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GameFi’s monthly active users have dipped below 1.75 million as of January, after peaking above 2.25 million in October 2022, according to Messari’s report.
Across gaming applications, the data also shows a 34% drop in new users since October 2022, with average monthly sign-ups down month-over-month. report.
The report cites a struggle for sustainability stemming from creating truly engaging experiences as the cause of its rapid decline.
However, divergent user expectations may explain the decline in numbers across the sector across GameFi. 40% of GameFi users say they are interested in balancing both the “playing” and “earning” aspects of the experience. Metaverse Awareness Survey.
In traditional game settings, players typically do not own in-game assets. But at GameFi, tokens tied to blockchain-based games are bridging the chasm between in-game resources and real-world assets.
In the atmosphere of this game, users can acquire NFTs or crypto assets by participating in and accumulating resources, be it in-game currency or in-game assets. Like any other digital asset, they can be stored in digital wallets or traded on the secondary market.
Outside of gaming, GameFi NFTs serve as collateral for DeFi lending protocols and can be used for staking, liquidity mining, and yield farming.
GameFi’s NFT-backed loans are also becoming increasingly popular on platforms like Arcade and PWN.xyz. This allows users to extract value from their digital assets via her DeFi loan.
