The time of 'playing games for money' is over.

 The price of digital currency dropped sharply, fraud problems appeared everywhere, makin

The money-making running game that was popular earlier this year, also quickly suffered the same fate. Statistics from Dune Analytics show that from more than 700,000 monthly active users in May, StepN now has only about 170,000 regular users. One of the reasons why players are no longer interested in the application is because the project's GMT token price plummeted from 4.1 USD to 0.9 USD.

Huy Hau, an early participant in the trend of playing for money (P2E) and running for money (M2E), said: "The time for playing games to make money is over. Digital currency winter is sweeping the market, but Big projects live in moderation, many small projects disappear along with players' investments, making people no longer interested in GameFi."

Arcane Research's statistics published in July show that the number of monthly users of popular GameFi series such as Axie Infinity, The Sandbox, Decentraland... has decreased by 96% from the peak in November 2021. Funds invested in the GameFi sector fell by 57.7% month-on-month.

Meanwhile, according to a Chainplay report in June, 89% of crypto investors said their GameFi returns were suffering a deep drop. Over the past half year, they lost more than 50% of their profits. Many people even carry thousands of dollars in debt when investing in money-making gaming projects.

When the ability to make money in the game is no longer available, players start to get bored and leave the project. According to Chainplay, more than half of players said the "unsustainable economy" was the reason why this model was no longer attractive. 15% of investors say the GameFi bubble could burst. Only 6% attributed this drop to the Bitcoin price.

Blockworks quoted Devin Becker, a game consultant, as saying: "The idea that all players can make money from GameFi is a big flaw. The real model is that players first make money from players later, There are always people losing money and when there are no new players, the economy in the game will collapse."

And Maciej Burno, the head of Reality Studio's new metaverse business, considers one of the reasons why GameFi is no longer attractive is the game play factor that is not considered. "Most GameFi people aren't game developers in the true sense of the word," he said. Many analysts believe that at the current stage, GameFi is like a product of financial engineers who want to get rich quick, not entirely from publishers with experience in making timeless games.

According to experts, another reason why GameFi has been turned away is that the community is increasingly losing faith when hacks keep happening. The most typical example is the attack on the Ronin network by Axie Infinity in March. Afkgaming said that incident has sowed distrust among the player community. Despite the publisher's commitment to refund, community confidence has plummeted. Many loyal players in the Philippines even left the game in anger. Recently, information that CEO Nguyen Thanh Trung transferred $ 3 million out of Ronin network before the announcement of the hack also caused many doubts.

No one can predict exactly when the excitement of the GameFi market will return. But for now, most experts advise players to be careful with their investments. Gone are the days when it was possible to earn hundreds of USD a day from P2E or M2E games. Not to mention, during a down market, individual investors may be the next prey of hackers. The recent attack on thousands of Solana users is a warning that the cryptocurrency market, GameFi is still a "wild west" with many risks.
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