1.1 The rise of GameFi
The crypto world has seen its share of ups and downs over the past decade. Amidst the turmoil appeared GameFi-a new and dynamic emerging market that came to the forefront in late 2020. Global VCs believe that GameFi will be the second largest application field of crypto assets, after the DeFi industry. It has already gained momentum in terms of market capitalization, user scale, institutional investment, etc.
Since July 2021, the on-chain data of GameFi projects has grown rapidly. The number of GameFi players rose from 80,000 at the beginning of April to 928,000 in September. During this period, the daily trading volume also saw a skyrocket increase from around $500,000 to an average value of around $40 million. The highest daily trading volume exceeded $93 million. So far although the feverish market sentiments are somewhat coming down, GameFi nonetheless remains one of the largest application scenarios besides DeFi.