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GameFi (crypto gaming) is starting to turn heads following Axie Infinity’s success. The Web3 game found broad appeal among gamers.
It also peaked at 2.78M daily active users in January 2022, putting GameFi on the map and paving the road for future crypto games.
CoinGecko also shows over 372 crypto gaming tokens, with the largest yearly gainers including:
The global video game industry’s revenue is estimated to reach $666.69B by 2029, up from its current $455.27B (+46.43%).
However, despite GameFi’s thriving success, developers are finding it difficult to market and publish their games.
Steam, the larger online gaming publisher, made it clear in 2021 that it wouldn’t accept blockchain-based games on its platform.
Let’s discuss the situation and see how GameFi developers are using SocialFi to attract gamers’ attention.
Steam Banned Crypto Games – Is GameFi Dying?
In 2021, Steam updated its rules and guidelines with a notorious 13th addition to its list of games you can’t publish on the platform.
Blockchain-based game Age of Rust was delisted from Steam, with the developer saying, ‘[…]the point is more to the fact that Blockchain games as a whole are going to be removed. This is a setback for all.’
Community: A few minutes ago, we were notified that @Steam will be kicking *all blockchain games* off the platform, including Age of Rust, because NFTs have value. Behind the scenes, we’ve had good communication and have been upfront with Steam. #blockchaingames #NFT
1/4 pic.twitter.com/W4pR3Xl63q
— Age of Rust (@AgeofRust) October 14, 2021
This didn’t negatively impact the crypto gaming industry, though. The GameFi market size was $9B in 2021. It’s now $19.7B in 2024, a 119% growth, showing GameFi is thriving instead of dying.
There are several reasons for this:
Emergence of the Play-to-Earn model in projects like PlayDoge
Evolution of NFTs in gaming that promote true asset ownership
Axie Infinity’s unexpected success, given GameFi was still a new industry
Improvement of tokenization and in-game economies
Incorporation of gaming DAOs and social governance
Prioritization of high-quality, captivating gameplay vs blockchain ‘gimmicks’
Prospect of earning a living wage through GameFi
Potential use cases of advanced technologies like AI
Despite being at a disadvantage compared to traditional games (accessibility-wise), GameFi platforms have seen incredible growth. Popular ones include GALA, Immutable X, Enjin, and SuperVerse.
This begs the question, ‘How popular would GameFi be if the biggest game distributors, like Steam, listed them?’
According to Grand View Research, blockchain gaming should grow at a rate of 68.3% between 2023 and 2030, compared to 13.4% for the overall online gaming industry.
🎮 Crypto gaming is the fastest-growing sector in the gaming space.
SocialFi is short for ‘social finance’ and combines social media with blockchain technology and finance (DeFi).
It has increased by 2.7% in the last 24 hours, reaching a $4.8B market cap and a $166M 24-hour trading volume.
Allen Ng, co-founder of OpenSocial Protocol, claims SocialFi’s ‘emotional bond’ could be the future of crypto gaming.
Social is a crucial aspect of gaming. You play online games because your friends are there.Allen Ng
With the launch of Ronin Forge by Sky Mavis (creator of Axie Infinity), GameFi developers have a much better starting point for creating crypto games.
The early access program gives approved game developers a $50,000 grant and the necessary infrastructure to build GameFi products on Ronin.
Verdict – Is GameFi Here to Stay?
GameFi is on an upward trajectory and will likely keep growing in the coming years. Here’s why this might be good for the gaming industry:
Attractive prospect of Play-to-Earn rewards
True ownership through NFTs, allowing players to buy or sell digital assets
Global inclusivity, transcending geographical limitations
Potential for decentralized governance, allowing players to contribute to the platform’s evolution
Despite the accessibility struggles, with most crypto platforms limited to using Discord and similar avenues to promote their games, GameFi is looking stronger than ever.
Remember to DYOR crypto projects and be wary of scams and misleading marketing. The industry is volatile and tricky at times, so invest responsibly.
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