Ape Coin, Yuga Labs has announced its first Bored Ape-themed video game called Dookey Dash. ApeCoin allows you to purchase power-ups to improve your in-game performance.
  • Decentraland and The Sandbox came in second and third with strong performances over the past 7 days as metaverse names are having a resurgence.
  • Axie Infinity continues to be a top 5 gaming project with a market cap of $832 million. The game has kicked off its “Axie Origins: Epic Era,” following the conclusion of the Rare Era.
  • Enjin Coin rounds out the top 5 with a market cap of $417 million, up 34% on the week as the dev team launched its Wallet 2.0 on Android and iOS.
  • Gala Games came in at number six with a market cap of $313 million, up 7% on the week. The gaming company had a series of recent announcements including acquiring Ember Entertainment and partnering with The Rock and Mark Wahlberg.
  • STEPN, WAX, Magic and Bora round out the top 10 with strong performances over the past week. The surge appears to be due to the general market uptick rather than specific news.

Top 10 Gaming Projects Market Movers

Web3 Gaming Top Gainers / Losers
Source: CoinMarketCap
  • The top five gainers this week saw increases from 38% – 130%. Verasity and GameZone both saw price jumps of more than 100%. The surge in price among these top five names appears to be due to a bullish market as there was not any significant news.
  • Thetan Arena lost 22% over the past week with no significant news out. Matrix AI Network lost 15% after the project ended its swap services due to speculative abuses. There does not appear to be any other significant news for the rest of this group.


  • 1/10/23: a16z leads the seed round investment for Seidr who are building the next generation of mid-core cross-play games. Link
  • 1/11/23: Lumikai Fund leads Giga Fun Studios’ $2.4 million seed round to build next-generation casual games for Indian gamers. Link
  • 1/17/23: Mobile games developer and publisher Carry1st has secured $27 million in a fundraising round led by BitKraft Ventures, with participation from a16z. Link
  • 1/17/23: Web3 gaming platform Intella X has raised $12 million in funding from Animoca Brands, Magic Eden, and other investors. Link

Games Launched

  • Meditown is an NFT building game where you can create your own medieval kingdom found on the BNB Chain. 
  • TNT Games is developed by TIA a global gaming development company that includes Swipe Brick Breaker and 17 other games which can now be played in a play-to-earn version. The game lives on the Polygon blockchain. 
  • Billiard Crypto is a play-to-earn billiards game that lives on the BNB Chain. 

Yield Farming

  • Despite the bear market, games are still building. This means projects will continue to incentivize users to support their project. One popular way to do that is yield farming crypto.
  • For those who are new, yield farming is the process of investing your tokens or NFTs in protocols (primarily DeFi platforms) to generate yield. The activities include joining liquidity pools, staking, borrowing or lending.
  • Projects typically create these opportunities either to 1) attract liquidity, 2) incentivize HODLing or to 3) distribute token ownership to a wider base in an effort to decentralize. They provide incremental yield by awarding tokens to depositors (or stakers).
  • Each week we will be breaking down some notable Web3 gaming yield farming opportunities. 

Dex Opportunities

Web3 Gaming Yield Farms
Source: Pangolin, Pancake Swap
  • One of the main ways to generate yield using gaming tokens is to invest in liquidity pools (LP) and then deposit your LP tokens into a “farm” operated by a DEX. Below you can find notable Web3 gaming farms. 
  • The highest-yielding farm is Monsterra (248% APY), which launched on the BNB Chain in August 2022. Keep in mind that it also has the least liquidity which increases the risk. If you are looking for farms with more liquidity, MBOX and Axie Infinity are good options. You can find these farms at Pangolin and Pancake Swap

Staking Opportunities

  • Usually, you can find staking opportunities directly on the games website. We have compiled a list of selected games with staking APY and the time you are required to lock it up.