Web3 Gaming – Weekly Market Insights

Ephraim Austin

Feb. 03, 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 

Top Web3 Games by Market Cap
Source: CoinMarketCap
  • ApeCoin remained at the top spot at a $2.2 billion market cap, up ~3% on the week. 
  • The rest of the top 5 (Decentraland, Axie Infinity, The Sandbox and Enjin Coin) stayed the same this week as gaming continued to outperform the broader market. 
  • MAGIC and Render were on fire last week and this week without any significant news. 

Top 10 Gaming Projects Market Movers

Web3 Gaming Top Gainers & Losers
Source: CoinMarketCap
  • Monsta Infinite was the top gainer, up 158%, without any significant news.
  • NFTb was up 145% on the week after a 25% token burn.
  • Floki was up 141% on the week after Floki DAO voted to burn $100 million worth of tokens. 
  • NFT Worlds cooled off this week, down 21%, after taking the top gainer spot last week.
  • The remaining four laggards did not have any significant news.  


  • 1/30/23: YGG Japan, a subsidiary of Yield Guild Games DAO, has completed a private round of fundraising worth approximately $2.95 million with participation from companies including SQUARE ENIX, SEGA, Gate.io Labs, and Infinity Ventures Crypto. Link
  • 1/30/23: Oh Baby Games, a game development company, has raised $6 million in a seed round. Synergis Capital and eGirl Capital both co-led the funding round, with participation from gmjp and Merit Circle DAO. Link

Games Launched

  • WEB3WAR is a high-performance cross-platform first-person shooter built on Zilliqa.
  • Planetory is a NFT-based strategy game on Immutable. 
  • Cosmic Horizon is a play-and-earn strategy space-trading/conquest MMRPG, developed by Qwoyn Studios and powered by the Cosmos SDK.
  • Createra is a Web3 company enabling creators to build infinitely engaging 3d worlds and games
  • Neopets Metaverse is a modernized 3D remake of the classic Neopets game, brimming with new adventures, characters, and opportunities in the Neopian world.

Yield Farming

  • Despite the bear market, games are still building. This means projects will continue to incentivize users to support their projects. 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

  • 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. 
Web3 Gaming DEX Opportunities
  • The highest-yielding farm is ESPL AREANA at 143% with $276K of liquidity. Other notable farms include STEPN, Axie Infinity, and MBOX. 

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. 

Web3 gaming Staking Opportunities