1.2 The Play to Earn model is revolutionizing the gaming field
The concept of GameFi (blockchain games) was first introduced by Mary Ma, Chief Strategy Officer of MixMarver, at the Wuzhen Summit in China in 2019. As the name suggests, GameFi comes from DeFi-one of the important application directions of blockchain and can be considered as a collection of DeFi, NFT, and games. NFT (non-fungible token) is another important component of GameFi, which also belongs to the practical application of blockchain technology.
GameFi officially entered a period of high-level growth in 2020 when blockchain projects, represented by Axie Infinity, introduced the Play to Earn model. Public data shows that as of July 30, 2021, the blockchain game market had attracted investments of nearly $1 billion, while the amount was only $72 million in the whole year of 2020. As of August 2022, the blockchain game market had attracted institutional investment and user investment of over $5 billion. The growth rate is only seen in the highly explosive phases of NFTs and DeFi.