The era of “money games” is over.
Cryptocurrency values plummeted, scams were everywhere, leaving many players frustrated and regretting investing heavily in GameFi.
“The game is very tired, selling tokens for less money but lower and lower prices, no signs of recovery,” said player Thuan Anh. Axe Infinity said Ho Chi Minh. Starting at $0.36 in 2021. Each SLP coin in game is now only $0.004.
“I’ve been out of the game for two months. I still have some SLP in my wallet, should I sell it cheap now or wait for the token to come out and sell it,” someone asked in a private community group. Axe Infinity. In the comments, some people said they canceled the game a few months ago but still regretted hundreds of thousands of unsold SLP tokens.
A wave of abandonment Axe Infinity It happens in many places. According to statistics from Activeplayer, the blockchain game that took the world by storm last year only has 700,000 monthly players. At the end of last year, the game had nearly 2.7 million monthly players at its peak.
Level NA popular money racing game earlier this year quickly met a similar fate. According to Dune analysis data, more than 700,000 people were active in May Level N Only about 170,000 regular users remain. One of the reasons why players are no longer interested in the program is that the GMT token price has dropped from $4.1 to $0.9.
Hui Hao, an early proponent of the play-for-money (P2E) and money-running (M2E) trends, said, “The time of playing games for money is over. The digital currency winter is sweeping the market. Big projects exist in moderation, many smaller projects disappear after players’ investment, so people are not interested in GameFi.
Statistics released in July by Arcane Research show the number of popular GameFi series by users Axie Infinity, Sandbox, DecentralandIt is down 96 percent from its peak in 2021. In November. Investments in the GameFi sector declined 57.7% month-on-month.
Meanwhile, according to a June Chainplay report, 89% of crypto investors said GameFi’s returns had declined significantly. They have lost more than 50% of their profits in the last half year. Many people end up borrowing thousands of dollars by investing in money-making projects.
If there is no opportunity to earn money in the game, players will get bored and leave the project. According to Chainplay, more than half of the players said the model was unattractive because of its “unsustainable economics.” 15% of investors say the GameFi bubble could burst. Only 6 percent attributed this drop to the value of bitcoin.
block works “The notion that all gamers can make money from GameFi is a huge mistake,” said gaming consultant Devin Baker.
Mackies Burno, General Manager of Reality Studio’s new meta, believes one of the reasons GameFi is no longer attractive is that gaming is neglected. “Most people at GameFi are not game developers in the truest sense of the word,” he said. Many analysts today see GameFi as the product of get-rich-quick financial engineers rather than publishers with timeless experience in game development.
Another reason for GameFi’s abandonment, according to experts, is that the constant hacking causes the community to lose trust. The most common is Ronin’s web attack. Axe Infinity March. Afkgaming He said the incident sowed distrust in the gaming community. Despite the publisher’s promise to return the money, community trust has eroded. Many loyal players in the Philippines left the game in anger. Suspicion was raised recently when CEO Nguyen Tan Trung reportedly transferred $3 million from the Ronin network before the hack was exposed.
No one can predict exactly when the excitement of the GameFi market will return. But now most experts advise their players to be careful with their investments. Gone are the days when you could make hundreds of dollars a day playing P2E or M2E games. It goes without saying that during a market downturn, individual investors can become the next victims of hackers. The recent attack on thousands of Solana users is a warning that the cryptocurrency market is still a “wild west” with many risks in GameFi.