Web3 Tokyo 2023

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*Iwpymw-y4TiO-nsUI0bJhQ.jpeg)

## NFTs in Japan

The Japanese NFT market began with collaborations between domestic anime and idols, and is now focused on cultural affinity that has become a source of support for Japanese NFT projects.

Key Takeaways:

*   The Japanese NFT industry has three characteristics: extensive intellectual property (IP), low FUD, and a tightly knit community that encourages collaboration and synergy.
*   Three major Japanese NFT projects are Murakami Flowers, Crypto Ninja Partners, and MetaSamurai.

On top of its rich and long-standing video game history, Japan also boasts the most IPs in the world. The popularity of Japanese IPs reaches beyond borders, making it a global phenomenon.

For example, popular Japanese anime like Naruto, Dragon Ball, and Attack on Titan have millions of fans worldwide, leading to a thriving industry and solid foundation for digital art.

Because of this, the Japanese NFT community has its own unique aesthetics and preferences that set it apart from other regions of the world.

If you’re interested in learning more about the Japanese crypto market, you can access the full report here: [Crypto in Japan: Main Sectors, Industry Trends, and Future Prospects](https://static.footprint.network/report/Crypto-in-Japan-Main-Sectors-Industry-Trends-and-Future-Prospects-28.pdf)*.*

## The Unique Trajectory of NFTs in Japan

A non-fungible token (NFT) is a digital asset that is unique and cannot be replaced or exchanged for anything else. It is stored on a blockchain, which allows for proof of ownership and authenticity.

Since the beginning of 2018, non-fungible tokens (NFTs) have been a hot topic in the Japanese crypto industry. With the worldwide NFT craze in 2021, they have become increasingly popular and more mainstream.

The evolution of NFTs in Japan has taken a unique trajectory, often independent from global trends. In the realm of collectibles, the market began with collaborations between domestic anime and idols, using existing IP content as a foundation and centering around fan communities. This led to a scenario where Japanese NFTs going global was relatively rare.

However, after the advent of Bored Ape Yacht Club (BAYC), collection-style NFTs gained prominence. Notably, Murakami Flowers became the first project to amass a holder base that extended beyond Japan. Given Murakami’s existing global renown through collaborations with luxury brands such as Louis Vuitton and Hublot, and considering his activities weren’t limited to Japan, his project served as a catalyst for Japanese NFTs to gain worldwide attention.

The Japanese have a deep love for their culture and artwork, which naturally lends support to local projects. For example, Takashi Murakami creates NFTs that express Japan’s culture. This cultural affinity has proven to be a natural source of support for local blockchain projects.

We can also see the increasing number of adoptions in the Japanese local community. The “Furusato Nozei” is a tax system in Japan that allows taxpayers to donate a portion of their taxes to a chosen local municipality, in return for local specialities as a token for appreciation.

Recently, some municipalities have begun offering NFTs along with each different specialty. This approach is specific to Japan, and is fostering the fusion of rural revitalization and digital art, demonstrating a potential that leverages Japan’s unique aesthetics and local resources.

Generally, there are 3 key features of the Japanese NFT industry:

*   Rich IP: The Japanese crypto game industry benefits from a wealth of intellectual property, including popular anime, manga, and video game franchises that can be leveraged to create compelling NFTs.
*   Low FUD: The Japanese cryptocurrency gaming community has a low rate of FUD, likely due to the culture’s tendency to avoid direct criticism and express dissatisfaction. This is particularly evident among NFT beginners and community members with little influence.
*   Concentrated community: The Japanese cryptocurrency community is small, which fosters collaboration and common purpose, leading to more effective community building and synergy.

## Overview of Three Popular NFTs in Japan

## Murakami Flowers

![](https://miro.medium.com/v2/resize:fit:1100/0*EPk82O0p33bSRzd-)

[Murakami.Flowers Official (@MFTMKKUS) / Twitter](https://twitter.com/MFTMKKUS)

Takashi Murakami, a professional and legendary artist, has launched the Murakami.Flowers (M.F) project, inspired by his life-long love for painting and creating art. The project itself is structured around the number “108”, symbolizing “Earthy Temptation” in Buddhism, encapsulates his vision for bringing the physical and digital art realms together.

The total number of NFTs in the collection is 11,664 (108\*108). For the distribution, 3,000 whitelists were given to the holders of RTFKT Clone X with “Murakami Drip” trait, along with 500 winners in other events, plus around 4,000 for Murakami himself, with the rest of the 6,751 collections reserved for public sale.

The sale prices have been set at 0.0727 ETH for the whitelist participant, and 0.108 ETH for public sale participants, with purchase limited to one per wallet. The actual sale took place in April 2023, and each participant received a “seed” NFT that would later evolve into a different unique flower.

Data from Footprint Analytics, which provides unique holding address information, shows that Murakami Flower has the largest unique holders.

![](https://miro.medium.com/v2/resize:fit:1400/0*1fSvsFXNImFhEzSf)

[Murakami Flower Holders](https://www.footprint.network/@DamonSalvatore/Top-NFT-Projects-overview?date_filter=2022-12-31\~\&collection_slug=murakami-flowers-official)

Despite a steady decline in value since September 2022 as seen in the below chart, Murakami has been diligently expanding his MF universe through a lot of activity involving himself.

![](https://miro.medium.com/v2/resize:fit:1400/0*TubpnnE2KMXSOSIf)

[Murakami.Flowers Official (M.F) Price](https://www.coingecko.com/en/nft/murakami-flowers-official)

Contrary to typical NFT projects, holder airdrops are not limited to NFT sub-collections but also includes plenty of physical merchandise such as an original T-Shirt, the Tamagocchi-like game “Flower Go Walk ([LINK](https://zingarokk.com/tonarinozingaro/goods/35037/))”, and MF-based trading card collection ([LINK](https://twitter.com/takashipom/status/1648794122420121601?s=20)).

Regarding market activity, the MF collection floor has experienced a consecutive depreciation and is currently being traded around $600, second to Crypto Ninja Partners (which we’ll look at next).

![](https://miro.medium.com/v2/resize:fit:1400/0*3CYVFumRxAlrHmd3)

[Murakami Flower Floor Price](https://www.footprint.network/@DamonSalvatore/Top-NFT-Projects-overview?date_filter=2022-12-31\~\&collection_slug=murakami-flowers-official)

The floor price of the collection could be attributed to the actual market participant, and ones with many lucrative opportunities such as allow list allocations would contribute a lot to the actual price being traded. In spite of the declining floor price, given that NFT art is a related sub-system of the larger art realm, it could also be seen that Murakami is trying to bring this project to a whole different direction than the other PFP collections.

## Crypto Ninja Partners

![](https://miro.medium.com/v2/resize:fit:1400/0*mfHVI6EZjg7i33o9)

[【公式】CNP（シーエヌピー） | CryptoNinja Partners (@cnp\_ninjadao) / Twitter](https://twitter.com/cnp_ninjadao)

Crypto Ninja Partners (CNP) is an NFT collection featuring Japanese ninja-themed characters, originally emerging from a community known as NinjaDAO. While not strictly a DAO, NinjaDAO was a community of crypto enthusiasts in Japan. Two central figures propelled the CNP project into a wider audience: Ikehaya, a Twitter-based NFT influencer and web marketer, and Road, another key contributor.

The original mint of the CNP collection occurred in May 2022, with a strikingly low initial price of 0.001 ETH, amounting to a total of 22,222 items. In contrast to typical collections that set their initial sale price around 0.05–0.08 ETH, CNP aimed to be affordable, enabling those unfamiliar with NFTs to join in and benefit from potential value growth rather than starting with a high price of 0.08 ETH.

This strategy proved successful and instilled confidence in holders, driving the floor price to over 2 ETH, and establishing CNP as one of the successful NFT projects in Japan.

![](https://miro.medium.com/v2/resize:fit:1400/0*FBhATuDfu4ooFVm3)

[Crypto Ninja Partners (CNP) Floor Price](https://www.footprint.network/@DamonSalvatore/Top-NFT-Projects-overview?date_filter=2022-12-31\~\&collection_slug=cryptoninjapartners-ethereum-15adce)

Despite its collection size of 22,222, CNP still ranks second in terms of holder numbers, following the MF collection.

CNP’s strategy primarily involved distributing a large number of sub-collection and family collection ALs to CNP holders, launching each with a similar price of 0.001 ETH. In the project’s early phase, this strategy effectively stimulated economic bandwidth by offering CNP holders prioritized minting opportunities. However, as the project has grown amid deteriorating market conditions, it appears CNP is struggling to attract a new audience beyond its current base.

From its inception, the founder and community members have promoted the project in various ways, primarily revolving around a few main characters as community IPs. The community is driving CNP’s expansion by developing mobile games, holder apps, and more under the CNP brand. In addition to creating derivatives, CNP owners can enjoy exclusive experiences in over 160 affiliated restaurants, hotels, and other locations, thanks to discounts on specific services available in Japan.

The project’s strong emphasis on community sets it apart from the other two major NFT projects in Japan, leveraging the country’s strength in IP creation.

## MetaSamurai

![](https://miro.medium.com/v2/resize:fit:1400/0*_6o6ALwuY7KRVGTe)

[1BLOCK STUDIO®︎ (@1block\_official) / Twitter](https://twitter.com/1block_official)

Presented by the creative group “1BLOCK®︎”, based in Los Angeles and Tokyo, MetaSamurai is a collection of 3,333 unique 3D avatar NFTs. The project aims to establish a brand in digital fashion through the empowerment of creators.

The core concept of the project, “I GOT YOUR BACK”, symbolizes the commitment of MetaSamurai to support its owner. This phrase originates from a story where two individuals stood back to back to protect each other in battle. The ethos of samurai, who dedicate their lives to protect their lord, combined with the story of Hachiko, the loyal dog that waited for its deceased master for over a decade, serve as the motifs for the MetaSamurai pieces.

The minting of the original collection took place in June 2022, with a public sale price set at 0.05 ETH.

![](https://miro.medium.com/v2/resize:fit:1400/0*kj54cZiGql4hx-LU)

[MetaSamurai Floor Price](https://www.footprint.network/@DamonSalvatore/Top-NFT-Projects-overview?date_filter=2022-12-31\~\&collection_slug=metasamurai)

In 2022, its value hovered aroundthe sale price, but in early 2023, the collection began to receive significant appreciation.

Furthermore, collaborations with a host of companies and brands within Japan serve as one of the unique aspects of this project. Numerous collaborations have been realized with well-recognized partners like “Ghost in the Shell”, “Ghost in the Shell: Stand Alone Complex”, “BEAMS CULTUART”, “COACH”, “Lupin the Third”, and “Atmos x Space Brothers”.

![](https://miro.medium.com/v2/resize:fit:1400/0*WJI9Zcw3hYoX_0kE)

[METASAMURAI by 1BLOCK](https://www.metasamurai.world/)

1Block positions MetaSamurai not just as an ordinary NFT collection, but as a collection offered by a digital fashion brand. This differentiates it from other projects that launch NFT collections. The upcoming MetaSamurai 2 collection is anticipated to feature wearables that individual MetaSamurais can don, offering a new perspective for fashion brands yet to venture into NFTs to develop original items.

## Conclusion

The Japanese NFT industry has a distinct development and characteristics that distinguish it from other parts of the world. The Japanese NFT business has shown tremendous potential by utilizing Japan’s distinctive aesthetics and local resources, and it will be interesting to see how it develops in the future.

However, how to make Japanese NFT projects more appealing to an audience outside Japan remains a critical issue for the industry. This may require more extensive marketing and promotional activities, as well as cooperation and communication with NFT projects from other countries to promote cross-border cooperation.

Footprint Analytics is a data platform blending web2 and web3 data with abstractions. Leveraging cutting-edge AI technology, we help analysts, builders, and investors turn blockchain data into insights with accessible visualization tools and a powerful multi-chain API across 26 chains for NFTs, GameFi and DeFi.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>

Rokubunnoni, Inc. is an independent media company specializing in virtual currency and blockchain that has been active since 2018. Our vision is to contribute to the development of Web 3.0 by providing in-depth knowledge to our valued readers by covering innovative blockchain technologies and products from an unbiased perspective.

Media : <https://crypto-times.jp/>

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NFTs in Japan The Japanese NFT market began with collaborations between domestic anime and idols, and is now focused on cultural affinity that has become a source of support for Japanese NFT projects. Key Takeaways: The Japanese NFT industry has three characteristics: extensive intellectual pro

NFTs in Japan: Key Projects and Features

Welcome to the [CyberWallet Beta Launch Program](http://wallet.cyber.co/rewards).

Over the past two years, the team behind CyberWallet has been at the forefront of building and growing consumer crypto infrastructure and applications. During this time, over 50 teams have built web3 applications utilizing the CyberConnect social network protocol and have cumulatively registered 1.2M+ users, creating 1.9M+ units of social content and 6M+ connections.

On this journey of bringing web3 to the world, we encountered that user onboarding presented a critical bottleneck in building robust, scalable crypto consumer products. For that reason, [in August](https://link3.to/cyberconnect/post/2e0c673ccbc2e07af0f17ebbf54fe5db23322626fc5e2ef1ea6ab4d91c61ba1d) we introduced CyberWallet, an ERC-4337 smart account. We’re grateful for the support of our community and the entire web3 fraternity, for giving us critical feedback to improve on that first version of CyberWallet. In the past 3 months, we deployed over [650,000 smart accounts](https://dune.com/cyberconnecthq/cyberaccount-cyberconnects-4337-smart-account) on Optimism, Arbitrum, Polygon, and Base among other top blockchain networks. That accounts for over 40% of all the smart accounts across all blockchains.

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/f26e74df13df1ac9)

Today, we’re thrilled to officially launch the [CyberWallet Beta Launch Program](https://wallet.cyber.co/rewards) to welcome our community to help us test and improve several new features as they are rolled out widely and publicly in the coming months. The key highlight of this program is [CyberApps](http://wallet.cyber.co/apps), a digital marketplace of premier web3 apps that are ready to use with account abstraction. Starting today, until **Dec 21, 2023**, whitelisted users for the CyberConnect Community Rewards: Season 2 [Early Access] will be able to use CyberApps within your CyberWallet web app and earn points that will be redeemable for CYBER token rewards at the end of the season.

### CyberWallet: What’s New?

- **SmartGas**
![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/341813d786005ae7)
Make your crypto transactions a breeze with SmartGas on CyberWallet. No more swapping or bridging for gas fee payments. Pay for gas in the token of your choice, across blockchains.

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![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/58d33903ec2b2c02)

Each CyberID is an ERC-721 NFT carrying a unique handle owned and operated by a CyberAccount, representing that account's social identity. It is a user-friendly alias for your blockchain addresses, offering a seamless experience across multiple chains.

- **CyberApps**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/41dedaba44bd121e)

CyberApps is a digital marketplace of premier web3 apps readily integrated with CyberWallet. It is a place for web3 developers and users to distribute and discover top decentralized applications. Anyone from beginners just starting their crypto and NFT journey to experts in token swapping, staking, and bridging can use CyberWallet and find their favorite applications in CyberApps. The first group of apps includes [DODO](https://app.dodoex.io/?network=mainnet), [Element Marketplace](https://element.market/ethereum), [Philand](https://philand.xyz/), [BasePaint](https://basepaint.xyz/), [MyShell](https://myshell.ai/), [PancakeSwap](https://pancakeswap.finance/), [Polynomial Finance](https://www.polynomial.fi/), and [Gabby World](https://www.gabby.world/). We will continue introducing new apps in the ecosystem as our partners complete integrating with us.

- **Swap**
![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/9a437a0923317380)
CyberWallet now supports native token swapping! Currently utilizing [LI.FI](http://LI.FI)’s swap protocol, CyberWallet offers a new, seamless token-swapping experience. In the future, we will expand user choices to become a super aggregator of swap aggregators.

### **CyberConnect Community Rewards: Season 2 [Early Access]**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/40aff01c7a24e5bc)Building in web3 requires long-term commitment and dedication. The only thing that keeps us going, is the unwavering support of our community members, who have stuck with us through the highs and lows of the last two years. Not only that but building in web3 offers a unique opportunity for a community to come together and help build and grow a product that is meaningful and leaves a positive impact on the world. For those contributions, community members are rewarded - both for being early adopters and acting as brand ambassadors of those products. Today, as the incentive layer for the CyberWallet Beta Launch Program, we’re thrilled to announce the beginning of Community Rewards: Season 2 [Early Access].

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OR

**✧** Whitelisted by one of the launch partners (DODO, Element Marketplace, Philand, BasePaint, MyShell, PancakeSwap, Polynomial Finance, Gabby World, and Polyhedra Network).

✦ **Timeline**

**✧** CyberWallet Beta Launch Program will run from today until 21, 2023.

✦ **Tasks**

**✧** Whitelisted users will have several tasks (general and CyberApp-specific) which will be rewarded with Season 2 [Early Access] Points upon completion. Each task has different points and rewards.

✦ **Rewards**

**✧** Users with Season 2 [Early Access] Points will earn CYBER tokens from a reward pool of 25,000 CYBER for beta testing CyberWallet and its slate of new features, specifically CyberApps.

✦ **Rules**

✧ Your Season 2 CYBER reward will be calculated using the formula (Your Season 2 [Early Access] Points/ Total Season 2 [Early Access] Points Earned by all Users) x 20K CYBER. Meaning the more points you earn, the higher your reward.

✧ 5K CYBER will be used to sponsor 1 transaction per user per day as part of a promotion to incentivize user testing and activity.

We look forward to users trying out all the new features we’ve been designing at CyberWallet and receiving your feedback. With CyberWallet, we’re on a mission to bring web3 to the world. With this beta launch program and the subsequent Community Rewards: Season 2 [Early Access] incentives, we hope to take the current web3 user experience to the next level - with your help and feedback. As they say, ‘It takes a village.’

**About CyberConnect**

[CyberConnect](https://cyberconnect.me/) is a web3 social network that enables developers to create social applications empowering users to own their digital identity, content, connections, and monetization channels. [Messari](https://link3.to/messari), [Rarible](https://link3.to/rarible), [1inch](https://link3.to/1inch), [BNB Chain](https://link3.to/bnbchain), along with 2,900 projects and 1.2M users and creators are building long-lasting connections through apps built on CyberConnect.

[Website](https://cyberconnect.me/) | [Docs](https://docs.cyberconnect.me/) | [Twitter](https://twitter.com/CyberConnectHQ) | [Discord](https://discord.gg/cyberconnecthq) | [Telegram](https://t.me/CyberConnect)

**About CyberWallet**

CyberWallet is a user-friendly smart contract wallet available on leading EVM blockchains, including Optimism, Arbritrum, Base, and others. To learn more, visit [wallet.cyber.co](https://bit.ly/3svmoIZ).

[Website](https://bit.ly/3svmoIZ) | [Twitter](https://twitter.com/thecyberwallet) | [Link3](https://www.link3.to/wallet)

Welcome to the CyberWallet Beta Launch Program. Over the past two years, the team behind CyberWallet has been at the forefront of building and growing consumer crypto infrastructure and applications. During this time, over 50 teams have built web3 applications utilizing the CyberConnect social netw

CyberWallet Beta Launch Program & Community Rewards: S2 [Early Access]

Author: lesley\@footprint.network What is MCH Verse? MCH Verse is an Layer 2 blockchain powered by optimistic rollups and built on the game-specific Layer 1 blockchain known as Oasys. The main game on MCH Verse is My Crypto Heroes (MCH), a multiplayer role-playing game built on Ethereum, Polygo

Revolutionizing Web3 Game Growth with Data Analytics: A Case Study of MCH Verse

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*6OsVH-SPjvV-3RyltwS1Mg.jpeg)

The main sectors of crypto in Japan are NFTs and gaming focused projects, which are largely focused on community building, localization, and longevity. Coupled with the easing of regulations in Japan, there might be an increase in interest in the crypto industry in Japan.

## Key Takeaways:

*   Japan has strict regulations in place to maintain stability and security for investors, which can be a challenge for smaller crypto projects.
*   STEPN is a project that has successfully entered the Japan market, where timing, localized marketing efforts, and community building enabled the game to resonate with the Japanese market.

Japan is a unique market with huge potential in finance and investment, with a span retail foreign exchange industry and a thriving stock trading sector.

Initially, the Japanese government was very cautious about the crypto industry due to its early vulnerability to hacking. As a result, they decided to regulate it carefully. Even today, Japan has a limited selection of tokens due to the oversight of the Financial Services Agency.

Even then, Japan approved bitcoin as a legal form of payment in 2017, setting the stage for its meteoric rise in the crypto industry. While the government was initially skeptical of the industry, recent events indicate that the government has become more supportive as Japan’s blockchain industry continues to grow.

In April 2023, the ruling Liberal Democratic Party’s Web3 project team released a white paper recommending measures to boost the crypto industry, shedding light on the government’s increased commitment to the sector. It is also noteworthy that Japan passed the “Revised Payment Service Act” on stablecoins in June 2023, ahead of other Western countries.

On the other hand, due to restrictions such as the inability to directly invest in tokens and the inability to launch projects issuing tokens within Japan, efforts toward DeFi within the country are limited. Hence, NFTs and gaming focused projects are predominantly recognized as the main players of the crypto market in Japan.

If you’re interested in learning more about the Japanese crypto market, you can access the full report here: [Crypto in Japan: Main Sectors, Industry Trends, and Future Prospects](https://static.footprint.network/report/Crypto-in-Japan-Main-Sectors-Industry-Trends-and-Future-Prospects-28.pdf)*.*

## Features of Successful Web3 Projects in Japan

Successful projects in the Japanese crypto industry must meet certain key criteria. These include community building, localization, and longevity.

## An Active Community

The ability to create a loyal community of supporters and users is one of the most important characteristics of a successful crypto project. Communities can help raise awareness, increase adoption, and ensure project sustainability. This can be achieved through a variety of methods, including community activities, incentives, and improved project transparency.

## Localization

Localization is also essential for success in Japan’s cryptocurrency business. With a span cultural foundation and Japanese as the national and primary language in Japan, projects need to adapt their products and services to local requirements and regulations, translate information into Japanese, collaborate with local influencers and media, and hold local events. By engaging with localized audiences, projects can gain more visibility and users in key locations.

## Longevity

Finally, effective crypto initiatives must be resilient and adaptable. This means developing a viable product and concept that will remain relevant through market turbulence. In Japan, where people are conservative and hesitant to adopt new technologies, projects must build reputation and operate for the long term to gain market momentum.

In addition to these characteristics, forming strategic alliances with key industry participants, such as other cryptocurrency initiatives, merchants, institutional investors, and the media, can help expand reach, build credibility, and drive mutually beneficial growth. This is especially important in Japan, where giants and conventional companies continue to dominate. To succeed, startups should leverage their strengths and align with these existing giants.

## STEPN: A Successful Case of An International Project Entering the Japanese Market

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*SBossOsQuDd7wWeS.png)

STEPN, the first mobile game implementing Move to Earn in-game economics, emerged as a major success story in the Japanese crypto market.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*zmqxBji4rmyIiuUc.png)

[STEPN Daily Active Users](https://www.footprint.network/research/gamefi/gamefi-protocos/single-gamefi-protocos-stats?series_date=2010-01-01\~\&amp;amp;protocol=stepn)

A few key factors can be identified that explain why STEPN found significant success in Japan. The core game mechanics involve acquiring sneaker NFTs, which can subsequently be used within the app to earn tokens exchangeable for cryptocurrency. As players level up these sneakers using their earnings, they can accumulate larger rewards.

Firstly, timing played a crucial role. STEPN launched around the end of 2021, at a time when the macro market conditions were relatively favorable compared to the present. Following the market peak in November 2021, many individuals found themselves with surplus funds. This liquidity boost triggered a significant influx of users and in-game item purchases. While market timing might not be within a project’s control, it remains an important determinant of a project’s success.

Additionally, it is worth noting that Japanese players typically have a larger spending power than those in other countries. As previously highlighted, Japanese players are often willing to spend significant amounts on in-game items, with some investing five to six-figure sums to maximize their in-game profits.

Such expenditure levels would be less likely outside of Japan. As an example, the primary growth driver of Axie Infinity, a popular Play-to-Earn game in the Philippines, \was the Scholar system (where NFT holders can lend their NFTs to share revenue, negating the need for players to own NFTs), which enabled individuals with less upfront capital to participate.

STEPN initially targeted Japan for its marketing efforts. Therefore, before players in other parts of the world could join the game’s economy, Japanese players had already shaped the in-game market according to their purchasing power, as opposed to a globally averaged one. As the Japanese are generally less familiar with globally-based communities, the successful creation of a local Japanese community sparked a positive cycle, leading to increasingly more discussions about STEPN in Japan than anywhere else.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*AvfD8nztsfmV49--.png)

*Source: Google Trends*

Though specific to STEPN, the use of GPS can also be considered a contributing factor. STEPN demanded accurate GPS tracking to prevent cheating and maintain the in-game economy’s integrity, incorporating real-time stakes. With many Japanese using iPhones, which come with accurate GPS systems, it made it easy for players to start playing (and earning).

The Gacha system is a distinct feature that other projects could potentially adopt, where players spend in-game currency to receive a random in-game item. Owing to the long history of Web2 mobile games, the Gacha system has been a significant growth driver. STEPN successfully integrated this concept into their game, which fostered a sense of familiarity among players.

At its peak, STEPN players were able to earn roughly $3,000 per day simply by walking. The game’s intuitive nature, coupled with its lucrative rewards, sparked viral interest, extending even beyond the crypto community.

While future projects can learn from the strategies employed by successful predecessors like STEPN, it’s important to note that macro market conditions and other external factors also play a substantial role in a project’s success in penetrating the Japanese market.

## Exploring the Challenges and Opportunities of the Japanese Crypto Industry

Japan has a span and robust financial system, which provides a solid framework for the development of blockchain and web3 in the country.

When discussing the Japanese crypto market, regulations are often a primary concern. Japan has strict regulations in place to maintain stability and security for investors, as well as to ensure market integrity. While regulations protect the industry, they can also pose challenges for smaller crypto projects, hindering their entry and growth due to compliance burdens and high tax burdens on cryptocurrency-related income. In addition, lengthy approval processes for token listings can contribute to a perceived lack of market activity.

Japan has a long history of valuing stability and caution in financial matters, which can limit innovation and market agility while protecting traders from excessive risk. Innovation is key to the success of cryptocurrencies, so the lack of it can cause crypto businesses to fall behind competitors from other countries.

The good news is that recently, in April 2023, the Liberal Democratic Party, Japan’s largest political party, released the “Japan 2023 Web3 Whitepaper.” This whitepaper eased regulations and encouraged development in various aspects of the industry by reducing tax burdens and improving listing efficiency. Another recent development in June 2023 is that crypto issuers in Japan will not have to pay capital gains taxes on unrealized gains.

Institutional investors in Japan are showing a growing interest in cryptocurrencies and are increasingly recognizing the potential of it. Their growing interest and participation in the market has the potential to significantly boost the entire crypto industry. It also brings greater liquidity, stability and credibility to the market, attracting further interest from both retail and institutional investors.

The Japanese market has demonstrated its span buying power, from traditional games and classic IPs to crypto games and NFT. Japan’s combination of cultural expertise and span financial system positions it as a potential global leader in the web3 industry. By building on its strengths and fostering innovation and growth, Japan has the opportunity to lead the future of web3 in the world.

Footprint Analytics is a data platform blending web2 and web3 data with abstractions. Leveraging cutting-edge AI technology, we help analysts, builders, and investors turn blockchain data into insights with accessible visualization tools and a powerful multi-chain API across 26 chains for NFTs, GameFi and DeFi.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>

Rokubunnoni, Inc. is an independent media company specializing in cryptocurrency and blockchain that has been active since 2018. Our vision is to contribute to the development of Web 3.0 by providing in-depth knowledge to our valued readers by covering innovative blockchain technologies and products from an unbiased perspective.

Media : <https://crypto-times.jp/>

Research Report Distribution : <https://ct-analysis.io/>

Twitter : <https://twitter.com/CryptoTimes_mag>


The main sectors of crypto in Japan are NFTs and gaming focused projects, which are largely focused on community building, localization, and longevity. Coupled with the easing of regulations in Japan, there might be an increase in interest in the crypto industry in Japan. Key Takeaways: Japan ha

Crypto in Japan: Industry Trends and Future Prospects

gm on-chain friends 👋

Welcome back to CyberLetter, our bi-monthly recap of all things CyberConnect.

Here’s everything we’ve been up to these past few weeks 👇🏼

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/c75d6d0ea7bfe6a3)

**Namaste India 🇮🇳 🙏🏼**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/70b75e99bcabb29c)

We've just arrived in India, ready for a week full of excitement! It's a fantastic opportunity to mingle with the local blockchain community. Dive into discussions about making web3 more accessible—ranging from the simplicity of wallet interfaces to the excitement of web3 social, and much more!

Here’s [a breakdown of events](https://link3.to/cyberconnect/post/27eea0f49369dcfec628ea63a2a8a4e67963f3cb73ac4640f1c214b832b7cfe8) we’re attending and hosting—come say hi!

If you’re in Bengaluru, [reach out to our team](https://t.me/cyberconnectindia) and let’s meet up.

**Holiday Cheer with CyberConnect 🎄 🎁**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/81c3c037cdbdbbe9)

The deadline for the *CyberConnect Community Rewards: Season 2* *[Early Access]* is fast approaching! [Make sure to apply](https://cyberconnect.deform.cc/communityrewards/) before December 5, 2023, at 11:59 PM UTC to stand a chance of claiming a share of the 25,000 CYBER 🔥 This is a unique opportunity to engage with the CyberConnect community and be part of our onchain journey.

Remember, this is just a glimpse of what's in store. Keep an eye out for more updates coming your way soon! 👀

**Stress Free Gas Management with SmartGas ⛽**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/45bdfd7f72010ee1)

We recently introduced SmartGas, a new innovative feature in CyberWallet that aims to simplify gas fee management across your Web3 dapps. It's a game-changer for anyone navigating the Web3 space and looking for more streamlined token management across blockchains.

Learn how you can achieve effortless crypto transactions with SmartGas, [here](https://link3.to/wallet/post/4c0318ca86ae2c452bd758e4555e90c2a198f7c5de41b2a8a07435f1df156ed0).

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/15ddb3db5a099dee)

**Read 📖**

**Demystifying Smart Contract Wallets 💳**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/b4856f0dbff3b5e0)

Dive into the world of smart contract wallets and see how they're revolutionizing our interaction with blockchains and management digital assets. From social recovery and signless transactions to gasless experiences, these wallets pave the way for a more accessible and user-friendly crypto experience.

Here’s a short blog on [what exactly are smart contract wallets](https://link3.to/wallet/post/6600a9081eb118f4ad084b739be06d06fef1d55ed579cf8055880d1d53f1e0a6).

**Listen 🎧**

**How to Skyrocket to 100k Users in Web3 (ft. Ryan Li 🚀)**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/1e854017409c8c6b)

Our co-founder Ryan Li shares his insightful journey on the latest episode of the Poolside Web3 Builders podcast. From his early days at Instagram to ideating a decentralized social media protocol, Ryan discusses the pivotal role of user ownership and empowerment in social networks. He delves into the challenges of developing social apps, strategies for building a trustworthy team, and the importance of effective treasury management in the volatile crypto market.

Tune in for [a deep dive into CyberConnect's mission](https://twitter.com/PoolsideCo/status/1729430468754288913) and gather valuable advice for navigating the ever-changing Web3 landscape.

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/21713dcfd10c1df6)

**Phaver 🤝**

![img](https://link3-image.cyberconnect.dev/5ebbb9fa-9d33-4741-a22d-2a7dc4b95c0c/postImageFolder/e09b6c5acd7008c3)

Come join us and our frens at Phaver for a dhamaka evening filled with engaging discussions, networking opportunities, and the vibrant energy of our Indian community. This is an invite-only event, and slots are filling in fast. So, mark your calendars today and [sign up](https://lu.ma/web3socialdhamaka) to join us on Dec 10 in Bengaluru!

✌️✌️✌️

That’s all for this edition! See you later!

**Remember: On-Chain Friends Last Forever 🔗 ⭐️ 🥰**

— Team CyberConnect

*Thanks for sticking with us. If you like what you read, subscribe to this newsletter and follow us on [Twitter](https://twitter.com/CyberConnectHQ). Want to contribute? Join our vibrant community by clicking [here](https://discord.com/invite/cyberconnecthq) or dive into our developer docs [here](https://docs.cyberconnect.me/).*

**About CyberConnect**

[CyberConnect](https://cyberconnect.me/) is a web3 social network that enables developers to create social applications empowering users to own their digital identity, content, connections, and monetization channels.[ Messari](https://link3.to/messari),[ Rarible](https://link3.to/rarible),[ 1inch](https://link3.to/1inch),[ BNB Chain](https://link3.to/bnbchain), along with 2,900 projects and 1.2M users and creators are building long-lasting connections through apps built on CyberConnect.

[Website](https://cyberconnect.me/) | [Docs](https://docs.cyberconnect.me/) | [Twitter](https://twitter.com/CyberConnectHQ) | [Discord](https://discord.gg/cyberconnecthq) | [Telegram](https://t.me/CyberConnect)

gm on-chain friends 👋 Welcome back to CyberLetter, our bi-monthly recap of all things CyberConnect. Here’s everything we’ve been up to these past few weeks 👇🏼 Namaste India 🇮🇳 🙏🏼 We've just arrived in India, ready for a week full of excitement! It's a fantastic opportun

CyberLetter #30: Community Rewards S2 Early Access & Cyber Team in India 🇮🇳

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*6kKFIWhRewFlEGjucEJHJg.jpeg)

Author: daniel\@footprint.network

While PR has always been a core aspect of marketing, it’s different in Web3 and blockchain, especially in the post-Terra and FTX world.

**Bluntly, sentiment among mainstream media and audiences related to crypto is overwhelmingly negative.** Despite NFTs having a market cap of nearly $20B and GameFi tokens $5B, major publications are unlikely to publish news related to individual projects, chains, or tokens besides Ethereum and Bitcoin.

PR targeting the smaller public segment who already know about blockchain, on the other hand, presents the reverse problem. Web3 is an echo chamber, and breaking through the noise of positive news and product updates is hard. This kind of PR looks like a more extended version of community management, in which you expand your net to communities beyond your own.

Is there a way to do Web3 PR correctly?

## PR in Web3 vs. Web2

Before diving into the specifics of PR in the Web3 and crypto industry, it’s important to understand how it differs from PR in Web2. In Web2, most PR efforts are focused on traditional media outlets like newspapers, TV, and radio. While these channels are still relevant in the Web3 and crypto industry, your outreach must be more specific.

To illustrate these points, let’s take a look at 2 mid-grade news items from the last few weeks. We’re referring to projects and news less significant than BTC or ETH, but not 2-person NFT collection launches either. Who covered them?

## 1. Klaytn burn

As we outlined in the April GameFi report, Klaytn briefly became the largest chain for GameFi users, seeing an influx of \[$xB] overnight. It is now the 14th largest chain by TVL. On April 19th, they burned half their supply — equivalent to US$1.3B.

The move is massive for the Klaytn ecosystem and also a sizeable tokenomics case study for the broader crypto industry.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*JMQLyFjt2MKgT8sN.png)

While the event received comprehensive coverage in crypto media, the only publication outside the industry was *Tech In Asia*. That’s because Klaytn is Singapore-based, and the outlet focuses extensively on this market.

**Key Takeaway:** Web3 marketers should look at specialized publications (either regional or related to their project’s mission) and find writers who have previously covered blockchain. Your outreach should tie your news event to the publication’s editorial objective, not just the merits you believe it has within the crypto space.

## 3. zkSync launch and growth

One of the most highly-anticipated scaling solutions, zkSync, launched its alpha mainnet one month ago and at times already surpassed Polygon’s zkEVM in TVL. No major mainstream outlets covered the news. However, it got featured in several prominent publications like Bezinga and Yahoo News as syndication. Furthermore, other smaller projects could piggyback their PR off of this news.

This piece was published by an NFT infrastructure project, Idexo, but ranked first on the news page.

**Key Takeaway: **If zkSync couldn’t get organic media for its launch and rapid adoption in the industry, you’re going to have a hard time as well. Do what Idexo did, and use syndication services (paid or unpaid) to get coverage. These include AMBCrypto, Cryptoslate, Coinrivet, and traditional wires like — as in Idexo’s case — PRNewswire.

## People don’t care about crypto

It’s more difficult to get organic media coverage in crypto. Luckily, social media online communities play a much more significant role in shaping public perception in the space than in others — it’s community-driven.

As a result, businesses need to be much more strategic in their PR efforts, focusing on building relationships with key influencers and engaging with the community, rather than publishing one-way messaging.

## Paid PR in Web3

Paid PR has always been a part of the marketing mix, and it’s no different in the Web3 and crypto industry. Many businesses in the Web3 and crypto industry will pay influencers to promote their products or services on social media or in online communities.

As mentioned in the example above, this can be an effective way to get your message in front of a large audience. To summarize the findings above, here’s how to increase your chances of your paid PR getting more coverage and views:

*   If you are a new project, tie your news to a more significant event in the industry
*   Target specialized, but large, publications by shifting the angle away from crypto (make it regional or mission-based news), and this is critical for earned media too

## Earned PR in Web3

Earned PR, also known as organic PR, is when businesses receive media coverage or other forms of exposure without paying for it directly. In the Web3 and crypto industry, earned PR can be a powerful tool for building credibility and trust with potential customers.

One of the most effective ways to earn PR in the Web3 and crypto industry is by participating in online communities and engaging with influencers. This can take the form of answering questions on forums like Reddit or participating in Twitter chats. By providing value to the community, you can establish yourself as a thought leader and earn the respect of key influencers.

Another way to earn PR in the Web3 and crypto industry is by sharing your knowledge and expertise through speaking engagements or guest blogging. By positioning yourself as an expert in your field, you can attract media attention and build credibility with potential customers.

## 12 Tips for PR in the blockchain industry

1.  Understand your audience: Before launching any PR campaign, it’s important to understand your target audience. This will help you tailor your message and choose the right channels for reaching them.
2.  Build relationships with key influencers: Influencers play a huge role in shaping public perception in the Web3 and crypto industry. Build relationships with key influencers by engaging with them on social media and participating in online communities.
3.  Stay up-to-date with industry news and trends: The Web3 and crypto industry moves fast, so it’s important to stay up-to-date with the latest news and trends. This will help you stay ahead of the curve and position your business as a thought leader.
4.  Monitor your online reputation: In the digital age, your online reputation can make or break your business. Use tools like Google Alerts to monitor mentions of your brand and respond to any negative comments or reviews in a timely and professional manner.
5.  Create high-quality content: Whether it’s blog posts, videos, or social media updates, creating high-quality content is key to engaging your audience and building your brand. Make sure your content is informative, engaging, and adds value to the conversation.
6.  Leverage social media: Social media is a powerful tool for promoting your brand and engaging with your audience. Choose the platforms that make the most sense for your business and invest in creating engaging, shareable content.
7.  Use data to inform your PR strategy: Data can provide valuable insights into what’s working and what’s not in your PR strategy. Use tools like Google Analytics to track website traffic and engagement, and adjust your strategy accordingly.
8.  Don’t be afraid to take a stand: The Web3 and crypto industry is full of passionate, opinionated people. Don’t be afraid to take a stand on issues that matter to your business and your audience. This can help you build a loyal following and establish yourself as a thought leader.
9.  Be transparent: Transparency is key to building trust in the Web3 and crypto industry. Be transparent about your business practices, your team, and your goals, and be willing to answer tough questions from your audience.
10. Invest in relationships, not just transactions: In the Web3 and crypto industry, relationships are key. Invest in building long-term relationships with customers, influencers, and other key players in the industry, rather than just focusing on short-term transactions.
11. Embrace the community: Finally, remember that the Web3 and crypto industry is a community-driven space. Embrace the community and engage with your audience in a genuine, meaningful way. This can help you build a loyal following and establish your business as a trusted player in the industry.

In conclusion, PR in the Web3 and crypto industry requires a unique approach that combines traditional PR tactics with a deep understanding of the online communities and influencers that drive the industry. By focusing on building relationships, providing value to the community, and staying up-to-date with the latest trends and news, businesses can establish themselves as thought leaders and earn the trust and loyalty of their target audience.

This piece is contributed by[ Footprint Analytics](https://www.footprint.network/) community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

*Footprint Website: *[https://www.footprint.network](https://www.footprint.network/)

*Discord:*[ https://discord.gg/3HYaR6USM7](https://discord.gg/3HYaR6USM7)

*Twitter:*[ https://twitter.com/Footprint\_Data](https://twitter.com/Footprint_Data)


Author: daniel\@footprint.network While PR has always been a core aspect of marketing, it’s different in Web3 and blockchain, especially in the post-Terra and FTX world. Bluntly, sentiment among mainstream media and audiences related to crypto is overwhelmingly negative. Despite NFTs having a

The right (ad wrong) way to do Web3 public relations

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*UDHML5UbXXZC1K-n5JiShQ.jpeg)

Author: stella\@footprint.network

Bitcoin experienced a narrow price range in September, with a modest increase of 3.7%. Overall, the Web3 gaming industry is growing, but games with over 1,000 monthly active users still represent less than 10%. The distribution of games across different blockchains remains relatively unchanged, with BNB Chain leading at 30.9%.

As the Web3 gaming market expands and major players enter the space, the challenges of user acquisition and retention remain significant. The industry needs to address these concerns to ensure sustainable growth and mass adoption.

Moreover, the distribution of games across different blockchains highlights the need for interoperability and the potential emergence of new chains that could disrupt the dominance of the current leaders.

The future of Web3 gaming holds both opportunities and challenges, and it will be interesting to see how the industry evolves to meet the demands of players and investors alike.

Data for this report was obtained from Footprint’s GameFi research page. An easy-to-use dashboard containing the most vital stats and metrics to understand the Web3 Game industry, updated in real-time, you can find all the latest about prices, projects, funding rounds, and more by clicking [here](https://www.footprint.network/public/research/gamefi/game-overview/game-market?series_date-79421=past90days\&channel=EN-478).

## Key Points

## Crypto Macro Overview

*   In September, Bitcoin displayed a relatively narrow price range, fluctuating between a monthly low of $25,158 and a high of $27,210.

## Overall Web3 Game Market

*   The Web3 gaming industry is experiencing growth, with a total of 2,607 games available, marking a 2.6% increase from August and a significant 15.0% increase from April.
*   Major players in the gaming industry are increasingly venturing into the realm of Web3 gaming.
*   User acquisition, retention, and survival during market downturns are paramount concerns for all players in the Web3 gaming industry.

## Web3 Game Chains

*   Specifically, on Polygon, 39 games attracted more than 1,000 active users, which represents 8.6% of the total games on the chain, while BNB Chain represents 5.3%, and Ethereum represents 1.5%.
*   On September 28, Sui announced the launch of the Web3 game portal Play Beyond which included 18 titles across various genres.

## GameFi Projects Overview

*   In September, a total of 13 projects experienced a notable surge in token price, surpassing a 20% increase.

## GameFi Investment and Funding

*   The Web3 gaming sector continues to experience a steady influx of investment, with eight notable funding rounds capturing substantial interest.
*   Prominent crypto ventures such as a16z have shown signs of engaging in bottom-fishing strategies.

## What’s New?

*   zkSync Era will soon launch the latest work of the well-known blockchain game project Honor World — “Dream Island”.
*   Sui launches web3 gaming portal Play Beyond.
*   Binance announces cessation of the Sandbox NFT staking and Polygon Network support.
*   Blockchain-gaming startup Proof of Play raised $33 million in a seed round, with investors including a16z crypto, Anchorage Digital and Naval Ravikant.
*   Strategy Game Experts GamePhilos Raise $8M Seed Funding Round, Led by Web3 Leaders Xterio and Animoca.

## Crypto Macro Overview

During the month of September, Bitcoin displayed a relatively narrow price range, fluctuating between a monthly low of $25,158 and a high of $27,210. The month began with an initial value of $25,940 and demonstrated a modest increase of 3.7% throughout the period, closing the month at $26,899.

![](https://miro.medium.com/v2/resize:fit:1400/0*Qgseng9IHa8IxdyJ)

*Source: *[Market Cap: GameFi Tokens vs BTC](https://www.footprint.network/public/research/gamefi/game-overview/game-market?series_date-79421=past90days)

In comparison to the previous month, September witnessed an uptick in both the value and on-chain activity. This increase in on-chain activity could potentially be attributed to new investors positioning themselves ahead of potential regulatory approval for a spot Bitcoin ETF, a development that had made progress in late August.

Additionally, Bitcoin received support from the news that the trustee overseeing the defunct cryptocurrency exchange Mt Gox would postpone creditor repayments until October 2024. The Mt Gox estate currently holds approximately 138,000 Bitcoin, valued at $3.7 billion, and this decision is expected to keep that supply off the market for the foreseeable future.

## Overall Web3 Game Market

The Web3 gaming industry is experiencing growth, with a total of 2,607 games available, marking a 2.6% increase from August and a significant 15.0% increase from April. Despite this upward trend in the overall number of games, those with more than 1,000 monthly active users remain a relatively small portion, accounting for less than 10%. In September, this percentage stood at 8.7%. These statistics highlight the ongoing challenge of acquiring users for Web3 games.

![](https://miro.medium.com/v2/resize:fit:1400/0*KniThj1o8_dYGDU1)

*Source: *[Monthly Active Games](https://www.footprint.network/chart/Monthly-Active-Games-fp-43560?on_date=past6months\&channel=EN-478)

Throughout the month, the number of daily active users in Web3 games remained consistently around 1 million, indicating a roughly 15% increase compared to August.

![](https://miro.medium.com/v2/resize:fit:1400/0*W3wRKP3EhZbBhcK7)

*Source: *[Active Users & Growth Rate DoD](https://www.footprint.network/public/research/gamefi/game-overview/game-market?series_date-79421=past90days)

Major players in the gaming industry are increasingly venturing into the realm of Web3 gaming. Korea, known for its fervor for esports and blockchain games, boasts a substantial fanbase and significant consumer interest in diverse gaming cultures. Neowiz, a publicly traded Korean game publisher, recently revealed its plans to develop games on the Avalanche blockchain through its Web3 subsidiary, Intella X. NHN Corporation, a South Korean entertainment conglomerate, announced that it has partnered with Sui to launch an on-chain game scheduled for 2024.

These industry giants are poised to accelerate the mass adoption of blockchain gaming through their expertise in delivering high-quality games and managing in-game economies.

However, user acquisition, retention, and survival during market downturns are paramount concerns for all players in the Web3 gaming industry.

## Web3 Game Chains

The distribution of games across various blockchains has remained relatively stable, with BNB Chain taking the lead at 30.9% of the distribution. Ethereum follows closely behind at 24.7%, and Polygon holds a share of 14.9%. In contrast, the second tier of blockchains, including Wax, EOS, and Avalanche, had distributions below 5.5%, highlighting a disparity between these chains and the top three.

![](https://miro.medium.com/v2/resize:fit:1400/0*lT9WXjYIlpBPAl8A)

*Source: *[Games Shared by Chain](https://www.footprint.network/chart/Games-Shared-by-Chain-select-by-date-fp-44389?on_date=2023-09-01%7E2023-09-30\&channel=EN-478)

Since 2022, the distribution of games across different blockchains has shown a consistent trend. With the flourishing Web3 game market, there is an anticipation that more chains will emerge and potentially challenge the dominance of the top three chains.

![](https://miro.medium.com/v2/resize:fit:1400/0*POXcUnsrMdttEIuO)

*Source: *[Monthly Games by Chain](https://www.footprint.network/@0xAlina/GameFi-Chain-Stats?series_date-79658=past90days%7E\&channel=EN-478)

In September, the total number of games on BNB Chain, Polygon, and Ethereum with over a thousand monthly [active users](https://www.footprint.network/chart/Monthly-Active-Games-fp-43560?on_date=past6months%7E) was 228. Among these chains, BNB Chain accounted for the largest share at 21.0%, followed by Polygon at 17.1%, and Ethereum at 4.8%. Specifically, on Polygon, 39 games attracted more than 1,000 active users, which represents 8.6% of the total games on the chain, while BNB Chain represents 5.3%, and Ethereum represents 1.5%.

On September 28, Sui announced the launch of the Web3 game portal Play Beyond which included 18 titles across various genres. It offers users the opportunity to delve into their preferred games while also providing resources to learn about Sui’s blockchain technology for game development and enhancement purposes. The portal’s main focus is on providing a seamless gaming experience without the need for crypto knowledge. This aligns with the 2023 trend of emphasizing immersive and enjoyable games, rather than complex underlying technology.

![](https://miro.medium.com/v2/resize:fit:1400/0*5eNXerBeGTVXwujS)

## GameFi Projects Overview

In September, a total of 13 projects experienced a notable surge in token price, surpassing a 20% increase. These sustained growth rates serve as a testament to the potential of these projects and their ability to capture the attention and interest of investors within the dynamic realm of GameFi.

![](https://miro.medium.com/v2/resize:fit:1400/0*9_Xe2zRfAaOUtBJW)

*Source: *[Game Token Price Changes in September](https://www.footprint.network/@Lesley/The-rate-of-change-of-the-currency-price-between-two-times?single_date=2023-09-01\&single_date_1=2023-09-30\&channel=EN-478)

Nakamoto Games, built on the Polygon blockchain, is a gaming platform that offers a variety of engaging crypto games with a play-to-earn model. The platform’s native token has garnered significant attention among GameFi projects, demonstrating remarkable performance with an impressive 80.4% price increase in just this month. Since the start of the year, the token’s value has surged by an impressive 661.0%.

![](https://miro.medium.com/v2/resize:fit:1400/0*h4vwx8Z0m0ePMj2a)

*Nakamoto Games*

## GameFi Investment and Funding

The Web3 gaming sector continues to experience a steady influx of investment, with eight notable funding rounds capturing substantial interest. These rounds encompass significant investments in various companies and projects, including GAM3S.GG ($2 million), BulletChain ($2 million), BlockGames (undisclosed), GamePhilos ($8 million), Podium (€2 million), Salvo Games ($1.5 million), Fableborne ($7.8 million), and Proof of Play ($33 million).

![](https://miro.medium.com/v2/resize:fit:1400/0*8UR3hpd5i_FPodcx)

*Source: *[Fableborne](https://fableborne.com/)

Prominent crypto ventures such as a16z have shown signs of engaging in bottom-fishing strategies. Notably, a16z maintained a relatively low investment activity from June to August 2023, with only one monthly investment. However, their recent resurgence is apparent, as they made four investments in September, including a notable investment in Proof of Play.

Proof of Play, a crypto gaming company led by FarmVille co-creator Amitt Mahajan, successfully secured $33 million in a seed funding round. The seed round was co-led by a16z and Greenoaks. Played by more than 300 million people, FarmVille is Facebook’s number-one game of all time. The first title of Proof of Play is a social role-playing game called Pirate Nation.

![](https://miro.medium.com/v2/resize:fit:1400/0*4n1kalBqbPoxDYid)

*Source: *[Pirate Nation](https://piratenation.game/)

**What is Footprint Analytics?**

[Footprint Analytics](https://www.footprint.network/) is a blockchain data solutions provider. It leverages cutting-edge AI technology to help analysts, builders, and investors turn blockchain data and combine Web2 data into insights with accessible visualization tools and a powerful multi-chain API across 20+ chains for NFTs, GameFi, and DeFi.

*Footprint Analytics Website: *[https://www.footprint.network](https://www.footprint.network/)

*Discord: *[https://discord.gg/3HYaR6USM7](https://discord.gg/3HYaR6USM7)

*Twitter: *[https://twitter.com/Footprint\_Data](https://twitter.com/Footprint_Data)


Author: stella\@footprint.network Bitcoin experienced a narrow price range in September, with a modest increase of 3.7%. Overall, the Web3 gaming industry is growing, but games with over 1,000 monthly active users still represent less than 10%. The distribution of games across different blockchai

September Web3 Games Market Witnesses Growth in Games and Major Player Entry

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*i7Ux-EK743qhJ3x4XxKR2A.jpeg)

Author: lesley\@footprint.network

The NFT market showed little sign of renewed optimism in May, despite $43 million raised, the highest amount of funding since November 2022.

However, the amount raised outpaced actual market volume and user growth, suggesting that enthusiasm remains concentrated among venture investors. Mainstream collectors have yet to match the interest. Unique users and trading volume continue to decline.

The market needs to move beyond temporary hype and speculation and attract broader participation and success across projects.

Data of this report was obtained from Footprint’s NFT research page. An easy-to-use dashboard containing the most vital stats and metrics to understand the NFT industry, updated in real-time, you can find all the latest about trades, projects, fundings, and more by clicking [here](https://www.footprint.network/research/nft/).

## Key Points

## Crypto Macro Overview

*   Indicating the whole crypto market, BTC opened the month of May at $28,074, peaked on May 5 at $29,528, and turned down to $27,223 on May 31.

## NFT Market Overview

*   The NFT market currently has a market capitalization of about $20 billion, with approximately 30,000 unique users interacting with the market on a daily basis.
*   The number of users in the NFT market is not increasing a lot while Milady Maker’s getting hot mentioned by Elon Musk.

## Chains & Marketplaces for NFTs

*   Ethereum dominates NFT volume with over 95% of the total market.
*   However, in terms of unique active wallets, about 40% are on Ethereum, 34% on Polygon and 16% on Solana.
*   Over 70% of wash-trading takes place on x2y2, indicating that their systems and policies allow manipulative behaviour with fewer barriers.

## NFT Investment & Funding

*   The total amount raised in May was $43.2 million, the highest since November 2022.
*   However, there were only 7 funding rounds, which is a relatively low number.

## Hot Topics of the Month: Bitcoin Ordinals

*   Ordinals are a unique category of NFTs that are based on the Bitcoin network.
*   People still expect the future and further expansion of the Bitcoin network.

## What’s new in this month?

*   OKX Wallet Becomes First Multi-Chain Platform to Enable Viewing and Transfer of Bitcoin Ordinals.
*   Adidas and Pharrell Release Digital Clothing for Doodles NFT Holders.
*   NFT Marketplace Blur Launches Blend, a Peer-to-Peer Lending Platform.
*   Elon Musk Sends Milady NFTs Soaring.
*   Binance Adds Support for Bitcoin Ordinals to Its NFT Marketplace.
*   Sony Launches Web3 Incubator Program.

## Crypto Macro Overview

[BTC](https://www.footprint.network/@KikiSmith/BTC-ETH-Decentralized-Stablecoin-Market-Analysis?date_filter=past35days) opened the month of May at $28,074, peaked on May 5 at $29,528, and turned down to $27,223 on May 31. For the month as a whole, bitcoin was down slightly by 0.5%.

![](https://miro.medium.com/v2/resize:fit:1400/0*Fc6xKyWxlcXd4c97)

[BTC Price & ETH Price](https://www.footprint.network/@KikiSmith/BTC-ETH-Decentralized-Stablecoin-Market-Analysis?date_filter=past35days)

However, BTC as a marketing indicator, is still up more than 64% year-to-date, compared to its price of $16,605 on Jan. 1. ETH is following the same trend, down less than 1% in May, and up 58% year-to-date in 2022.

Market players shouldn’t have a false feeling of security as a result of the current quiet in the volatility of Bitcoin and ETH. Specifically, BTC saw a significant 13.3% drop in on-chain volume, indicating a decrease in trading activity on Bitcoin Network.

## NFT Market Overview

The NFT market currently has a market capitalization of about $20 billion, with approximately 30,000 unique users interacting with the market on a daily basis.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*P94DvS_PDr4gGRiY.png)

[NFT Market Cap & Volume](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days)

[NFT volume](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days) is random and cannot fully represent the market as a whole, but we can still see that volume is down significantly comparing to April. In May, volume started solid at $27 million, jumped to $35 million, then dropped by two-thirds before partially recovering.

![](https://miro.medium.com/v2/resize:fit:1206/format:webp/0*ypa9lg5Xk1bghIr3.png)

[Elon Musk’s Twitter](https://twitter.com/elonmusk/status/1656326406618619910)

The Milady Maker collection was mentioned in a tweet by Elon Musk on May 10, 2023, which caused trading volume to spike to $13.95 million, sending prices soaring. The mid-month spike shows how young the NFT market is. The bigger picture can be skewed by “hot” new collections or sales that come and go quickly in terms of popularity.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*-eyai7-0rauSejtP.png)

[Daily Unique Users](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days)

Though, on May 10th, [the number of users](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days) in the NFT market is not increasing a lot, so we may speculate that the NFT user base is not growing significantly at the moment, even though Milady Maker’s collection is getting hot, the users are still the same people who have been in this market for a long time.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*zqS4s0x_yh2BgA-I.png)

[Daily Buyers & Sellers](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days)

At the beginning of May, there were more NFT buyers than sellers, with the ratio being 2:1, mostly because of some projects on Polygon as below, with a bunch of buyers and only several sellers on the secondary market.

![](https://miro.medium.com/v2/resize:fit:1400/0*6Y4W_A4QROctO1VT)

[NFT Buyers & Sellers on May 2](https://www.footprint.network/chart/NFT-buyers-%26-Sellers-fp-41699)

According to the data of [daily buyers & sellers](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days), there are still more NFTs listed for sale than active buyers interested in buying them, indicating a potential oversupply of NFTs, not necessarily subpar collections.

While the NFT market has experienced fluctuations, it is still a growing industry with the potential for long-term growth and acceptance.

## Chains & Marketplaces for NFTs

Ethereum dominates NFT volume with over 95% of the total market. However, in terms of unique active wallets, about 40% are on Ethereum, 34% on Polygon and 16% on Solana.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*SvIc8r_9VdnDHSs9.png)

[Total Volume & Unique Users by Chains](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days)

While still small compared to traditional markets, growing unique participation across multiple chains is a healthier sign for the NFT space than if the large majority remained concentrated on Ethereum alone.

![](https://miro.medium.com/v2/resize:fit:1204/format:webp/0*RYpYWqMNoTvGeXfv.png)

[Washtrade Value by Marketplace](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days)

According to [Footprint Analytics](https://www.footprint.network/research/nft/nft-market/market-overview?series_date=past30days), over 70% of wash-trading takes place on x2y2, indicating that their systems and policies allow manipulative behavior with fewer barriers — whether intentional or not, this highlights the speculative nature of the current NFT market and the need for continued progress towards transparency, trust and genuine mainstream interest.

![](https://miro.medium.com/v2/resize:fit:1400/0*JEANerImpBCobN4g)

[Washtrade Value by Marketplace](https://www.footprint.network/@Lesley/Washtrade)

It is expected for the wash trade value to decrease as the NFT market experiences a downturn, but it is noteworthy that the wash trade percentage has also decreased over the past three months.

![](https://miro.medium.com/v2/resize:fit:1400/0*PAY3me6RZxApyLdP)

[Wash Trade Ratio of NFT Market](https://www.footprint.network/@Lesley/Washtrade)

After a brief period of euphoria caused by the Blur airdrop, the NFT market has now returned to a bearish state, characterised by a marked decline in speculator enthusiasm.

![](https://miro.medium.com/v2/resize:fit:1400/0*fHYZbwsw4m-futrG)

[Washtrade Ratio](https://www.footprint.network/chart/Washtrade-Ratio-fp-41806)

Footprint Analytics has conducted an analysis of the top 50 volume collections. This shows a decrease in the prevalence of wash trading, which can be primarily attributed to two key factors:

1.  Speculation-driven projects

Projects such as *MineablePunks* and *Terraforms by Mathcastles* initially gained significant trading volume based on speculation. However, these projects were based solely on hype and lacked substantial underlying value. As traders and investors realised the limited utility and long-term potential of these collections, interest waned, resulting in a loss of sustained trading activity.

2\. Wash trading during the hype

Wash trading played a significant role in certain collections at the height of their hype. However, as the excitement and frenzy around these collections subsided, speculators no longer found it advantageous to engage in such activity. As a result, both wash trading and overall trading volume declined. This trend was particularly evident for collections hosted on the Opensea platform(*Opensea collections*).

As speculators reduce their trading activity, it is expected that the prices of certain collections may take a hit. However, this period of lull in the NFT market actually fosters a healthier environment, paving the way for future prosperity.

In addition, the market slowdown is lowering barriers to entry, providing opportunities for genuine users and game developers to participate. With less speculative trading dominating the market, project teams can now focus on their project. This strategic shift allows them to lay the groundwork for a potential recovery in the next market cycle and attract long-term investors who value the sustainable growth and utility of NFT projects.

When it comes marketplaces, according to [the latest data](https://www.footprint.network/research/nft/nft-market/marketplaces?series_date=past30days), Blur is currently the leading NFT marketplace with a monthly value share of around 60%. This is followed by OpenSea with around 20% and x2y2 with around 10%.

![](https://miro.medium.com/v2/resize:fit:1400/0*qG1sQ3_7GgWJqRKN)

[Monthly Value by Marketplace — Distribution](https://www.footprint.network/research/nft/nft-market/marketplaces?series_date=past30days)

## NFT Investment & Funding

The total amount raised in May was $43.2 million, the highest since November 2022. However, there were only 7 funding rounds, which is a relatively low number.

![](https://miro.medium.com/v2/resize:fit:1400/0*FmeblmyhiE-M0jnF)

[Monthly NFT Projects Fundraising Amount & Times](https://www.footprint.network/research/nft/fundraising/fundraising-overview?date_range=2023-05-01\~2023-05-31)

In May, two significant NFT funding with the most amount are Pudgy Penguins and AlienSwap. Pudgy Penguins raised a $9 million seed round led by 1kx to build the next great IP company. And AlienSwap raised $12 million led by NEXT Leader Capital and C² Ventures to expand the AlienSwap engineering team.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*4vj5G6KqKcxmahqX.png)

*Pudgy Penguins*

The higher amounts invested in May are a positive signal of renewed optimism, despite a slowdown in actual market activity and participation. However, sustainability depends on broader success across more projects.

## Hot Topics of the Month: Bitcoin Ordinals

Ordinals are a unique category of NFTs that are based on the Bitcoin network. Ordinals have seen insane growth in the few months. A [Twitter Space from Footprint Analytics](https://twitter.com/Footprint_Data/status/1664320477446406144?s=20) talked about this topic.

It begins on January 21, 2023, when programmer and crypto enthusiast Casey Rodarmor launched the Ordinals protocol on the Bitcoin network. The innovation allows for the minting of Bitcoin NFTs. Ordinals caused a high number of Bitcoin transactions in May.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*Kj0-1Bn_pNqEehvs.png)

[Bitcoin Daily Transaction Fees](https://www.footprint.network/@8hwYRTm1E3/Bitcoin-Chain-Analysis)

They introduce a new dimension to digital collectibles and asset ownership by allowing users to add arbitrary data to a Bitcoin transaction and tie that data to an individual satoshi, creating a unique asset known as an ordinal. For now, it has minted over 10 million according to Footprint data.

The Ordinals protocol is still in its infancy, with lightweight wallet applications, NFT trading markets, and other “infrastructure” yet to be built. People still expect the future and further expansion of the Bitcoin network.

This piece is contributed by the Footprint Analytics community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>


Author: lesley\@footprint.network The NFT market showed little sign of renewed optimism in May, despite $43 million raised, the highest amount of funding since November 2022. However, the amount raised outpaced actual market volume and user growth, suggesting that enthusiasm remains concentrated

NFT Monthly Report: The Rise and Fall of the Market in May

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*tuoBf1CmXvGPARY00fYGlQ.jpeg)

Author: Daniel\@footprint.network

Traditional content marketing is typically focused on creating content that will attract potential customers and encourage them to make a purchase. This could include blog posts, social media updates, and email newsletters. The goal is to create content that ultimately leads to a sale.

Web3 content marketing, on the other hand, is focused on encouraging users to engage with your project on a deeper level and build a community around your product or service.

One of the key differences between traditional content marketing and Web3 content marketing is the way in which content is distributed. With traditional content marketing, the focus is on getting your content in front of as many people as possible. This often means relying on social media and other platforms to drive traffic to your website.

With Web3 content marketing, the focus is on building a community around your brand. This means creating content that is designed to be shared and interacted with within your community, rather than just being broadcast out to as many people as possible. And speaking of social, Twitter is king, so your content must be tailored for — or even originate from — Twitter.

## Tips for Web3 Content Marketing

*   **Create valuable content.** This is always important, but it’s even more so in Web3. Make sure your content is well-written, informative, and engaging.
*   **Use social media to reach your audience.** Web3 users are active on social media, so make sure you’re using these platforms to connect with them. Share your content on Twitter, Discord, and other platforms that your target audience is active on.
*   **Get involved in the community.** One of the best ways to market your brand in Web3 is to get involved in the community. Participate in discussions, answer questions, and share your knowledge. This will help you build relationships with potential customers and partners.
*   **Use blockchain technology to track your results.** Blockchain technology can be used to track the results of your content marketing campaigns using a tool like Footprint. For example, you can overlay Twitter mentions with on-chain active wallets interacting with your protocol to see if your content is moving the needle. This will help you see what’s working and what’s not, so you can adjust your strategy accordingly.

By following these tips, you can create a Web3 content marketing strategy that will help you build relationships, grow your community, and achieve your business goals.

## Building relationships and communities

In Web3, users are more interested in interacting with brands and other users in a meaningful way. This means that brands need to focus on building relationships and communities, rather than simply driving traffic to their websites.

There are a number of ways to build relationships and communities in Web3. One way is to create valuable content that is relevant to your target audience. This content can be in the form of blog posts, articles, videos, or even podcasts. When creating content, it is important to focus on providing value to your audience, rather than simply selling them something.

Another way to build relationships and communities is to participate in online discussions and forums. This is a great way to connect with potential customers and partners, and to learn more about their needs and interests. When participating in discussions, it is important to be respectful and helpful, and to avoid being overly promotional.

Finally, brands can also build relationships and communities by hosting events and meetups. This is a great way to get to know your target audience in person, and to build relationships with other brands and influencers. When hosting events, it is important to make sure that they are relevant to your target audience, and that they provide value to attendees.

By following these tips, brands can build relationships and communities in Web3, which will help them to achieve their business goals.

**Note that Web3 people are really only active on Twitter, so content must be made with twitter promotion in mind:**

Twitter is the most popular social media platform for Web3 users. This is because Twitter is a great platform for sharing short, concise content, which is perfect for the Web3 community.

When creating content for Twitter, it is important to keep the following tips in mind:

*   Keep your content short and concise. Twitter users have short attention spans, so your content should be easy to read and understand.
*   Use visuals. Images and videos are a great way to capture attention and engage users.
*   Use hashtags. Hashtags are a great way to get your content seen by more people.
*   Be active. The best way to get noticed on Twitter is to be active and engaged. Tweet regularly, and interact with other users.

This piece is contributed by the Footprint Analytics community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>


Author: Daniel\@footprint.network Traditional content marketing is typically focused on creating content that will attract potential customers and encourage them to make a purchase. This could include blog posts, social media updates, and email newsletters. The goal is to create content that ulti

Web3 content marketing: How to build relationships and communities

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*WscamoSN9izzZs-cx9ipJA.jpeg)

Footprint Analytics, a leading provider of cutting-edge blockchain data solutions, is excited to announce its partnership with GasZero, the first gasless zk-Rollup in Layer 2. Together, they aim to accelerate the growth of the GasZero ecosystem and bring more users to Web3 with the enjoyment of zero gas fees.

GasZero embraces the concept of “0 Gas Fee” across the network, aiming to find the best use cases in the industry and minimize the barriers for Web2 users to enter Web3 by integrating wallets and payment gateways. With its robust API for frictionless development, Footprint Analytics provides the reliable data foundation dApp developers need to efficiently build next-generation Web3 products. Footprint’s high-quality, scalable, and real-time on-chain data from over 20 blockchains enables dApp developers and GasZero itself to bring the innovative idea of “0 Gas Fee” to life faster.

In addition to its own Layer 2 network, GasZero will work with ecosystem partners to offer more customized solutions, including seamless interactions for end-to-end wallet users, the launch of zero-gas applications, and the introduction of zero-gas supernet. “The collaboration with our valued ecosystem partners is crucial as we strive to deliver data-driven and customized solutions,” stated Adam, the Co-Founder of GasZero.

Footprint Analytics’ powerful API combines on-chain and off-chain data, offering informative, accurate, and traceable insights into wallet addresses, transactions, assets, labels, and more. This rich data enables GasZero and its partners to identify and segment users for targeted campaigns, evaluate performance, and make informed gas management decisions. Ultimately, these efforts aim to attract and retain new users by offering gasless interactions.

“Onboarding analytics should be simple. With Footprint, we can effortlessly integrate multiple dashboards without any development. Footprint’s insightful, cross-chain data visualizations empower everyone to gain Web3 insights for smarter decisions,” said Navy Tse, the CEO and co-founder of Footprint Analytics. “By working together, GasZero and Footprint will definitely make the revolutionary concept of ‘0 Gas Fee’ possible and benefit all the participants across the ecosystem”.

**About Footprint Analytics**

[Footprint Analytics](https://footprint.network/) is a data platform blending Web2 and Web3 data with abstractions. Footprint helps analysts, builders, and investors turn blockchain data into insights with accessible visualization tools and a powerful multi-chain API across 20+ chains for NFTs, GameFi, and DeFi. Footprint also provides Footprint Growth Analytics to help with effective growth in GameFi and any Web3 projects.

**About GasZero**

[GasZero](https://gaszero.com/) is the first gas-free zk-Rollup. Through the integration of data sources and a suite of meticulously crafted security components, GasZero removes the barrier of gas fees, bridging the gap between Web2 and Web3. This advancement marks the completion of the final leg in the journey from Web2 to Web3, poised to catalyze the emergence of the next generation of billion-dollar dApps.


Footprint Analytics, a leading provider of cutting-edge blockchain data solutions, is excited to announce its partnership with GasZero, the first gasless zk-Rollup in Layer 2. Together, they aim to accelerate the growth of the GasZero ecosystem and bring more users to Web3 with the enjoyment of ze

Footprint Analytics Partners with GasZero to Build the Future of Gas-Free Blockchain Ecosystem

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/1*pPzZrZXPNuqDIzwTnpImQA.jpeg)

Author: lesley\@footprint.network

On May 13th, Line announced its plans to release five ‘gamer first’ NFT games in 2023. As we can see, more developers and more gamesare appearing, showing that web3 games are struggling to expand beyond speculation. However, transaction volumes have declined and user numbers initially fell, indicating that sustainable games that focus on fun, span communities, and mass appeal remain scarce.

Sustainable games that do not focus on hype still remain rare. Good games depend on fun, span communities and mass appeal — not quick profits.

Data of this report was obtained from Footprint’s GameFi research page. An easy-to-use dashboard containing the most vital stats and metrics to understand the Web3 Game industry, updated in real-time, you can find all the latest about prices, projects, funding rounds, and more by clicking [here](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past90days).

## Key Points

## Crypto Macro Overview

*   Indicating the whole crypto market, BTC opened the month of May at $28,074, peaked on May 5 at $29,528, and turned down to $27,223 on May 31.

## Overall Web3 Game Market

*   Daily transactions of the entire Web3 Game market are on the decline, while users dropped sharply at the beginning of the month and recovered slightly in mid-May.
*   The total number of active games increased slightly to 1,004 by the end of May, compared to 979 in March and 1,001 in April.

## Web3 Game Chains

*   In the Web3 games market, it was observed that BNB Chain, Ethereum and Polygon emerged as the dominant players, accounting for 75% of the total games available.
*   Daily active users remained at around 900k, with Polygon users experiencing a significant spike in late April and early May, followed by a return to normal levels.

## GameFi Projects Overview

*   Axie Infinity remained the dominant game in terms of volume.
*   In terms of token price performance, for May, Zodium has the top token with a 130% increase.

## GameFi Investment and Funding

*   The total amount raised in May was $79.1 million, up 76% from $45 million in the previous month
*   However, the number of rounds fell from 12 to 8 comparing to April, and from 15 in March.

## Crypto Macro Overview

[BTC](https://www.footprint.network/@KikiSmith/BTC-ETH-Decentralized-Stablecoin-Market-Analysis?date_filter=past35days) opened the month of May at $28,074, peaked on May 5 at $29,528, and turned down to $27,223 on May 31. For the month as a whole, bitcoin was down slightly by 0.5%.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*YKVoLDgLV47WA7Do.png)

[BTC Price & ETH Price](https://www.footprint.network/@KikiSmith/BTC-ETH-Decentralized-Stablecoin-Market-Analysis?date_filter=past35days)

However, BTC as a marketing indicator, is still up more than 64% year-to-date, compared to its price of $16,605 on Jan. 1. ETH is following the same trend, down less than 1% in May, and up 58% year-to-date in 2023.

Market players shouldn’t have a false feeling of security as a result of the current quiet in the volatility of Bitcoin and ETH. Specifically, BTC saw a significant 13.3% drop in on-chain volume, indicating a decrease in trading activity on Bitcoin Network.

## Overall Web3 Game Market

The Web3 Game market experienced a slowdown in May, likely due to uncertainties in the overall cryptocurrency market and global economy.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*CGUn3khZQ_MM70ag.png)

[Web3 Game Daily Txns & Daily Active Users](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past90days)

According to [Footprint Analytics](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past90days), daily transactions for the entire web3 games market are declining, while users fell sharply at the beginning of the month, recovering slightly by mid-May. The slowdown in growth seems natural and healthy after the initial hype. It allows the industry to consolidate, mature and improve before the next wave of web3 games.

![](https://miro.medium.com/v2/resize:fit:1400/0*ED9Gsgmd2eqpNJg2)

[Monthly Game Numbers](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past30days)

Game developers haven’t slowed down. The total number of active games increased slightly to 1,004 by the end of May, compared to 979 in March and 1001 in April, indicating that more games are in users’ eyesights. [The number of new GameFi projects](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past30days) launched in May increased slightly to 60, bringing the total number of games in the market to 2381.

The number of new games launched rebounded in May, but at a more moderate pace. As the novelty effect of GameFi wears off, higher quality games with solid gameplay and token economics may gain more traction and lead a new wave of growth.

## Web3 Game Chains

![](https://miro.medium.com/v2/resize:fit:1308/format:webp/0*moqHAMf6rUtLkXlV.png)

[Games Shared by Chain](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past30days)

In the web3 games market, BNB Chain, Ethereum and Polygon are the dominant players, accounting for 75% of the total games available.

![](https://miro.medium.com/v2/resize:fit:1400/0*irp_F7c1Tgghe9nZ)

[Daily Active Users by Chain](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past30days)

Daily active users remained at around 900k, with Polygon users experienced a significant spike in late April and early May, followed by a return to normal levels. This indicates that Polygon attracted a temporary influx of users, probably because of some events, but did not get a long-term effect.

![](https://miro.medium.com/v2/resize:fit:1400/0*GpXh7uiL3rRXBZlz)

[Monthly Volume by Chain](https://www.footprint.network/research/gamefi/gamefi-market/market-overview?series_date=past30days)

The SUI blockchain is poised to make significant progress, as Mysten Labs has raised $300 million in funding and plans to offer high-end games on its Sui Layer 1 blockchain last year. As the SUI blockchain debuted its mainnet on May 3, it is poised to expand its capabilities and potentially offer a compelling blockchain for immersive gaming experiences.

Despite a cyclical downturn for almost 12 months, the web3 gaming industry continues to create and awaits new innovations and breakthroughs to attract more users and investors.

Winter is the time to build in this space.

Fun games keep players engaged for days. While the broader crypto markets remain volatile, high-quality GameFi opportunities with span fundamentals should perform based on project merit rather than speculative hype or general market sentiment.

## GameFi Projects Overview

According to data from the 31st of May, Axie Infinity continued to be the dominant game in terms of volume, with a trading volume of $6.6 million, demonstrating its span liquidity and established position in the market. This month, Axie Infinity made notable progress by launching on the Apple App Store in key markets and introducing the ability for users to create unique and customisable PFP avatars, demonstrating its commitment to game development and expanding its user base. Battlefly and Illuvium also saw span volumes following Axie.

![](https://miro.medium.com/v2/resize:fit:1400/format:webp/0*cNddOKgN20F78Vbm.png)

[Daily trends — Ranking & Trends](https://www.footprint.network/research/gamefi/web3%20gaming-trends/top-games?single_date=2023-05-31)

In terms of token price, for May, Zodium has the top token with a 130% increase, followed by Taroverse with a 92% increase and Victoria VR with a 78% increase. However, large price spikes alone don’t determine profitability.

The biggest gainers were not so well-known projects, suggesting that hype and speculation drove the rally rather than span fundamentals. Rapid price increases alone don’t prove sustainability.

In terms of active users, Alien Worlds had the most active users on 31st May with 233,684, followed by Sweat Wallet with 90,189 and Splinterlands with 74,876, which is very span in the bear market.

## GameFi Investment and Funding

![](https://miro.medium.com/v2/resize:fit:1100/format:webp/0*UZ4mIRQtTxNyb-x3.png)

[Monthly Gaming Fundraising Amount & Times](https://www.footprint.network/research/gamefi/fundraising/fundraising-overview?date_range=2023-05-01\~2023-05-31)

The [total amount](https://www.footprint.network/research/gamefi/fundraising/fundraising-overview?date_range=2023-05-01\~2023-05-31) raised in May was $79.1 million, up 76% from $45 million in the previous month, but the number of rounds fell from 12 to 8 comparing to April, and from 15 in March.

Larger deal sizes reflected investor confidence and recognition of the long-term potential of the industry. However, the total number of funding declined slightly, indicating the market is still in downturn.

The most notable projects are M80, Pomerium and Illuvium, which raised $3m, $20m and $10m respectively, even though overall market sentiment remains subdued. Their progress will be worth watching.

May’s GameFi funding data shows that while the trading markets remain lacklustre, the capital markets’ long-term confidence in blockchain games remains intact. As the market clears and consolidates, the surviving projects are looking more promising.

## What’s new in this month?

*   Line Reveals Five ‘Gamer First’ NFT Games Releasing in 2023
*   Illuvium Update Adds Exciting Features and NFTs to Flagship Game
*   Axie Infinity, is launching *Axie Infinity: Origins card game* on the Apple App Store in key markets
*   Axie Infinity Now Allow Users To Forge Unique And Customizable PFP Avatar
*   Web3 Game Studio Pomerium Secures $20 Million In Angel Investment
*   PancakeSwap (CAKE) Launches Play-to-Earn Program, CAKE Price Up 20%
*   Massive Blockchain Game Illuvium Raises Another $10M From Framework Ventures

This piece is contributed by the Footprint Analytics community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>


Author: lesley\@footprint.network On May 13th, Line announced its plans to release five ‘gamer first’ NFT games in 2023. As we can see, more developers and more gamesare appearing, showing that web3 games are struggling to expand beyond speculation. However, transaction volumes have declined

Web3 Games Monthly Report: Some Growth, but Challenges Remain

![Footprint Analytics](https://miro.medium.com/v2/resize:fill:88:88/1*CkaAk4X7shDuLQY8ahSpdA.png)



Author: lesley\@footprint.network

The world of gaming is undergoing a paradigm shift with the blockchain technologies, ushering in a new era of decentralized and rewarding game experiences.

As this ever-changing landscape continues to evolve, an increasing number of gamers are flocking to this space. It is important for gamers to stay informed about the emerging trends and analytics that are shaping the web3 gaming industry now.

In this article, we will introduce you into the exciting world of web3 gaming analytics. We’ll dive deep into the data metrics and insights that every gamer should be paying attention to, from overall game data to in-game tokens and NFTs.

In addition, we will provide you with three tools that simplify the process of accessing, analyzing, and gaining useful insights from these data.

## GameFi According to Gamers

Blockchain games are revolutionising the gaming industry by introducing an open economy and digital asset ownership, setting them apart from traditional games. Unlike traditional games, players of blockchain games have real ownership of in-game assets and the freedom to trade or sell them for cryptocurrency. This fundamental shift is attracting both gamers and crypto enthusiasts, resulting in the emergence of a user-centric gaming world.

Gamers play a pivotal role in the web3 gaming world as they actively create, trade, contribute to and shape the gaming ecosystem. In a promising game, it is essential that on-chain data is transparent, enabling gamers to make informed investment decisions and optimise their game accounts at the right time and place. This allows them to maximise their gaming experience and stay engaged with the game for a longer period of time.

Projects in the blockchain gaming space should strive to provide players with compelling games, while players should actively monitor metrics that can influence the game, ensuring their rights are protected and allowing them to reap more benefits from their participation.

## Web3 Gaming Analytics Gamers Should Take Note Of

## Market Size

Market size refers to the total value of a specific market, usually measured by revenue or sales. In the web3 games industry, market size is a broader concept that helps you understand the size of a game currently, and it is essential for players to determine the stability and reputation of a game. By analyzing market size, players can make informed decisions about investing their time and resources in a particular game.

Several important factors affect market size in the web3 game industry. To determine a game’s market size, gamers should notice the number of active users, transaction volume, and transaction value.

![](https://miro.medium.com/v2/resize:fit:1400/0*IGdQ5m1pBAzyfpvA)

Source: [Top Web3 Game](https://www.footprint.network/research/gamefi/web3%20gaming-trends/top-games)

In the realm of web3 gaming, the number of active users plays a crucial role in determining the popularity and impact of a project. A larger user base indicates greater influence and stability. Transaction volume and value serve as a measure of the project’s commercial potential, reflecting the level of user engagement and trustment. A higher transaction value indicates greater revenue and profit potential.

By considering all of these elements, players can gain a clear understanding of the market size of a particular game and make an informed decision about their commitment to the project.

\*\*\*From the [Footprint Analytics research page](https://www.footprint.network/research/gamefi/web3%20gaming-trends/top-games), you can track all the data you need to evaluate game size, including the number of active users, transaction volume, and transaction value. By analyzing the data, you can find games that are not only entertaining, but also stable, profitable, and have a strong in-game economy.

## Token Performance

Token performance is a critical factor in determining the trend and development of a Web3 game, as it indicates an increase in market confidence, which can attract additional gamers and even investors to the game.

A game’s native token is often used as a medium of exchange within the game’s ecosystem, and its market performance indicates market confidence and expectations for the game. Because the value of these tokens can change based on supply and demand in the real market, it is crucial for players to regularly monitor token performance and make strategic decisions in the game.

![](https://miro.medium.com/v2/resize:fit:1400/0*PcAErPcLprVyatc6)

Source: [Token Performance](https://testnet.naga.io/en-us/overview)

When the price of a token rises, it means that the market is confident in the game and expects it to get better. Also, a game with good token performance will be more likely a strong game that receives long-term stable support from the gamers. However, token price fluctuations can also indicate market uncertainty and potential danger. A sharp drop in price could indicate a lack of confidence in the company, causing investors and participants to lose interest.

The ideal situation would be a steady increase in token price with moderate volatility. This shows that the market is positive and believes in the project, but there is no excessive speculation. In order to achieve a steady increase in the token price with minimal volatility, a number of components must be in place, including a clear and defined game roadmap, a strong and loyal community, a robust risk management game environment, and well-designed token economics. Therefore, it is an excellent metric for gamers to track.

\*\*\*From the Naga Analytics page, players can monitor the performance of each game’s token, including its fluctuations over the last 24 hours. By gaining insight into token performance, players can better engage with and influence the dynamic economy that underpins the game itself.

## Community Sentiment

Community sentiment in a blockchain game includes the overall feelings, attitudes, and perceptions of players toward the game. The success of a blockchain game is significantly influenced by community sentiment, a collective measure of players’ feelings, attitudes, and perceptions, which can be seen in various channels such as Twitter engagement, Discord interactions.

There are several key factors that contribute to this sentiment. The gameplay experience is a critical determinant and also fundamental to the success of a game — a game that is fun, engaging, and rewarding can retain players and foster positive sentiment. The management style of the team also plays a role. Developers who are transparent, responsive and actively engage with their community can foster a positive environment. Market conditions and token performance also have a significant impact on community sentiment. A bull market is more likely to foster a thriving game community.

![](https://miro.medium.com/v2/resize:fit:1400/0*GE8vEMg_lv2V6oNZ)

Source: [Community Sentiment](https://degame.com/en/ranking)

Community sentiment has a broad impact on the dynamics of a blockchain game. It directly affects the perceived value of in-game tokens and NFTs. When sentiment is positive, it can stimulate demand and drive up the value of these assets. Conversely, negative sentiment can reduce demand and lead to a drop in value. Therefore, it has a significant impact on the health of the game.

\*\*\*Through DeGame, players have access to a wealth of data that reflects community sentiment, such as Twitter, Discord, and Telegram. By examining this data, players can gain a holistic understanding of the community’s perceptions and attitudes toward a game.

## New Games Launched

A recently launched game using blockchain technology refers to a new game on the blockchain. Monitoring new game launches presents both opportunities and risks.

In the early stages, games typically spend a lot of money to attract users, and early participants always get great rewards. Early participation in new blockchain games can provide opportunities to earn rewards, NFTs, and tokens that can increase in value over time as the game grows. There are also risks, as the game may fail in the market and the digital assets may lose value.

If there is little data available, which is usually the case with a newly launched game, we should research the game’s development team and their background, study the game’s tokenomics and community engagement, and read some reviews from the community and KOLs to avoid taking too many risks.

![](https://miro.medium.com/v2/resize:fit:1400/0*Y551fo9-k-y7XgRk)

[New Games](https://chainplay.gg/games/recently-added/)

\*\*\*Through [Chainplay](https://chainplay.gg/games/recently-added/), you can access a wealth of information about newly released blockchain games. The platform provides comprehensive details about different games, including their genres and descriptions. This allows you to explore different options and find games that match your preferences.

## Other Things to Check

There are other aspects to consider, such as **gameplay**. A compelling game is more likely to keep you playing for a long time, allowing you to earn more and have more fun. Longer and more frequent play sessions indicate the game’s ability to immerse and entertain players. The presence of a rewarding sense of progression keeps players engaged and motivated to continue playing.

While gameplay enjoyment is crucial, it is also important to evaluate the **revenue potential** of a blockchain game. This involves analyzing token economics, the presence of secondary markets, and the fairness of payout distributions. Striking a balance between revenue potential and sustainable gameplay incentives is essential for the long-term success and growth of a blockchain game.

## Conclusion

In summary, the emergence of web3 gaming represents an exciting new frontier, but it also requires players to stay informed. By monitoring key analytics such as market size, token performance, community sentiment, and new game launches, players can make strategic decisions to maximize their experience.

However, the risks inherent in this nascent industry mean that gamers should proceed with caution. By leveraging blockchain data tools, gamers can participate in GameFi opportunities while maintaining a measured approach. Although the world of web3 gaming is still taking shape, maintaining an awareness of key metrics will allow gamers to navigate this landscape and unlock its full potential.

This piece is contributed by the Footprint Analytics community.

The Footprint Community is a place where data and crypto enthusiasts worldwide help each other understand and gain insights about Web3, the metaverse, DeFi, GameFi, or any other area of the fledgling world of blockchain. Here you’ll find active, diverse voices supporting each other and driving the community forward.

Footprint Website: [https://www.footprint.network](https://www.footprint.network/)

Discord: <https://discord.gg/3HYaR6USM7>

Twitter: <https://twitter.com/Footprint_Data>

Author: lesley\@footprint.network The world of gaming is undergoing a paradigm shift with the blockchain technologies, ushering in a new era of decentralized and rewarding game experiences. As this ever-changing landscape continues to evolve, an increasing number of gamers are flocking to this s