Leading Traditional Games into Web3: NexGami GameFi Launchpad Platform Valuation Analysis
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Leading Traditional Games into Web3: NexGami GameFi Launchpad Platform Valuation Analysis
NexGami aims to bridge the traditional gaming market with the Web3 space by leveraging community governance as a foundation, bringing traditional gamers into the Web3 gaming world with low barriers to entry.
Navigating Web3 tides with focused insightsTL;DR
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As the first GameFi launchpad positioned as a "bridge between traditional gaming and Web3," NexGami has achieved remarkable results during the testing phase of its two launched games. Among numerous launchpads, it stands out with its unique positioning and strong performance metrics, demonstrating significant potential.
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Against the backdrop of a gradually recovering blockchain gaming sector, the inherent "golden shovel" utility of launchpad platform tokens enhances the holding value of $NEXG. Moreover, NexGami’s large and highly targeted user traffic, along with strong community loyalty, generated substantial deposit demand at launch, significantly boosting ecosystem economic activity.
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In valuing $NEXG, we analyzed key indicators such as competitor platform user counts, trading volumes, and platform revenues over the past year. Using comparative analysis, we estimate a potential price range for $NEXG between $0.84 and $1.04, indicating considerable upside potential.
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NexGami’s test product data strongly validates the feasibility and high acceptance of onboarding traditional gamers to blockchain gaming. In the future, millions of players could participate in NexGami, enabling rapid platform growth.
1. Introduction
By the end of 2023, the GameFi sector began showing signs of recovery. Taking last year's breakout hit BigTime as an example—a multiplayer online RPG that attracted many play-to-earn players—this year has seen renewed momentum across various blockchain gaming projects such as the metaverse farming game Pixel, cross-chain gaming platform Portal, and gaming infrastructure network Ronin. The blockchain gaming space is gradually regaining vitality.
Within this context, NexGami has captured our attention due to its strong initial data and distinctive product positioning. In our previous report, we conducted a comprehensive analysis of NexGami from perspectives including product offerings, economic model, and ecosystem characteristics.
This report takes an investment-focused approach, first reviewing the platform fundamentals, analyzing its key bullish drivers under current market conditions, and then estimating the $NEXG price range through comparative analysis—aiming to serve as a tool to assist investor decision-making.
2. Overview of NexGami
NexGami is a GameFi game aggregation and incubation platform built on Polygon, aiming to bridge the traditional gaming market with the Web3 space via community governance, and onboarding traditional players into Web3 gaming with low barriers to entry. The team behind the platform is a top-tier game development and publishing studio. Leveraging years of experience in the Web2 gaming market, NexGami positions itself as the “bridge between traditional gaming and Web3.”
Functionally combining elements of Web2 platforms like Steam and Twitch, NexGami supports Twitch-style live streaming, Steam-like game distribution, and Discord-style messaging and voice chat, delivering a rich player experience. Additionally, the platform offers multiple features such as a curated Web3 game launchpad, esports events, gaming guilds, and a points system, forming a comprehensive ecosystem for users.
Thanks to its dual compatibility with both Web2-friendly and Web3-native designs, NexGami’s two launched RPGs—MetaVirus and MetaMyth—attracted nearly 700,000 registered players during testing and achieved over $1.62 million in on-chain deposits. This demonstrates the viability of migrating traditional gaming traffic onto the blockchain. Furthermore, these launch metrics reflect strong community enthusiasm and loyalty, laying a solid user foundation for the upcoming release of nearly 100 additional games and overall platform growth.
Moreover, compared to other blockchain gaming platforms, NexGami places greater emphasis on equitable利益 sharing and distribution among ecosystem participants. Through its unique economic model, it incentivizes diverse roles—including gamers, KOLs, game developers, promoters, and investors—to actively contribute to ecosystem development.
By establishing various DAO governance bodies—such as game developer guilds, product operations guilds, and business development guilds—all ecosystem participants are unified in co-managing and operating the platform, achieving shared benefits through decentralized governance.
3. Bullish Factors
3.1 Revival of the Blockchain Gaming Sector
The overall GameFi market cap currently stands at $34 billion, with total trading volume reaching $5.8 billion. After declining from its 2021 peak, these figures are now showing upward momentum as the bull market resumes. Next, we analyze the current state and trends of GameFi from on-chain data, user scale, and VC/institutional investment perspectives.
Over the past year, GameFi user numbers have steadily increased from 36 million to around 48 million. At the beginning of 2024, the launch of several popular game projects drove a surge in new users. Subsequently, new user growth stabilized, with daily active users (DAU) settling around 2 million.
From an on-chain perspective, major games are seeing monthly increases in transaction volume and frequency. Underlying blockchains such as Polygon, Ronin, and BSC have also seen their on-chain transaction volumes grow by nearly 3.5x, reflecting significantly improved activity. Additionally, institutional investor interest in GameFi projects continues to rise, with new game projects emerging rapidly.
According to incomplete statistics, GameFi fundraising totaled over $2 billion in 2023, with 3,091 total projects—an increase of 35.6% year-on-year. Game genres and mechanics are also evolving: beyond traditional play-to-earn models, emerging gambling economies are being integrated into gameplay, and there is a growing trend toward fully on-chain games where all game assets reside on-chain.
This aligns precisely with NexGami’s roadmap. Moving beyond conventional models, NexGami plans to introduce fully on-chain games—where core game logic and assets are stored on-chain—and build a distinctive game platform centered around DAO governance.
Overall, after a full market cycle of boom and bust, GameFi’s economic models are maturing, improving asset retention within ecosystems. The industry is reviving and poised for a new bull run.
3.2 Higher Valuation Potential for Game Launchpads
As a crucial component of the GameFi ecosystem, launchpads provide essential support for emerging GameFi projects—including VC funding, technical assistance, marketing, and community building—helping them successfully launch. According to DappRadar, over 150 GameFi projects have already been launched via various launchpad platforms.
Launchpad platform tokens play a pivotal role within their ecosystems. For example, Seedify requires users to stake its native token to gain allocation in new IGOs or INOs. Other platforms like GameFi.org and Gala Games use their tokens directly as in-game payment currencies. This tight integration between platform tokens and game ecosystems strengthens the real-world utility and value of the tokens.
Holding a launchpad’s native token is akin to owning a “golden shovel”—not only does it offer returns and appreciation from the platform’s own economic model, but it also grants early access and alpha opportunities from internally incubated projects. This is why blockchain gaming platforms command higher valuations: the quality and quantity of internally incubated projects generate additional cash flows and long-term value for the platform’s token.
$NEXG, as NexGami’s circulating token, offers holders multiple benefits: forming LP pairs to earn NFT dividends, staking to receive governance tokens for managing ecosystem games, and redeeming zero-interest bonds from projects. As NexGami launches more games, $NEXG holders will enjoy revenue sharing and early participation rights.
3.3 Broad and Large-Scale User Base
Currently, the majority of GameFi players come from Southeast Asia, with primary markets including the Philippines, Nigeria, Pakistan, Singapore, Vietnam, South Korea, Hong Kong, and China. These countries have consistently ranked among the top 15 global Web3 gaming markets from 2021 to 2023.
Southeast Asia remains a key GameFi market, dominating the global top 15 rankings over recent years, particularly Indonesia, India, the Philippines, Singapore, and Vietnam.
NexGami has effectively captured these core markets. Its two launched games—MetaVirus and MetaMyth—have performed exceptionally: MetaVirus attracted over 100,000 registrants during testing, while MetaMyth, NexGami’s first RPG blockchain-modified game, surpassed 500,000 registrations within just seven days of launch.
Registrants are primarily from Southeast Asian countries such as Thailand, India, and Indonesia, with additional participation from Hong Kong, Singapore, Japan, and other regions—perfectly aligning with the most engaged GameFi user base in terms of both relevance and scale. This further confirms NexGami’s global appeal, providing strong momentum for future growth.
3.4 Strong Deposit Demand
User traffic is expensive, but retaining users and keeping their assets on-chain is even more critical—it fuels the internal economic loop of the platform.
In this regard, gaming holds a distinct advantage over other sectors. Traditional users tend to understand and accept gaming projects more easily due to their low learning curve, high engagement, and intuitive design. Player deposits serve as a fast channel for games to accumulate cash flow. As noted earlier, MetaMyth saw 31,000 users depositing $1.42 million within just seven days—funds that remain entirely within the on-chain ecosystem.
These impressive figures demonstrate NexGami’s tangible economic value as a high-quality Web3 game launchpad, capable of rapidly injecting liquidity into its ecosystem.
Indeed, many successful Web2 games rely heavily on monetization through in-app purchases and gifting. Now, Web3 gaming introduces a new payment layer—users can make in-game purchases using blockchain tokens, directly channeling funds into the on-chain economy and creating a profitable economic model.
Overall, MetaMyth’s strong performance indirectly proves NexGami’s ability to attract and retain a large number of active users. Its compelling game design drives user spending, laying a solid user foundation for future platform growth.
4. $NEXG Valuation
When valuing $NEXG, we assume NexGami operates at the industry average level to avoid unfair comparisons with more mature competitors. We apply a comparative analysis method to estimate the potential price range of $NEXG during its upcoming IDO.
For benchmarking, we selected Gala Games, Fusionist, Immutable, and GameFi.org as comparable projects. As fellow game launch platforms, these projects have demonstrated strong performance in the gaming space.
For instance, Gala Games is known for its decentralized gaming system and robust player community; Fusionist supports its ecosystem with Endurance, a native social infrastructure that integrates gaming with DeFi; Immutable is not only a gaming platform but also developing its own underlying zkEVM network; GameFi.org offers a comprehensive suite of services including game launching and asset trading.
These platforms showcase successful models across different dimensions, allowing clear identification of NexGami’s competitive advantages and differentiation.
We selected key metrics such as price, market cap, FDV, user count, 24-hour trading volume, and annual platform revenue to better compare economic activity and asset health across platforms.
Two key ratios were calculated: FDV/Users and FDV/Revenue. These metrics reflect platform activity and return on investment (ROI) from game launches. By computing these indicators for each competitor, we derived average and median values to better assess NexGami.
To mitigate distortions from outliers and account for market volatility, we applied a -10% to +10% discount/premium range. The lower bound of the price range was calculated by taking the minimum value across each metric and multiplying by 0.9; similarly, the upper bound used the maximum value multiplied by 1.1. This yielded individual price ranges based on three key metrics.
To determine the final price range, we computed a weighted average of the estimates derived from the two most important metrics—FDV/Users and FDV/Revenue—with equal weights of 50% each.
This weighted approach yields a final estimated price range for $NEXG of $0.84 to $1.04.
It should be noted that this model assumes NexGami performs at the industry average level, with key data derived from current sector-wide averages. Actual performance may vary due to numerous factors. Therefore, this price range serves as a preliminary assessment rather than a precise price prediction. Readers should treat this model as one of several tools for informed decision-making prior to investment.
5. Conclusion
As the first launchpad dedicated to bridging traditional gamers and Web3 gaming, NexGami targets the massive user base of traditional gaming communities. Its hybrid “Twitch + Steam” functionality allows traditional players to enter seamlessly without cognitive friction. The successful launch of its two test products has validated the feasibility of this strategy.
The optimistic data from the testing phase indicates NexGami’s strong capability in capturing and converting player traffic—providing a positive foundation for future growth.
Going forward, NexGami plans to release numerous engaging fully on-chain games. $NEXG token holders will enjoy governance rights, revenue sharing, and early access to new projects—offering strong appreciation potential. Meanwhile, the on-chain DAO governance mechanism unites ecosystem participants in co-building the platform, with various DAOs collaborating to drive positive, sustainable growth.
References
https://chainbroker.io/platforms/gamefi/
https://medium.com/@zexus.finance/2024-h1-gamefi-industry-trend-fb63ee1150c9
https://cointelegraph.com/learn/a-beginners-guide-to-the-gamefi-ecosystem
https://cryptonews.net/news/gamefi/28138325/
https://www.footprint.network/@0xAlina/GameFi-Project-Overview?game_name=&date=past180days~
https://www.footprint.network/@0xLam/GameFi-onchain-and-off-chain-data
https://www.coingecko.com/research/publications/web3-gaming-interest-countries
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