Web3游戏现在面对一个鲜明的现实

Web3游戏一旦被称为数字娱乐的未来，现在就面临着一个鲜明的现实。尽管拉了数亿美元

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游戏一旦被称为数字娱乐的未来，现在就面临着一个鲜明的现实。尽管在加密货币繁荣期间赚了数亿美元，但许多游戏令牌现在的市场上限远低于这些项目最初筹集的贸易。

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.

筹集的资本与当前估值之间的差异引发了整个Gamefi领域的清醒重新评估。这不再仅仅是熊市的下降，而是严重的市场重估。

Dislocated Valuations Reveal Market Disbelief

估值脱位揭示了市场难以置信

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:

让我们看一下这些数字，看看这种脱节是多么令人不安。看看这些条形图中颜色有多远。在上次会议上，当我们的研究负责人向他们展示时，他们实际上使我屏息了。这是他使用的一些令牌名称：

• LUNA

•露娜

• FTX token

•ftx令牌

• Solana

•Solana

• Internet Computer (ICP)

•互联网计算机（ICP）

• Toncoin

•吨币

• 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.

这些数字不仅是技术更正，还表明了信心失败。在众多情况下，令牌市值仅降至最初获得的市场上限。希望与当前外观之间的这种鸿沟不仅意味着不仅仅是标记行动，而且还越来越多地怀疑某些GameFI项目的业务模型。

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.

虽然投资者曾经很容易地向任何与区块链技术或围绕NFT的生态系统集成的游戏的合资企业提供资金，但当今的市场更具辨别力。越来越多的洞察力以令人失望的投资回报的形式表现出来。

Why the Collapse? A Combination of Structural and Market Forces

为什么崩溃？结构和市场力量的结合

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年之间，Web3游戏似乎无休止地兴奋。 VCS以惊人的速度投资于Web3游戏，这是因为它的信念将有助于使“元媒体”的景象（我们未来大多数未来的数字生活都会发生的虚拟环境，并创造了一个新的经济，并创造了一个新的经济，这将使某些游戏变得与众不同。然而，这些投资尚未证明游戏行业其他更传统的领域的回报。

Now dragging valuations down are a few core problems:

现在，拖延估值是一些核心问题：

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.

结果？现在收集了九位数字的努力现在面临着那种鲜明的现实，即缺乏产品市场拟合或真正的社区参与的代币太冒险了，无法被视为当今气候中可行的投资机会。

A Critical Inflection Point for Web3 Gaming

Web3游戏的关键拐点

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.’

当令牌的市值下降到筹集的总资本数量以下时，就会发生危险的反馈回路。例如，这就是Axie Infinity（AXS）发生的事情。 Coindesk在文章中解释说：“流动性干燥了。” '这使交易者很难进入或退出。可以理解的是，新投资者对将自己的钱投入市场已经很折扣的东西感到持久。最关键的是，未来的令牌排放量（激励玩家或燃料游戏经济体）时，当您已经有这样的市场情况时，会产生价值损害。”

The token is instead an obstacle to growth.

代币是增长的障碍。

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?

筹集的资本和市值之间的这种不匹配反映了一个更深的问题。该市场失去了许多Web3游戏的信心，以将资本转换为可持续生态系统。他们的发展似乎真的很困难，这可能不会导致市场想要的任何可持续生态系统。它提出了一个更深入的问题：这些游戏中的任何一种都会为Web3带来其所需的资本市场成功吗？

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.

对于创作者而言，谨慎是明确的：创建迷人的游戏玩法，提供真正的实用程序，或者承担着将您的名字添加到越来越多的实体列表中的非常真实的风险，在该领域的期望很高，但实际的性能较低，并且很明显，在Metaverse中却不够。

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.

随着投资者的忍耐和代币解锁的减弱，Gamefi发现自己处于叉子上。它可以变成实质性的东西，或者可以提出一个警示性的故事，即过度资本化的炒作和失败的执行情况。

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

邮政筹集的与当前的市值：Web3游戏令牌的鲜明现实检查出现在令牌上。