Web3游戏行业正面临更严格的投资条件

随着资本流动变得更加选择性，Web3游戏行业正面临更严格的投资条件

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.

随着资本流动变得更加选择性，Web3游戏行业正面临更严格的投资条件，而投资者将可持续项目优先于炒作驱动筹款。

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将区块链游戏描述为“音乐椅游戏”，在该游戏中，相同的资本循环通过不同的项目，“ No New New Money”出现了。执行官还说，用户还说，用户从项目到项目来提取价值。之后，他们离开并搜索下一个项目。

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，备受期待的Web3游戏Illuvium宣布裁员40％，这表明需要在当今市场上“超级精益”团队“超级精益”。 Sky Mavis联合创始人兼首席执行官Trung Nguyen在2024年10月宣布采取了类似的举动，减少了21％的员工，以优化其即将到来的项目的预算。

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

尽管发生了这些事件，Web3游戏专业人士说，资本仍然存在，并解释了导致整个行业趋势的一些因素。

Investors no longer blindly throw their money at projects

投资者不再盲目地向项目投入资金

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的联合创始人Jeffrey Zirlin告诉Cointelegraph，Web3游戏并不是独特的挣扎，而是经历了影响更广泛的加密行业的相同资本限制。

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

高管表示，Web3游戏并不面临着独特的挑战，因为景观“整个景观都很紧密”。

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:

尽管如此，Zirlin还是指出了例外。他列举了Fableborne，这是一款移动Web3游戏，尽管市场低迷，但仍享有16,000％的超额认购，这表明“新鲜资本确实流入了Ronin”，Sky Mavis Blockchain网络。他补充说：

“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.”

“我们还看到了越来越多地探索Web3游戏领域的传统风险投资家和机构的兴趣。例如，去年，我们看到几个大型机构参加了我们的旗舰游戏Axie Infinity的代币一代活动，这证明了他们对行业日益增长的信念。”

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是一个基于区块链的游戏，允许玩家收集，繁殖和战斗的生物称为Axie。这场比赛在2021年取得了重大成功，但当年晚些时候，Ronin Bridge Hack和Crypto Winter遇到了困难。

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，几个声称是“ Axie杀手”的项目，承诺就用户获取，游戏玩法和标记学来超越Axie Infinity。这些项目，例如DungeonsWap和Chainsmonsters，引起了加密货币社区的大量关注和投资。

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，随着市场低迷的发展，许多项目都在努力满足高期望，并且未能达到与Axie Infinity相同的参与度。

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解释说，“ Axie Killers”一词被用来描述声称是下一个大型Web3游戏的游戏项目，该游戏将超过Axie Infinity，Sky Mavis的旗舰Web3游戏。

"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说：“这是一个炒作术语，用于引起区块链游戏领域中出现的新项目的关注和嗡嗡声。”

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."

高管补充说，尽管肯定有一些项目旨在捕捉更大的市场份额，但竞争格局比“杀手”更广泛。

"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."

“我们看到了各种流派和发展阶段的项目，所有这些都争夺了游戏玩家和投资者的关注。该行业曾经并且仍然充满了创新和潜力。”

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联合创始人兼首席运营官Sebastien Borget告诉Cointelegraph，“音乐椅游戏”描述表明了一定程度的随机性。

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

“我希望将其视为在Web3游戏中投资环境的自然发展，这是在一些关键因素的驱动下。”

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.

博尔特说，虽然可用的资本较少，而且投资者更加谨慎，但现在越来越少的炒作周期所带来的不可预测性。

"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."

“区块链游戏的成功越来越取决于满足传统游戏指标的能力。这些功能包括提供引人注目的内容和游戏玩法，促进可持续的用户获取，建立强大的应用程序内经济并建立忠实的用户群。”

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

项目不仅可以将NFTS“打入”游戏并筹集数百万美元

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.

游戏锦标赛平台体育馆的首席营销官乔什·吉尔（Josh Gier）告诉Coटेलीगटेलीगम，简单地在游戏中添加了无牙代币（NFTS）并获得了加密投资者的大量支持的日子已经结束。

"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.

吉尔说：“是的，区块链游戏的投机阶段，项目可以通过将NFT拍打到游戏中来筹集数百万美元，但这并不意味着资本已经消失了。”

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

高管表示，首都正变得越来越挑剔，并朝着具有强大基本面和可持续经济体的项目流向。

"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.

吉尔补充说：“我们看到的是炒作驱动的项目，还有更多的项目，这些项目正在构建具有强大社区的有趣而深刻的游戏，并且对长期的愿景构成了愿景。”

"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."

“投资者对以增强玩家体验而不是仅专注于财务激励措施的方式来整合Web3元素的游戏表现出兴趣。”

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