Cryptocurrency market analysts assured that the popularity of non-fungible tokens (NFTs) would grow significantly in the foreseeable future. In their opinion, this will happen due to the rapid development of the GameFi sector, which combines the concept of traditional online games and the opportunities of the decentralized finance (DeFi) sector.
Experts stressed that games such as Axie Infinity and the project’s native token AXS experienced parabolic growth followed by a catastrophic fall. However, the prospects for the GameFi industry remain huge. Analysts have expressed confidence that a new game will be released in 2023, which will be a breakthrough and a catalyst for the growth in popularity and interest in NFT.
GameFi has become popular due to the ability to play and earn simultaneously, which is possible thanks to blockchain technology. According to the State of GameFi 2022 survey, it has become known that 3 out of 4 investors worldwide are joining the cryptocurrency market thanks to GameFi.
At the same time, 89% of market participants recorded a significant decrease in profits from tokens from the GameFi sector over the past 6 months, and 62% of them lost more than 50% of their total profits. In 2022, 73% of respondents avoided investing in GameFi startups because they feared falling prey to scams, Ponzi schemes, and pyramid schemes.
At the same time, 81% of respondents said that they play for pleasure, and not for financial gain.