Many games like Axie Infinity enjoyed parabolic growth, followed by catastrophic decline. However, the passion and energy around the GameFi category remain strong. And we suspect there will be a breakthrough game released in 2023.
GameFi is a term based on developing new games that combine “game” and “finance” made possible by blockchain technology. They offer incentives to play the game, such as money, rather than paying for it upfront.
In-game rewards (now in the form of blockchain tokens) are often achievable through tasks, battles, and game levels. The games that use in-game rewards heavily rely on what designers call a grinding mechanic to provide progression.
The State of GameFi 2022 survey is the first in an ongoing series of yearly reports that offer insight into the shape of the industry. Thanks to all who participated for their thoughts and perspectives.