2023 will see the death of play-to-earn gaming

Play-to-earn gaming enabled by blockchain technology has grown exponentially over the few years.

Gamers have embraced the opportunity to collect cryptocurrencies or ?

Those who have planned to secure funds by listing their tokens will have to reassess. Many will be forced to close their projects due to insufficient funds. The situation is becoming so acute that even hitherto bullish crypto venture capitalists (VCs) are also pausing new investments.

So, who is going to survive this investment drought? It looks unlikely that GameFi will. However, other blockchain gamings might do so.

One example is the Ethereum-powered, NFT-based fantasy football league operator Sorare has become a Web3 unicorn. While many of its competitors struggle, Sorare keeps on increasing its users and revenue during the darkest period. Their daily auction volume is impressive, at around 300-400? Ether (?ETH?)?, and the number of users keeps increasing.

?Though ?its back end ?relies on blockchain, ?users ?do not perceive it as a ?GameFi? project?. They do not provide their native tokens, but they do provide their content first on ?Ethereum, which very much looks like the way to go for the industry at large.

So GameFi may well die in 2023, but that does not mean that all is lost. Death is a necessary part of evolution. ??From ?it, new life may already be beginning to emerge.

Shinnosuke “Shin” Murata is the founder of blockchain games developer Murasaki. He joined Japanese conglomerate Mitsui & Co. in 2014, doing automotive finance and trading in Malaysia, Venezuela and Bolivia. He left Mitsui to join a second-year startup called Jiraffe as the company’s first sales representative and later joined STVV, a Belgian football club, as its chief operating officer and assisted the club with creating a community token. He founded Murasaki in the Netherlands in 2019.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.