GameFi Development History: From Ponzi Games to the Prototype of the Metaverse

The booming development of DeFi and NFTs has provided fertile ground for GameFi. In 2019, Mary Ma, Chief Strategy Officer of MixMarvel, first proposed the concept of GameFi, aiming to introduce new business models and economic systems to the gaming industry through blockchain technology.

In 2020, Andre Cronje further elaborated on the vision of GameFi, predicting that it would become the direction of DeFi's development. Subsequently, the GameFi sector experienced its first wave of growth.

GameFi has reshaped the gaming track by using blockchain technology to solve issues such as limited item transactions in traditional games and the lack of governance rights for players. It aligns with the development trajectory of games and represents the intersection of computer science and finance.

The development of GameFi can be divided into three stages:

1. GameFi 1.0 Era: Represented by CryptoKitties and Fomo3D, mostly simple Ponzi games.

2. GameFi 2.0 Era: Axie Infinity pioneered the "play-to-earn" model, The Sandbox builds virtual worlds, and the GameFi concept is thriving.

3. GameFi 3.0 Era: The emergence of new models such as on-chain games and GameFi+AI, with traditional game IPs being introduced to blockchain becoming a hot topic.

The current GameFi market is still a blue ocean. Future development directions include:

• Build a fully on-chain gaming and autonomous world
• Combine with emerging technologies such as AI, Internet of Things, etc.
• Introduce high-quality traditional game IP
• Enhance game playability and user appeal

Only GameFi projects that can truly attract players have long-term development potential. GameFi is expected to become an important application area of blockchain technology, paving the way for the realization of the Metaverse.