The research arm of crypto exchange Huobi, Huobi Research, identified a growing interest in blockchain games as a direct impact of the GameFi initiatives. GameFi involves the use of decentralized finance (DeFi) and blockchain games that incentivize users based on a play-to-earn (lit, play to win) model.
According to Huobi Research, on-chain data suggests that GameFi initiatives have seen a sharp increase since June 2021, due to a significant reduction in transaction costs and improved user experience.
Ways GameFi reduces transaction fees. Source: Huobi Research Research shows that popular blockchain games like CryptoKitties recorded a peak of 140,000 daily active users and 180,000 daily transactions back in November 2017, but lost more than 90% of user interaction in just a few months:
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