Web3遊戲行業正面臨更嚴格的投資條件

隨著資本流動變得更加選擇性，Web3遊戲行業正面臨更嚴格的投資條件

The Web3 gaming industry is facing tighter investment conditions as capital flows become more selective, and investors are prioritizing sustainable projects over hype-driven fundraising.

隨著資本流動變得更加選擇性，Web3遊戲行業正面臨更嚴格的投資條件，而投資者將可持續項目優先於炒作驅動籌款。

In February, Gunzilla Games Web3 director Theodore Agranat described blockchain gaming as a “game of musical chairs” in which the same capital cycles through different projects and “no new money” comes in. The executive also said users go from project to project to extract value. After that, they leave and search for the next project.

2月，Gunzilla Games Web3主管Theodore Agranat將區塊鏈遊戲描述為“音樂椅遊戲”，在該遊戲中，相同的資本循環通過不同的項目，“ No New New Money”出現了。執行官還說，用戶還說，用戶從項目到項目來提取價值。之後，他們離開並蒐索下一個項目。

In the same month, the much-anticipated Web3 game Illuvium announced a 40% layoff, demonstrating the need for teams to go “super lean” in today’s market. Sky Mavis co-founder and CEO Trung Nguyen announced a similar move in October 2024, cutting 21% of its staff to optimize its budget for upcoming projects.

在同月，備受期待的Web3遊戲Illuvium宣布裁員40％，這表明需要在當今市場上“超級精益”團隊“超級精益”。 Sky Mavis聯合創始人兼首席執行官Trung Nguyen在2024年10月宣布採取了類似的舉動，減少了21％的員工，以優化其即將到來的項目的預算。

Despite these events, Web3 gaming professionals said that capital still exists, and explained some of the factors contributing to the industry-wide trend.

儘管發生了這些事件，Web3遊戲專業人士說，資本仍然存在，並解釋了導致整個行業趨勢的一些因素。

Investors no longer blindly throw their money at projects

投資者不再盲目地向項目投入資金

Sky Mavis co-founder Jeffrey Zirlin told Cointelegraph that Web3 gaming is not uniquely struggling but rather experiencing the same capital constraints affecting the broader crypto industry.

Sky Mavis的聯合創始人Jeffrey Zirlin告訴Cointelegraph，Web3遊戲並不是獨特的掙扎，而是經歷了影響更廣泛的加密行業的相同資本限制。

The executive said Web3 gaming is not facing a unique challenge as the landscape is “tight across the board.”

高管表示，Web3遊戲並不面臨著獨特的挑戰，因為景觀“整個景觀都很緊密”。

Still, Zirlin pointed out exceptions. He cited Fableborne, a mobile Web3 game that was oversubscribed by 16,000% despite the market downturn, as demonstrating that “fresh capital was indeed flowing into Ronin,” the Sky Mavis blockchain network. He added:

儘管如此，Zirlin還是指出了例外。他列舉了Fableborne，這是一款移動Web3遊戲，儘管市場低迷，但仍享有16,000％的超額認購，這表明“新鮮資本確實流入了Ronin”，Sky Mavis Blockchain網絡。他補充說：

“We're also seeing interest from traditional venture capitalists and institutions who are increasingly exploring the Web3 gaming space. For instance, last year, we saw several large institutions participate in the token generation event for our flagship game, Axie Infinity, which is a testament to their growing belief in the industry.”

“我們還看到了越來越多地探索Web3遊戲領域的傳統風險投資家和機構的興趣。例如，去年，我們看到幾個大型機構參加了我們的旗艦遊戲Axie Infinity的代幣一代活動，這證明了他們對行業日益增長的信念。”

Axie Infinity is a blockchain-based game that allows players to collect, breed and battle creatures called Axie. The game was a major success in 2021, but it faced difficulties later that year with the Ronin bridge hack and the crypto winter.

Axie Infinity是一個基於區塊鏈的遊戲，允許玩家收集，繁殖和戰鬥的生物稱為Axie。這場比賽在2021年取得了重大成功，但當年晚些時候，Ronin Bridge Hack和Crypto Winter遇到了困難。

During the height of the bull market, several projects claimed to be the "Axie killers," promising to outdo Axie Infinity in terms of user acquisition, gameplay and tokenomics. These projects, such as DungeonSwap and Chainsmonsters, attracted significant attention and investment from the crypto community.

在牛市的高峰期，幾個聲稱是“ Axie殺手”的項目，承諾就用戶獲取，遊戲玩法和標記學來超越Axie Infinity。這些項目，例如DungeonsWap和Chainsmonsters，引起了加密貨幣社區的大量關注和投資。

However, as the market downturn unfolded, many of these projects struggled to meet the high expectations and failed to achieve the same level of engagement as Axie Infinity.

但是，隨著市場低迷的發展，許多項目都在努力滿足高期望，並且未能達到與Axie Infinity相同的參與度。

Zirlin explained that the term "Axie killers" was used to describe gaming projects that claimed to be the next big Web3 game that would surpass Axie Infinity, Sky MAVIS' flagship Web3 game.

Zirlin解釋說，“ Axie Killers”一詞被用來描述聲稱是下一個大型Web3遊戲的遊戲項目，該遊戲將超過Axie Infinity，Sky Mavis的旗艦Web3遊戲。

"It was a bit of a hype house term used to generate attention and buzz around new projects that were emerging in the blockchain gaming landscape," Zirlin said.

Zirlin說：“這是一個炒作術語，用於引起區塊鏈遊戲領域中出現的新項目的關注和嗡嗡聲。”

The executive added that while there were certainly projects aiming to capture a larger share of the market, the competitive landscape was broader than just "killers."

高管補充說，儘管肯定有一些項目旨在捕捉更大的市場份額，但競爭格局比“殺手”更廣泛。

"We saw projects in diverse genres and stages of development, all vying for the attention of gamers and investors. The industry was, and still is, brimming with innovation and potential."

“我們看到了各種流派和發展階段的項目，所有這些都爭奪了遊戲玩家和投資者的關注。該行業曾經並且仍然充滿了創新和潛力。”

The Sandbox co-founder and chief operating officer Sebastien Borget told Cointelegraph that the “game of musical chairs” description suggests a level of randomness.

Sandbox聯合創始人兼首席運營官Sebastien Borget告訴Cointelegraph，“音樂椅遊戲”描述表明了一定程度的隨機性。

"I prefer to think of it as a natural evolution of the investment climate in Web3 gaming, driven by a few key factors."

“我希望將其視為在Web3遊戲中投資環境的自然發展，這是在一些關鍵因素的驅動下。”

Borget said that while there is less capital available and investors are more cautious, there is now less of the unpredictability previously fueled by hype cycles.

博爾特說，雖然可用的資本較少，而且投資者更加謹慎，但現在越來越少的炒作週期所帶來的不可預測性。

"The success of blockchain games increasingly depends on the ability to meet traditional gaming metrics. These include delivering compelling content and gameplay, fostering sustainable user acquisition, establishing a strong in-app economy and building a loyal user base."

“區塊鏈遊戲的成功越來越取決於滿足傳統遊戲指標的能力。這些功能包括提供引人注目的內容和遊戲玩法，促進可持續的用戶獲取，建立強大的應用程序內經濟並建立忠實的用戶群。”

Projects can’t just ‘slap NFTs’ into a game and raise millions

項目不僅可以將NFTS“打入”遊戲並籌集數百萬美元

Josh Gier, chief marketing officer of the gaming tournaments platform Coliseum, told Coटेलीग्राम that the days of simply adding non-fungible tokens (NFTs) to a game and earning massive support from crypto investors are over.

遊戲錦標賽平台體育館的首席營銷官喬什·吉爾（Josh Gier）告訴Coटेलीगटेलीगम，簡單地在遊戲中添加了無牙代幣（NFTS）並獲得了加密投資者的大量支持的日子已經結束。

"Yes, the speculative phase of blockchain gaming, where projects could raise millions just by slapping NFTs onto a game, has cooled off. But that doesn't mean capital has disappeared," Gier said.

吉爾說：“是的，區塊鏈遊戲的投機階段，項目可以通過將NFT拍打到遊戲中來籌集數百萬美元，但這並不意味著資本已經消失了。”

The executive said the capital is becoming more selective and flows toward projects with strong fundamentals and sustainable economies.

高管表示，首都正變得越來越挑剔，並朝著具有強大基本面和可持續經濟體的項目流向。

"We're seeing less of the hype-driven projects and more of the projects that are building interesting and deep games with strong communities and a vision for the long term," Gier added.

吉爾補充說：“我們看到的是炒作驅動的項目，還有更多的項目，這些項目正在構建具有強大社區的有趣而深刻的遊戲，並且對長期的願景構成了願景。”

"Investors are showing interest in games that integrate Web3 elements in a way that enhances the player experience rather than focusing solely on financial incentives."

“投資者對以增強玩家體驗而不是僅專注於財務激勵措施的方式來整合Web3元素的遊戲表現出興趣。”

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