Survey Shows that GameFi Investors are Prioritizing Fun Factor Over Money

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Blockchain
Survey Shows that GameFi Investors are Prioritizing Fun Factor Over Money

The GameFi ecosystem is known for attracting gaming enthusiasts and GenZ investors, making it an ideal entry point for new investors. A survey conducted by ChainPlay involving 2428 GameFi investors revealed that 75% of them joined the crypto space GameFi.

GameFi Investors Prioritizing Fun Factor

While over half of the investors first entered the GameFi market to make money, 89% of GameFi investors lost money during the crypto winter of 2022, with 62% losing more than 50%. Investors, however, think that the weak in-game economic design was the primary cause of their losses. According to this opinion, the poll found that in 2022, investors globally spent an average of 2.5 hours per day playing GameFi, a 43% decrease from the previous year’s 4.4 hours.

The lack of funds for new GameFi projects is mostly due to concerns about rug pulls, Ponzi scams, and poor visuals. Consequently, 44% of investors think that conventional gaming businesses’ participation might be crucial to GameFi’s development. Additionally, 81% of GameFi investors abandon conventional thinking regarding future projects and prefer pleasure above profit to find satisfying in-game experiences.

According to a DappRadar analysis, the Metaverse and blockchain gaming were the ecosystems least impacted by the Terra fiasco. Additionally, there has been consistent institutional investment in blockchain gaming and the Metaverse, showing that many leading corporations believe both industries have the potential for rapid future expansion.

According to ChainPlay, the BNB Chain environment, in which 86% of investors have invested, is one of the most well-liked GameFi ecosystems. Due to technological developments that lower trade costs, improve the number of transactions per second, and enable platforms to create better GameFi apps, other ecosystems are also expanding.

Meanwhile, in the view of 69% of investors, funding should consider the project’s community’s dynamism. On the other hand, 66% of investors regard partners and supporters as the most crucial factors. 

Playability comes in third, closely behind the first two factors, according to 51% of investors considering investing in GameFi. Tokenomics, according to 49% of other investors, holds the highest importance in their choice to invest, followed by the in-game economic design, 38%, visuals, and 4% of investors who give other factors a look.

What the Future of DeFi Look Like

Developers have to do something to enhance the industry if GameFi continues to be a profitable niche in the future. Here are some suggestions from investors on what they anticipate from GameFi going forward based on the ChainPlay study.

The gaming industry must prioritize creating enjoyable games above collecting money as the first step in regaining GameFi’s steadily eroding grandeur. This viewpoint is based on survey data revealing that 81% of GameFi investors give fun a higher priority than profit regarding upcoming GameFi initiatives. 

Although GameFi will still require an “Earn” aspect, next GameFi initiatives ought to put more of an emphasis on enhancing game quality. The goal of video gaming, whether GameFi or traditional gaming, is to provide enjoyable experiences. Earning money should be a secondary objective, not a first one.

Accordingly, 88% of respondents said they believe GameFi’s future. Therefore, it is safe to claim that the business will still have a sizable fan following when the quality of games increase.

Wayne Jones

Wayne is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.