@hanler

The biggest problem with this round of GameFi is mismatching, and it's no exaggeration to say that the exploration in this cycle has already failed. While claiming to offer better gameplay than the previous round, in reality, it's drifting further away from the market. For most people, the crypto market still functions like a casino — even for gamers, the gambling and speculative nature of this space gets amplified. For a game to establish a sustainable positive cycle, it must first generate revenue — and that revenue cannot come from the project's own debt. Many GameFi projects in this cycle have no real income; even if they do, it's often based on future liabilities (tokens or other promises). Most of the games in this round follow a “fundraising → development → testing → token launch → death” trajectory. Much of their funding gets burned during prolonged development, and several projects that claimed to be building AAA titles have already run out of money and can no longer operate.

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