Too many project owners are using token-first, game-later (or never) models. They're going to face a reckoning in the year ahead.
Gamers have embraced the opportunity to collect cryptocurrencies or Through the advent of this new technology, players have been able to generate income by selling in-game NFTs or earning cryptocurrency rewards, both of which can be exchanged for fiat cash.from Absolute Reports, the estimated value of the GameFi industry will grow to $2.8 billion by 2028, with a compound annual growth rate of 20.4% over the same period. But such predictions may well prove to be unfounded.
We may be about to learn who these people are. The fact of the matter is the play-to-earn gaming industry is not built on firm foundations. The foundations are fragile and flimsy, and this could well spell trouble in 2023. The whole edifice looks set to come crashing down. By now, generally speaking, the token market is in a downtrend and the speculative trading market is dead. An industry can survive for a certain amount of time on promise, expectation and unjustified hype. But, it can only do so for so long. Eventually, people begin to notice that they haven’t received what they have been promised. Patience starts to wear thin. They get angry, they get frustrated and they begin to withdraw.