Trading volumes for top Play-to-Earn (P2E) tokens have fallen by 98% compared to the market peak in November 2021. It is reported by The Block with reference to Kaiko Research.
The data shows a decrease in trader activity in the context of leading P2E assets, including Axie Infinity (AXS), Enjin (ENJ), Gala Games (GALA) and The Sandbox (SAND).
“After a surge in popularity at the end of 2021, the monthly trading volume of top P2E tokens fell by almost 98% in June to only $2 billion, and in July the figure remained about the same at about $1.9 billion,” said a senior analyst at Kaiko. Research Dessislav Oberth.
According to her, the main markets for the assets are Binance and Korean platforms. At its peak, P2E tokens were most popular in Asia-Pacific and Latin America, the analyst added.
Oberth believes that the main motive for users was a monetary incentive, but the value of in-game rewards has collapsed.
“AXS, the governance token in the Axie Infinity ecosystem, has fallen over 90% since the beginning of 2022, and SAND, MANA and GALA have experienced similar price declines,” she recalled.
Former head of growth at Tamadoge, Carl Dawkins, also believes that the low activity in the segment is due to gamers’ frustration with P2E assets that bring little to no rewards and are “essentially Disneyland’s play money.”
Recall that in April, CoinGecko experts compiled a list of popular Web3 games for 2023.
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