ANNOUNCEMENT! We're excited to share that The Block Pro, a portfolio of research, news and data products in one easy-to-use platform, launches later this month. Reach out to your account manager for more information about products and subscription options.
This is a section from The Block Research’s upcoming 2023 Digital Assets Outlook report.
The GameFi market experienced a tumultuous year along with the broader market as its market cap fell 79% year-to-date to $5.2 billion from $24.5 billion early this year.
Web3 games have yet to prove market-proof as they suffered from user retention and token price crashes. They have also undergone unsuccessful rebrand attempts from play-to-earn to play-and-earn, play-to-own, and free-to-own.
In response to the drawdown of the GameFi market, several big guilds decided to shift their business model from scholarship providers to something more sustainable, forcing them to seek alternative sources of revenue.
Footnotes
Join The Block Research for exclusive research like this
Gain access to this research piece and 100s of others, including ecosystem maps, company profiles, and topics spanning DeFi, CBDCs, banking and markets. Together with additional services, we help organizations understand what’s happening in the rapidly developing digital asset ecosystem.
