Web3 Gaming – Weekly Market Insights

Ephraim Austin

Feb. 10, 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 10 Web3 games by market cap
Source: CoinMarketCap

  • ApeCoin retakes the top spot at a $2.2 billion market cap, down 8.6% on the week as the markets have cooled off after a big run over the past few weeks.
  • The remaining nine projects are all down on the week with the exception of Enjin Coin and BORA. Enjin recently shipped an update to its Enjin Wallet that is getting a good response from the market. While BORA did not have any significant news.   

Top 10 Gaming Projects Market Movers

Web3 Gaming Gainers and Losers
Source: CoinMarketCap

  • Matrix AI Network was the top gainer, up 77% over the past week with no significant news. 
  • Verasity was up nearly 60% after burning $500K worth of tokens. 
  • Victoria VR, Fear and Exeedme rounded out the top gainers without any significant news. 
  • MonkeyLeague led the weekly losers down 30% on the week with no significant news. Gameswap, Hoge Finance, Battle World and Natkamoto Games sounded out the weekly losers without any significant news.   


  • 2/8/23: Mawari has raised $6.5 million to enable faster 3D content delivery for digital assets for the metaverse. The round was led by Blockchange Ventures and Decasonic. Link
  • 2/6/23: Xterio invests $2.5 million in initial funding in Overworld to launch unique game-themed collectibles on the Xterio platform, which will house a marketplace, social community hub, user-centric tools and more, making it the premier network for Web3 games. Link

Games Launched

  • Parallelium is a fantasy RPG on the Metis network.
  • Aradena combines the strategy from a trading card game with the movement and positioning found in your favorite turn-based strategy games.
  • Versus Metaverse is a free-to-play MMO Web3 game with real-time 3D PvP battles.
  • NetBorn is a blockchain based PC, battle royale game.
  • AI Rein is the first AI Motion NFT project for global Japanese ACGN fans, which includes three collections, AI Rein Genesis, AI Rein 3D, and AI Rein Motion Avatar.
  • The Damned Pirate Society is a pirate game found on Moonriver.
  • Smol Age is a Web3 game launching on Arbitrum
  • SmithyDAO is building the world of Smithonia, the home of Smithonian Weapons & hub of an interoperable crafting layer weaving their way through the metaverse
  • Ruffion Reborn is a deck-building turn-based tactics game.
  • Power Plins Layer2 game on Arbitrum filled with 6090 pancakes.

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

  • One of the main ways to generate yield using gaming tokens is to invest in liquidity pools (LP) and then depositing your LP tokens into a “farm” operated by a DEX. Below you can find notable Web3 gaming farms. 
Web3 Gaming DEX oppportunities

  • The highest-yielding farm is ESPL ARENA at 150% with $296K 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