According to a state of gamefi survey, in 2022, 2,428 GameFi investors reported their profits had fallen sharply. In an effort to provide GameFi to a broader audience, blockchain game companies are developing it.
What’s this survey about?
The Chainplay.gg poll released in June found that 89 per cent of cryptocurrency investors had lost more than half of their GameFi gains in the past six months. The GameFi platform combines gaming with decentralised money.
In order to provide financial incentives to players, GameFi combines blockchain technologies with cryptos and non-fungible tokens (NFTs). Another name for this type of game is P2E gaming.
Axie Infinity, a popular P2E game, allows players to bet their AXS, and the token can also be used to pay for game items or cast votes.
Poor Game Design
Over half of investors questioned said “bad in-game economic design” caused GameFi’s earnings to decline over the past six months.
According to 21% of investors, the “reward token price decrease” contributed to their lower earnings.
The decline in earnings has also been attributed to the “blockchain gaming bubble burst” and bitcoin’s performance, according to 15% of the respondents.
According to the poll, investors are only spending 2.5 hours per day on GameFi, down 43% compared to 2021.
A more quality-oriented approach to GameFi appears to be needed in the future. Yet 51 per cent of respondents indicated that they joined GameFi to earn money.
A curious nature also plays a role, as shown by the fact that 43% of female investors in GameFi invested out of curiosity.