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The Development of GameFi: A Comprehensive Analysis from the Origins of Decentralized Finance to the Vision of the Metaverse
The Development of GameFi: From the Origins of Decentralized Finance to the Vision of the Metaverse
Decentralized Finance and NFT Cultivating the Soil for GameFi Development
Since the launch of the Ethereum mainnet in 2015, Decentralized Finance and NFTs have flourished, providing a foundation for GameFi's development. The total market value of Decentralized Finance has grown from $50 million in 2015 to $100 billion in 2023, and the market value of NFTs has risen from a few million dollars in 2018 to $8 billion in 2023. Decentralized Finance has brought in capital, while NFTs have introduced entertainment and gaming elements, together creating a fertile ground for the development of GameFi.
In the second half of 2019, Mary Ma, the Chief Strategy Officer of MixMarvel, first proposed the concept of GameFi, aiming to introduce new business models and economic systems to the gaming industry by combining game and financial elements through blockchain technology. In September 2020, Andre Cronje, the founder of Yearn.finance, elaborated on his understanding of GameFi, believing that GameFi would become the future development direction of Decentralized Finance.
GameFi Reshaping the Gaming Track
GameFi combines Decentralized Finance, NFTs, and blockchain games, running game assets and some logic on the blockchain, managed by DAO organizations to develop the game ecosystem. It focuses on building a complete financial system, supporting activities such as item trading using native tokens. Users can earn token rewards through games and share in the benefits of game development.
GameFi can address issues such as limited item trading and monopolies by game companies in traditional games. Through DAO governance, players can share the governance power of the game, preventing the game from developing in a direction unfavorable to users.
The explosion of GameFi has driven the rise of the Metaverse concept. Many traditional tech companies such as Facebook, Tencent, and Microsoft have also begun to venture into the GameFi and Metaverse fields. The market value of GameFi has risen from $200 million in 2018 to $24.52 billion in 2023, with a growth rate of as much as 733.3% from 2020 to 2021.
GameFi 1.0: Simple Ponzi Game
The GameFi 1.0 era is represented by CryptoKitties and Fomo3D. CryptoKitties, as the first phenomenon-level DAPP, pioneered the NFT gaming space. Fomo3D, on the other hand, is a typical Ponzi scheme game, where funds are mostly taken from one part to pay another. Games during this period lacked a complete financial system and could not compare with traditional games; strictly speaking, they cannot be called GameFi.
GameFi 2.0: The Rise of Play-to-Earn Model
The GameFi 2.0 era is represented by Axie Infinity and The Sandbox. Axie Infinity combines the "play-to-earn" concept with complex financial mechanisms for the first time, creating an attractive NFT creature world. The Sandbox inherits the UGC model of sandbox games and provides complete design tools and a token economic model. GameFi projects during this period began to build a complete financial system, attracting significant user and capital attention.
GameFi 3.0: All-Chain Games and Cross-Industry Integration
GameFi is currently transitioning to the 3.0 era, with main features including:
On-chain games: All game logic, data, and assets run and are stored on the blockchain, achieving complete decentralization and transparency.
Integration with emerging technologies: New models such as GameFi+AI and GameFi+IoT continue to emerge, attracting substantial investment.
Introduction of Traditional IP: Many game companies plan to bring classic game IPs to the blockchain, such as Atari, Square Enix, Capcom, etc.
Pursuing high playability: Creating games with high playability that include a complete financial system has become the key to breaking the deadlock.
Future Outlook
GameFi is still in the accumulation stage, and with the improvement of infrastructure, it is expected to usher in a second explosion.
"On-chain games" and "GameFi+" are future development trends.
Investment in GameFi should focus on its IP, playability, and technology; only projects that can truly attract players have long-term development potential.
GameFi, as a comprehensive application of blockchain technology, may become one of the important directions for the development of Decentralized Finance in the future.