Why has GameFi hype died down?

[Lilybasil]

It seems like people never really got into GameFi. From what I can tell looking at different projects, it seems like they were running on investor funds and trying to pay people to use their inferior games, which led to ultimately nothing. I think gaming and blockchains are a match made in heaven, but I think Microsoft will need to lead the way.

Where you in crypto during axie infinity uprise? People got into gamefi. But the hype just died down. Some of the tokens too. Axie got to triple figures in price. But where's it now?.

[Lilybasil]

The broader cryptocurrency market, of which Game-Fi is a part, has experienced significant price fluctuations. This volatility has made investors cautious and less willing to invest in risky assets like Game-Fi tokens. Many governments and regulatory bodies are still grappling with how to classify and regulate Game-Fi projects. This uncertainty has created a challenging environment for developers and investors alike. i saw some launchpoolevent for Counter fire on Bitget The flexible launchpool period allows users to participate and earn rewards without having to wait for a long vesting period. This can encourage more participation and increase user satisfaction.

I've been seeing counterfire tending lately. Bybit, bingx, gate are offering opportunities for traders for CEC. What's so special about this gamefi token though? Will do a deeper diver. And since I have a Bitget account. I'll likely check this out. Their launch pool seem like a safe bet for accumulation. Thanks..

[markm]

Not all GameFi is "flash in the pan"...

Take a look at the historical (back to 2012) tables and plots of game assets linked to from http://galaxies.mygamesonline.org/digitalisassets.html

A good starting place for background info on those results is https://MakeMoney.Knotwork.com/

-MarkM-

[Wakate]

GameFi, which is a combination of gaming and finance, has recently seen its hype die down, in my opinion. I recall 2021/2022 when the sector grew by 2000%, demonstrating rapid development, and we were all excited about what was to come.

We've also seen some resurgence over the last couple of months with projects like Portal, BIGTIME, Pixel, Pirate, and the recently discovered Counter Fire trying to rediscover their form or revive the trend. However, this has been slow to achieve. Could it be that their tokenomics aren't sustainable, users aren't interested, or that the games themselves are boring? What do you think could be the cause?

You need to understand that everything has it own trend. I could remember when NFT was a big trend then when project team were making huge amounts of money from there project because of the hype and the trend then making huge numbers of investors subscribing. Now, we can see that the hype we heard then has reduced even in play to earn game.  Cryptocurrency market is mostly based on hype and we'll have to be very careful how we make investment because the market is very volatile and anything can happen at any time. Even in the coin market, price depreciate and appreciate at anytime.

[Nwada001]

I'm playing this gamefi game called "Spellborne" religiously, to tell you the truth the game is repetitive; the only reason I play is because they have confirmed airdrop. I'm sure reason to play is same with other users.

Airdrop is just one thing that's keeping most of them together, if not some of those projects, DeFi. GameFi don't have real something that they are offering to the community; no one wants to invest where they can't expect something to profit from again, just like in the era of NFT, those who made good use of the trend took advantage of it and enjoyed it while some are counting their losses now, unless there is some introduced massive earning and reward on the GameFi system, which is what I think can bring people back to it again.

[Huppercase]

GameFi, which is a combination of gaming and finance, has recently seen its hype die down, in my opinion. I recall 2021/2022 when the sector grew by 2000%, demonstrating rapid development, and we were all excited about what was to come.

We've also seen some resurgence over the last couple of months with projects like Portal, BIGTIME, Pixel, Pirate, and the recently discovered Counter Fire trying to rediscover their form or revive the trend. However, this has been slow to achieve. Could it be that their tokenomics aren't sustainable, users aren't interested, or that the games themselves are boring? What do you think could be the cause?

First it was Defi and what happened later after all the hypes and the trend many people were doing here with different projects launching on this forum, just go through the coin market cap and Coingecko and you will be surprised how these Defi coins are abandoned and similarly with Gamefi tokens, they are just another cashout trend in crypto, didn't you notice that meme coins and AI coins are no longer making trend again, it's because there time has passed.

Another thing that contributed to most of this project failure is because the Gamefi promises were too realistic to be true. When you go through some of this project Whitepaper, you will be skeptical about these things they mentioned to do but as soon as the token launch, it becomes another useless idea and investors keep jumping from one projects to another until the trend is no longer making money again. This problem need to be addressed.

[markm]

Ultimately the underlying reason for almost all the dying in the cryptocurrency field seems to me to be the simple fact that almost everyone, almost all of the time, fails to remember, or fails to keep in mind, that MONEY IS AN IOU / MONEY IS IOUs.

Bitcoin is probably a lot to blame for this, or more fundamentally Proof of Work is probably a lot to blame for it, because Proof of Work coins can become so ridiculously expensive to "mine" that Proof of Work based blockchains can become a ridiculously expensive medium with which to represent your IOUs.

Bitcoin is the first and foremost exemplar because it is SO ridiculously expensive that it can very easily be regarded as not actually being money at all but, rather, a commodity.

A commodity that happens to be a ridiculously expensive medium to use for representing IOUs, possibly even if you use newfangled techniques like inscribing satoshis to represent your IOUs.

Failure to keep constantly in mind that money is IOUs tends to lead to massive failure to HONOUR the IOUs.

An important aspect of IOUs, immortalised in fiction by Lazarus Long burning the IOUs the community his frontier trading post issues them to uses as money.

Do you see it?

The point here is that as a character in Game X, which issues Currency Y, you are Game X, issuing currency Y.

Or as a citizen of civilisation A, which issues currency B, you are civilisation A, issuing currency B.

Your currency is YOUR IOUs !

AS a {citizen | character | player | etc} of {Game X | Civilisation Y | etc} you should be HONOURING your IOUs, not DUMPING them.

When you manage to get hold of some of your IOUs, your objective ought not to be to re-issue them again back out into the wild but, rather, to "keep them off the market", since only when every last one of your IOUs has been "honoured" - bought back - taken off the market - dare say, even, destroyed - will you finally be "out of debt" and thus in a position to begin to EARN...

-MarkM-

[ivankoh]

When cash flow only switches between cash and assets, when finances are in an unstable state, they may have to limit short-term gamefi play or will have to liquidate and convert cash for other issues, in general the decline of gamefi and many other aspects, defi, metaverse… is a normal state for the cycle and suitability.

[X-ray]

We've also seen some resurgence over the last couple of months with projects like Portal, BIGTIME, Pixel, Pirate, and the recently discovered Counter Fire trying to rediscover their form or revive the trend. However, this has been slow to achieve. Could it be that their tokenomics aren't sustainable, users aren't interested, or that the games themselves are boring? What do you think could be the cause?

people are playing these games just for the sake of reward and that's it.

they don't play it because it's fun, when it comes to fun aspect of playing the game I think we can pretty much say that people out there are willing to shell out some money to play a game that's actually fun but the opposite is happening to these gamefi projects.
they pay people to play their game to grow their userbase and then get funding from investors, in a nutshell it's just a business scheme where the player are the product.

therefore that's why these game never sustaining in the first place, because the game itself was made not to be a long term product, most of the game also just reskinned dead game that doesn't sell before.