[Image: Sky Mavis]
The year 2022 was full of turbulence for the blockchain industry, from the sharp decline in the price of bitcoin to the demise of the cryptocurrency exchange FTX. But, the blockchain community has always been tenacious, finding fresh methods to advance even during the most trying circumstances.
The emergence of the GameFi business, which mixes gaming, DeFi, NFTs, and the metaverse, is a notable illustration of optimism and expansion.
With successful projects like Gala Games, Decentraland, The Sandbox, Axie Infinity, and a ton of others worth mentioning like Star Atlas, Coin Fantasy, Splinterlands, etc., I don't believe it's surprising that GameFi becomes a growth leader in the cryptocurrency industry.
As it has grown, the GameFi industry has drawn increasing amounts of investment. Venture investments in Web3 gaming and the metaverse totaled $7.6 billion in 2022. By 2028, the GameFi industry is expected to be valued at $2.8 billion, according to some analysts.
Yet, a rapid inflow of investors in this expanding industry has also led to the creation of many subpar games with boring and underdeveloped gameplay as well as weak in-game economies.
What do you believe GameFi needs to improve even further?
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