Gaming token sentiment through the lens of TGEs in 2025 (May update):
• Total launches ~50 (tracking 37)
• Average decrease mcap of 69% comp. to ATH
• Average mcap: ~$18.9M
• 12+ tokens with a mcap of $2M or below*
• Largest token by mcap: NXPC ($232.7M)
• Largest token by FDV: NXPC ($1.34B)
* More likely in the 20+ range, considering I excluded a bunch of the micro-caps
Despite MapleStory surprising us with its NXPC launch, gaming sentiment remains down.
Tokens continue to receive big haircuts (-30 to 50%) in the first week, and all the recent shutdowns add fuel to the fire.
Plus, I expect that many of the poor TGEs will eventually lead to more studios shutting down or divesting from Web3.
Maybe, there is some light at the end of the tunnel, though, as some CEX launches, like TGT, opened higher than expected.
Also, the result of a better macro-environment.
However, I do remain cautious about a DEX-first launch in this market.
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