A huge increase in users was evident in 2021, coinciding with the rapid growth of the market. The game exemplifies the entire performance of the crypto gaming industry.Īxie Infinity became one of the fastest growing decentralized applications. Sky Mavis, the company behind Axie Infinity, started development back in 2018, but the project only became popular in 2020, when a lot of users, mainly from emerging markets, saw an opportunity to easily earn money. Most games tend to fail even before launch, and those that do manage to produce a product often have a short lifespan, suffering from falling profitability levels.Īxie Infinity is a demonstrative example of a Play To Earn game quickly gaining popularity and, almost as rapidly, losing it. There are thousands of blockchain games currently on the market, but only a few of them have managed to produce successful products.
Play To Earn: A Real Alternative to a Work? Will Move to Earn become a fitness revolution?.What happened to GameFi during the market downturn?.Such soaring popularity can be attributed to the relatively new Play to Earn mechanism, with users being intrigued by the concept of earning money by playing games without requiring skill or top-level hardware. GameFi dApps quickly rose in popularity across blockchains and even surpassed many DeFi apps (including DEXes) by number of users. However, as so often happens, the eventual fall has been as dramatic as the rise. Play to Earn games have attracted an enormous amount of users to crypto, introduced them to various decentralized applications, and managed to retain them (at least for a period of time).
Gaming is arguably one of the best things to have happened to blockchain over the past couple of years.
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