{"id":295964,"date":"2023-02-16T04:00:31","date_gmt":"2023-02-16T04:00:31","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=295964"},"modified":"2023-02-16T00:23:49","modified_gmt":"2023-02-16T00:23:49","slug":"annual-gamefi-report-what-happened-in-2022-and-where-is-the-industry-heading","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/annual-gamefi-report-what-happened-in-2022-and-where-is-the-industry-heading\/","title":{"rendered":"Annual GameFi Report: What happened in 2022 and where is the industry heading?"},"content":{"rendered":"

This annual report looks at cross-chain data from the blockchain industry to outline the most important metrics and trends from 2022 in GameFi.\u00a0<\/span><\/p>\n

By looking at last year through the lens of on-chain analytics, we can map the trajectory of the GameFi industry and make more intelligent investment decisions and analyses in 2023.\u00a0<\/span><\/p>\n

By the numbers, 2022 was a catastrophic year. After hitting euphotic highs, investors, GameFi participants, and NFT holders saw the value of their holdings drop precipitously. Those who were more unlucky lost all their assets as they got caught up in the collapses of Terra, BlockFi, Celcius, FTX, or one of the other smaller projects which failed or got hacked.\u00a0<\/span><\/p>\n

Nevertheless, well-known game studios continued to invest heavily in GameFi. Analysts still foresee that blockchain games\u2014when they become more playable\u2014will be one of the primary vehicles driving mainstream crypto adoption.\u00a0<\/span><\/p>\n

But until then, most GameFi projects still fail. That means those involved in the blockchain industry must look beyond headlines and whitepapers to determine what's happening within a protocol and to determine its sustainability.\u00a0<\/span><\/p>\n

Where does on-chain analysis come in?<\/span><\/p>\n

For players and retail investors:<\/span> Games still struggle to break out of the death spiral cycle, and GameFi investing still resembles Ponzi schemes, where the objective is to get in early, then get out before the project goes down. If playing a game mainly for enjoyment, one must be extremely wary of on-chain signals which indicate a decline is incoming.\u00a0<\/span><\/p>\n

For developers:<\/span> Developers must closely track cross-chain trends as their choice of launch or expansion platform can significantly impact a project's success. Considerations include ecosystem support, user base, and performance. Our assessment of GameFi projects considers these factors.<\/span><\/p>\n

Finally, <\/span>if you're a VC or media outlet researcher, your job depends on generating accurate insights about the GameFi industry.<\/span> This report looks at the underlying data.\u00a0<\/span><\/p>\n

It will answer three questions:<\/span><\/p>\n

    \n
  1. What is the most critical data from 2022, and how does it affect the outlook of the GameFi industry?<\/span><\/li>\n
  2. What projects were the most significant last year, and how had they impacted blockchain gaming?<\/span><\/li>\n
  3. Which networks are attracting GameFi development and why?<\/span><\/li>\n<\/ol>\n

    Key Findings<\/span><\/h2>\n

    Overall Market<\/span><\/h2>\n