Over the last couple of years, games using blockchain technology have been actively developing and attracting new players, and the decentralized games market — broadly referred to as GameFi — has gained great popularity.
The GameFi industry started back in 2013, and since then, the sphere has been slowly developing, but in 2021 the popularity of decentralized games exploded along with the boom in nonfungible tokens (NFT). According to the DappRadar analytical service, the total value of one of the most popular blockchain-based games, Axie Infinity, exceeds $550 million.
But the GameFi industry has its issues. Many projects often “launch” regardless of the game’s development stage.
And while Bitcoin’s (BTC) price trend can enhance or weaken the success of GameFi projects, there isn’t necessarily a direct correlation.