PANews reported on December 2nd, citing Cryptopolitan, that the current market capitalization of Web3 game tokens is $8.83 billion, a 69% year-over-year decrease and a 34% drop over the past month. Amid the cryptocurrency winter, despite numerous collaboration announcements, trading volume has failed to improve. At the end of November, the GameFi sector experienced a brief bull run, with its market capitalization increasing by 7% to nearly $10 billion within two weeks, while trading volume surged by 103% to $6.1 billion. However, according to CoinMarketCap charts, this rebound was short-lived, and the pullback on December 1st caused the sector's market capitalization to fall below $9 billion for the first time in over a year.

The GameFi ecosystem is experiencing a low mood, with limited discussion on crypto Twitter and one of the lowest levels of enthusiasm in nearly five years. Many Web3 game users are using these platforms primarily for speculative purposes rather than for gameplay. This has led to the closure of at least 27 studios between January and October of this year. Venture capital interest has also cooled, with funding for new Web3 game projects drying up compared to previous cycles. For Web3 games to return to the level the industry considers unmissable, AAA game publishers need to show interest and invest more money in them.