It wasn’t all that long ago that GameFi was riding high on the wave of the crypto boom. At its peak, the buzz around sectors like play-to-earn (P2E) gaming was relentless. As the world went into lockdown, gamers and crypto enthusiasts dived into gaming tokens! But, as the NFT craze cooled and bear markets set in, the shine seemed to wear off.
It’s been a brutal couple of years for crypto gaming, with once-popular tokens finding themselves at the bottom of the heap as PayFi coins began their ascension… Ouch! But, there’s a hint of change here in spring 2025—a flurry of partnerships and big-name launches suggest GameFi might be leveling up again.
Are we about to see the resurrection of blockchain gaming? Let’s dive in!
The Rise (and Hard Fall) of Early GameFi
When GameFi first came onto the scene, it genuinely felt like the start of a revolution. Here we had P2E titles like Axie Infinity and The Sandbox flipping the conventional video game model on its head. No more were players having to microtransaction their way into experiences; instead, they could finally “own” their in-game assets.
Crypto gaming was new, exciting, and, well, a bit short-lived.
Don’t believe us? A 2024 study by ChainPlay paints a sobering picture: of the 3279 blockchain games launched at the time of research, 93% are now effectively dead. What’s more, these projects only managed to eke out an average lifespan of a few months before active players dwindled to below 100 and tokens deflated in value. However, that led to a different kind of revolution.
Crypto Gambling Snagged the Jackpot
While your typical GameFi user logged off, a new breed of decentralized gamers logged on. And they’ve stayed. For several years now, online casino platforms have been embracing crypto payments at scale, which has been attracting die-hard punters and casual gamers in their droves.
It makes sense when you think about it: in the early noughties, the digital gambling sectors were veritable pioneers in online gaming, modernizing centuries-old table games like roulette for a 21st-century audience. Plus, digital casino users value frictionless play, transparency, speed, and low transaction fees—all of which are key features of decentralized currencies.
Unlike P2E ecosystems, where users often find themselves locked into niche token economies (ever tried spending unused $SLP outside Axie Infinity?), crypto casinos let players spend incumbent and emerging digital currencies interchangeably. A lot of folks have embraced it for a wide variety of games, including things like roulette. If you’re a roulette fan, crypto roulette offers a multitude of advantages, from faster payments to better transparency – and often improved bonuses too! With this kind of setup, those who play casino games like crypto roulette have a lot more freedom than those playing other GameFi options, because they aren’t trapped in an isolated system.
That freedom of choice matters. More payment options means happy players, which helps crypto casino platforms thrive and keeps the entire market ticking along nicely. Even emerging altcoins like TRON (TRX) are finding more utility in the sector, reflecting how adaptable operators are in meeting the shifting needs of modern players.
Signs of Spring: A GameFi Second Coming in 2025?
But, back to GameFi! Despite the setbacks, we’ve seen a few green shoots crop up. If you’ve written the sector off entirely, it might be time to reconsider.
Take Web3 gaming at the White House as exhibit A. Yes, that White House! This Easter, Gala Games created a blockchain-powered Easter Egg hunt in collaboration with the presidential palace. For one crazy moment, we collectively got a glimpse of what genuine mainstream integration would be like for our beloved decentralized currencies.
Is GameFi aiming for cultural relevance now?
Exhibit B would suggest that yes, that is indeed the case. Does the name Peaky Blinders ring any bells? If you’ve actually been present on planet Earth during the last 13 years, you’ll know this British-made crime drama is now a global entertainment powerhouse. We’ve had Peaky Blinders the ballet, Peaky Blinders the movie, and now, Peaky Blinders the blockchain game.
Anonymous Labs (the developer behind the Simon’s Cat meme coin) has partnered up with Banijay to launch a full-fledged AAA Web3 gaming ecosystem. Dubbed Peaky Blinders: The King’s Ransom, the project isn’t just a casual NFT drop or P2E rehash. Rather, it’s a narrative-driven proper video game, with actual missions and character progressions and everything!
Meanwhile, these past few weeks have seen Immutable—once just another fading GameFi star—rebound with a vengeance. Its token value jumped from $0.46 to $0.68 in late April before stabilizing.
And then there’s SEED, the breakout project that’s rewriting GameFi’s rules. Boasting 60 million users and record-breaking NFT sales, SEED combines sustainable rewards with actual gameplay (not just token farming).
Perhaps the biggest indication that GameFi is back, though, is that Sony is moving in. The entertainment giant has launched a major Web3 gaming push for PlayStation 5, commencing with Gunzilla’s battle-royale shooter, Off The Grid.
Currently the only blockchain-based game playable in early access, it’s built on GUNZ – a layer 2 Avalanche chain. Now that the GUNZ mainnet has properly kicked into action, the word on the street is that we’ll see a full launch happen later this year.
GameFi Grows Up
GameFi’s first boom was chaotic and exciting but ultimately unsustainable. With broader adoption strategies and heavyweight partnerships leading the charge, 2025 could be the year that GameFi finally grows up.
