Investments in blockchain initiatives have been patchy, but GameFi is an industry that continues to thrive despite the market decline.
The blockchain gaming industry weathered the storm better than other industries, despite the fact that most investors are focused on the latest scandals related to centralized finance (CeFi) and decentralized finance (DeFi).
Blockchain game triumphs
The blockchain gaming industry has grown by 2,000% since Q1 2021, according to recent data from DappRader and BGA Games, and now accounts for more than half of all blockchain activity.
The growth of the play-to-win paradigm made possible by non-fungible tokens (NFTs) on blockchains known as Ethereum is a major factor in the recent popularity of blockchain games. Players accumulate in-game NFTs in many of these games, which they can exchange for cryptocurrencies and fiat money. Today, it is not uncommon to see people from all walks of life in the Philippines increase their income by playing these play-to-win games.