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The History of GameFi Development: From DeFi Soil to the Future of Full-Chain Games
The Development History and Future Outlook of GameFi
DeFi and NFTs have nurtured the development soil for GameFi.
Since the launch of the Ethereum mainnet in 2015, DeFi and NFTs have flourished, laying the foundation for GameFi. The total market capitalization of DeFi 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.
In 2019, Mary Ma, the Chief Strategic Officer of MixMarvel, first proposed the concept of GameFi, aiming to introduce new business models and economic systems to the gaming industry through blockchain technology. In September 2020, Andre Cronje, the founder of Yearn.finance, elaborated on his understanding and outlook of GameFi, bringing the concept of GameFi truly into the public eye.
GameFi Reshapes the Gaming Track
GameFi combines DeFi, NFTs, and blockchain games, running game assets and some logic on the blockchain, managed by a DAO responsible for the development of the game ecosystem. It addresses issues such as limited item trading and the monopoly of game companies in traditional games, allowing players to truly own game assets and governance rights.
From a technical perspective, GameFi perfectly aligns with the two major elements of the "advancement of computer technology" and "innovation in gaming concepts" in the development of games. The market value of GameFi increased from $200 million in 2018 to $24.52 billion in 2023, with a staggering growth rate of 733.3% from 2020 to 2021.
GameFi 1.0 Era: The Proliferation of Ponzi Games
In November 2017, CryptoKitties landed on Ethereum, becoming the first phenomenal DAPP. The game allows users to buy, breed, and trade digital cats, which once sparked a craze.
In 2018, games like Fomo3D emerged as Ponzi schemes. These types of games essentially suck money from new users and distribute rewards to old users. The playability of blockchain games during this period was low, and there was no complete financial system, so they cannot be strictly referred to as GameFi.
The Era of GameFi 2.0: The Rise of the "Play-to-Earn" Model
In 2018, Axie Infinity was launched, combining the "Play-to-Earn" concept with complex financial mechanisms for the first time. Players can earn tokens through the game, and it can even become a primary source of income for some. Axie Infinity's total trading volume exceeded $2 billion in August 2021, with monthly revenue reaching $364 million.
In 2018, The Sandbox successfully introduced its sandbox game IP into the blockchain ecosystem. It offers three features: VoxEdit, MakeTPlace, and Game Maker, allowing users to create freely. The Sandbox has attracted capital attention, having received $93 million in funding led by SoftBank.
GameFi 3.0 Era: Full-Chain Games and Cross-Industry Integration
Currently, GameFi games come in various forms, including farming mining, card games, sports rewards, MMORPG, metaverse, auto-battles, and more. On-chain games have become the development direction, running all game logic, data, and assets on the blockchain.
The combination of GameFi with emerging technologies such as AI and the Internet of Things has also become a hot topic. Several GameFi+AI projects have attracted capital interest, such as Palio, which received a $15 million investment from Binance Labs.
The introduction of traditional game IPs into the blockchain is also a major trend. Gaming companies such as Atari, Square Enix, and Capcom have all announced plans to bring classic IPs to blockchain platforms.
Future Outlook