P2E Market Shaken by Coin Prices... User Numbers Drop by Half in One Day

[Asia Economy Reporter Seungjin Lee] The global 'P2E' (Play to Earn) market is fluctuating with cryptocurrency prices. As cryptocurrency prices plummeted, the number of global P2E game users dropped by half in just one day.

According to DappRadar, a major asset market analysis firm, on the 30th of last month, the number of P2E game users fell sharply from 1.21 million the previous day to 690,000, about half.

This appears to be a phenomenon caused by the recent overall decline in cryptocurrency prices. Ethereum, the most widely used cryptocurrency in P2E games, dropped more than 4% between the 29th and 30th of last month, breaking below the $2,800 level during trading. Additionally, with the US interest rate hike in May resurfacing as an issue, most cryptocurrencies including Bitcoin fell sharply by 3-4%.

The P2E game market is fluctuating daily with cryptocurrency prices. On March 18, the total transaction volume of global P2E games reached $1.15 billion, a 30,000-fold surge compared to the previous day's $34 million. The transaction volume then plunged to about $31 million the next day, returning to the average volume.

The surge in transaction volume at that time is presumed to be due to the sharp rise in cryptocurrency prices. One day before the volume spike, the US Federal Reserve's interest rate hike caused cryptocurrency prices to rise by around 20%. In particular, the prices of major cryptocurrencies used as currencies in P2E games rose significantly, leading to simultaneous investment in P2E games and liquidation of existing assets.

Currently, over 1,500 P2E games are continuously being released worldwide, but overall popularity has waned. The average daily number of users once hovered around 1.5 million, but as cryptocurrency prices continued to decline, the number of users recently fell below one million for the first time in a year.

Amid this situation, domestic game companies have also begun entering the global P2E market one by one. However, considering the concerns currently appearing in the P2E market, domestic companies plan to focus on game quality by adopting a 'P&E' (Play & Earn) structure, where players receive monetary rewards for enjoying the game rather than earning money simply by playing.

Netmarble's subsidiary Netmarble F&C launched early access for the new title 'Golden Bros' on the 28th of last month, based on the 'Cube' ecosystem they built. The game token GBC can be exchanged for the cryptocurrency 'Cube' once the Cube Wallet is released. Kakao Games plans to onboard 'Friends Shot: Anyone's Golf,' currently serviced domestically, onto the blockchain ecosystem 'BORA' and release it soon in the global market.

An industry insider explained, "Blockchain games are still in the market formation stage and have high growth potential. Most games entering the domestic market combine blockchain technology with games that have already proven their gameplay, making them different from existing P2E games."

This content was produced with the assistance of AI translation services.