People Are Losing Interest in GameFi Projects With P2E Model

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The gameFi service play-to-win (P2E) business model has declined user interest. The data shows that the subscription of new users in the GameFi space fell by 57% between April 2021 and August 2022.

According to data from Dune Analytics, the migration platform has seen its monthly active users drop by 95% since May 2022. To stimulate runners’ interest in its struggling sports environment, Project STEPN launched a series of campaigns and challenges over the past month that users can participate in to earn rewards.

In addition, the project celebrated its first anniversary by organizing a pre/post challenge from September 2 to 8 this year. For a chance to win a GMT badge, users must share their progress with the STEPN app by posting a before and after video clip.

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