On-chain data reveals that GameFi efforts have witnessed a sharp surge since June 2021, thanks to a significant reduction in transaction costs and enhanced user experience, according to Huobi Research.
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Popular blockchain games like CryptoKitties peaked at 140,000 daily active users and 180,000 daily transactions in November 2017. Still, they lost almost 90% of their user interaction within a few months, according to the study:
GameFi varies from other existing gaming models in three key ways, according to the study: free trade of game components, free trading and pricing of game currencies, and protection of intellectual rights. Furthermore, GameFi developers benefit from the decreased cost of deploying private property rights via NFTs:
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Source: Cryptocurrency - investing.com
