According to a new survey conducted by blockchain gaming platform Chainplay this Sunday. The survey indicated that many investors throughout the world are attracted to cryptocurrencies because of GameFi. The ChainPlay GameFi Survey shows that out of 2428 investors who participated in the survey, more than 75% of participants invested in cryptocurrency as a result of GameFi. It also stated that 68% of GameFi investors who replied to Chainplay entered the market less than a year ago, which coincided with the beginning of a big drop in the price of Bitcoin and altcoins.
GameFi accepts cryptocurrencies as well as non-fungible tokens (NFTs). Meanwhile, the majority of participants (51%) stated that earning money was their primary motivation for joining the GameFi bandwagon. Another reason was curiosity, which functioned as a motivator for female investors to begin investing in GameFi. Additionally, GenZ investors reportedly devoted an average of 52% of their cryptocurrency assets to GameFi, compared to other age groups who made cryptocurrency investments. On the other hand, users played blockchain games for 43% less time this year.
According to the report, 89% of crypto investors globally saw their GameFi gains decline in the last 6 months, with 62% of them losing more than 50% of their income. 58% of GameFi members attributed the fall in profits to bad in-game economy design. While 75% of non-GameFi investors stated that they would not invest in such projects due to “rug pulls, Ponzi schemes, and pyramid scheme projects.