Web3遊戲現在面對一個鮮明的現實

Web3遊戲一旦被稱為數字娛樂的未來，現在就面臨著一個鮮明的現實。儘管拉了數億美元

Once lauded as the future of digital entertainment, Web3 gaming now confronts a stark reality. Despite pulling in hundreds of millions of dollars during the crypto boom, many gaming tokens now trade at market caps far below what those projects initially raised.

Web3遊戲一旦被稱為數字娛樂的未來，現在就面臨著一個鮮明的現實。儘管在加密貨幣繁榮期間賺了數億美元，但許多遊戲令牌現在的市場上限遠低於這些項目最初籌集的貿易。

The discrepancy between the capital raised and current valuations has triggered a sobering reassessment across the GameFi sector. This is no longer a mere bear market decline but a severe market revaluation.

籌集的資本與當前估值之間的差異引發了整個Gamefi領域的清醒重新評估。這不再僅僅是熊市的下降，而是嚴重的市場重估。

Dislocated Valuations Reveal Market Disbelief

估值脫位揭示了市場難以置信

Let’s look at the figures to see how disconcerting this disconnect has become. Look at how far apart the colors are in these bar graphs. They practically took my breath away during the last meeting when our head of research presented them. Here are some of the token names he used:

讓我們看一下這些數字，看看這種脫節是多麼令人不安。看看這些條形圖中顏色有多遠。在上次會議上，當我們的研究負責人向他們展示時，他們實際上使我屏息了。這是他使用的一些令牌名稱：

• LUNA

•露娜

• FTX token

•ftx令牌

• Solana

•Solana

• Internet Computer (ICP)

•互聯網計算機（ICP）

• Toncoin

•噸幣

• Filecoin

•Filecoin

• near (NEAR)

•靠近（靠近）

• HT

•HT

The numbers are not merely technical corrections—they indicate a failure of confidence. In numerous instances, token market caps have fallen to merely 3–12% of what was initially garnered. This chasm between hope and current appearance signifies more than just subpar token action—it speaks to an increasing doubt about the business models of certain GameFi projects.

這些數字不僅是技術更正，還表明了信心失敗。在眾多情況下，令牌市值僅降至最初獲得的市場上限。希望與當前外觀之間的這種鴻溝不僅意味著不僅僅是標記行動，而且還越來越多地懷疑某些GameFI項目的業務模型。

While investors once readily supplied funds to any venture that promised gaming integrated with blockchain technology or ecosystems centered around NFTs, today’s market is much more discerning. And increasingly, that discernment is manifesting in the form of disappointing investment returns.

雖然投資者曾經很容易地向任何與區塊鏈技術或圍繞NFT的生態系統集成的遊戲的合資企業提供資金，但當今的市場更具辨別力。越來越多的洞察力以令人失望的投資回報的形式表現出來。

Why the Collapse? A Combination of Structural and Market Forces

為什麼崩潰？結構和市場力量的結合

Between 2021 and 2025, Web3 gaming had a seemingly endless string of excitement. VCs invested in Web3 gaming at a breakneck pace, driven by the belief that it would help bring to life visions of the “metaverse”—the virtual environment where most of our future digital lives will take place—and create a new economy that would make some games play-to-earn. Yet, these investments have yet to demonstrate the sort of returns that other, more traditional segments of the gaming industry have secured.

在2021年至2025年之間，Web3遊戲似乎無休止地興奮。 VCS以驚人的速度投資於Web3遊戲，這是因為它的信念將有助於使“元媒體”的景象（我們未來大多數未來的數字生活都會發生的虛擬環境，並創造了一個新的經濟，並創造了一個新的經濟，這將使某些遊戲變得與眾不同。然而，這些投資尚未證明遊戲行業其他更傳統的領域的回報。

Now dragging valuations down are a few core problems:

現在，拖延估值是一些核心問題：

The outcome? Efforts that have gathered nine-figure sums now confront the stark reality that tokens lacking product-market fit or genuine community engagement are just too risky to be seen as viable investment opportunities in today’s climate.

結果？現在收集了九位數字的努力現在面臨著那種鮮明的現實，即缺乏產品市場擬合或真正的社區參與的代幣太冒險了，無法被視為當今氣候中可行的投資機會。

A Critical Inflection Point for Web3 Gaming

Web3遊戲的關鍵拐點

Dangerous feedback loops happen when a token’s market cap drops below the amount of total capital it has raised. This is what is happening, for instance, with Axie Infinity (AXS). ‘Liquidity dries up,’ CoinDesk explains in an article. ‘That makes it hard for traders to enter or exit. New investors are understandably wary about putting their money in something the market has already heavily discounted. Most critically, future token emissions—supposed to incentivize players or fuel game economies—become value-destructive when you already have such a market scenario.’

當令牌的市值下降到籌集的總資本數量以下時，就會發生危險的反饋迴路。例如，這就是Axie Infinity（AXS）發生的事情。 Coindesk在文章中解釋說：“流動性乾燥了。” '這使交易者很難進入或退出。可以理解的是，新投資者對將自己的錢投入市場已經很折扣的東西感到持久。最關鍵的是，未來的令牌排放量（激勵玩家或燃料遊戲經濟體）時，當您已經有這樣的市場情況時，會產生價值損害。 ”

The token is instead an obstacle to growth.

代幣是增長的障礙。

This mismatch between the raised capital and market cap reflects a deeper problem. The market loses faith in many Web3 games to convert capital into sustainable ecosystems. Their development seems really hard, and it might not be leading to any sustainable ecosystem the market wants. It raises a deeper question: Are any of these games the ones that will give Web3 its needed capital markets success?

籌集的資本和市值之間的這種不匹配反映了一個更深的問題。該市場失去了許多Web3遊戲的信心，以將資本轉換為可持續生態系統。他們的發展似乎真的很困難，這可能不會導致市場想要的任何可持續生態系統。它提出了一個更深入的問題：這些遊戲中的任何一種都會為Web3帶來其所需的資本市場成功嗎？

For creators, the caution is unmistakable: create captivating gameplay, provide genuine utility, or else run the very real risk of adding your name to a growing list of entities in a sector where expectations are high, but actual performance is low, and where it’s becoming clear that being in the metaverse isn’t enough.

對於創作者而言，謹慎是明確的：創建迷人的遊戲玩法，提供真正的實用程序，或者承擔著將您的名字添加到越來越多的實體列表中的非常真實的風險，在該領域的期望很高，但實際的性能較低，並且很明顯，在Metaverse中卻不夠。

As investor forbearance wanes and token unlockings proceed apace, GameFi finds itself at a fork in the road. It can morph into something substantive—or it can serve up a cautionary tale of overcapitalized hype and underdelivering execution.

隨著投資者的忍耐和代幣解鎖的減弱，Gamefi發現自己處於叉子上。它可以變成實質性的東西，或者可以提出一個警示性的故事，即過度資本化的炒作和失敗的執行情況。

The post Capital Raised vs. Current Market Cap: A Stark Reality Check for Web3 Gaming Tokens appeared first on Tokenist.

郵政籌集的與當前的市值：Web3遊戲令牌的鮮明現實檢查出現在令牌上。