ChainPlay recently underwent research involving 2428 respondents on the State of GameFi 2022. This survey was to investigate the type of investors joining this blockchain niche. To ascertain if they are particular to gender or age group. In addition, the study also wants to identify the reasons why such persons are making these financial decisions.
Key Insights from the ChainPlay State of GameFi 2022 Survey
ChainPlay published some key insights after concluding the State of GameFi 2022 Survey. Below are some of the major takeaways from this study:
- 68% of those who joined the market did so within the last two months. Most of them joined during the bull run in the previous two quarters of 2021. Despite not being the most popular blockchain niche, GameFi accounts for 75% of the industry’s investors.
- However, 51% of these individuals stated that profit-making is the reason behind their decision. Instead of getting returns on their capital, 89% of these persons have incurred losses. No less than 62% of them losing more than 50% of their portfolio over the last six months.
- Contrary to popular opinion, the losses have not been due to the performance of bitcoin. 58% of the investors added that the decline in the prices of blockchain games’ tokens has been due to “Poor In-Game Economy Design”. Projects like Axie Infinity are perfect examples.
- However, most of the entrants into gaming are interested because of the financial benefits. The study shows that 81% of the capitalist stated that they would prioritize having fun over their earnings. This is evident as the participation levels have dropped from 4.4 hours in 2021 to 2.5 hours in 2022 (43% decline).
- Speaking of the capitalists, they consist of the younger individuals. 58% of GenZ crypto enthusiasts allocate 52% of their net worth to GameFi on average. Meanwhile, 43% of females said they engage in GameFi due to curiosity.
- Meanwhile, 73% of interested respondents added that the fear of rug pulls, ponzi and pyramid schemed projects deter them from investing in GameFi. On the other hand, 44% of GameFi supporters believe that the influx of traditional gaming companies into the niche will drive growth in 2022.
- According to the study, BNB Chain is the most popular blockchain for gaming ecosystems. It holds 86% of the current projects. The others being Solana (37%), Ethereum (33%), Polygon (32) and Polygon (18%).
Critical Drivers For GameFi Growth in 2022
On a closing note, the respondents identified the driving forces for the growth of this niche in 2022. As mentioned above, many believe that traditional gaming outfits are significant players. Next to them is quality gameplay, with 28% of investors who believe that having AAA games will be a powerful stride. Other factors are general cryptocurrency growth (15%) and institutional investors (13%).