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The development of GameFi: from the foundation of Decentralized Finance to the revolutionary path of on-chain gaming.
A Review of the Development of GameFi and Future Outlook
DeFi and NFT lay the foundation for GameFi
Since the launch of the Ethereum mainnet in 2015, DeFi and NFTs have flourished, providing fertile ground for GameFi:
In 2019, Mary Ma, the Chief Strategy Officer of MixMarvel, first proposed the concept of GameFi, combining games and finance. In 2020, Andre Cronje further elaborated on the vision of GameFi, predicting that user funds would play a role in the virtual gaming world.
GameFi Reshapes the Gaming Industry
GameFi solves some problems in traditional gaming through blockchain technology:
The market value of GameFi rose from $200 million in 2018 to $24.52 billion in 2023, with a growth rate of up to 733.3% from 2020 to 2021.
GameFi 1.0: Early Exploration Stage
CryptoKitties, as the first phenomenon-level blockchain game, pioneered the NFT gaming era. However, early projects like Fomo3D were mostly Ponzi schemes, lacking a complete financial system.
GameFi 2.0: The Rise of Play-to-Earn Model
Axie Infinity pioneered the "play-to-earn" model, attracting a large number of users through complex financial mechanisms and engaging gameplay. The Sandbox, on the other hand, has created an open virtual world that has garnered capital attention.
GameFi 3.0: All-chain games and cross-border integration
Current trends in GameFi development:
The future of GameFi still has huge development potential, and the key lies in creating high-quality games that truly attract players.