The Next Chapter for Crypto Gaming: Beyond Hype, Focus on Gameplay?
Throughout its history, blockchain gaming has experienced significant shifts in market sentiment, navigating cycles from 2017’s CryptoKitties phenomenon to the 2018 boom of titles such as Axie Infinity and Gods Unchained.
Despite suggestions that the industry has entered a decline phase, venture capital firm Bitkraft Ventures maintains a bullish outlook.
The Confidence of Bitkraft
“Not only is crypto gaming not dead, but its future is equitably as bright as almost any category,” stated Matt Halstead, a venture partner at Bitkraft in an interview.
Possessing investments in prominent blockchain gaming firms like AMGI, Immutable, HyperPlay, and Yield Guild Games, alongside traditional giants Discord and Epic Games among their 100+ portfolio, Bitkraft stands to gain substantially from the sector’s growth. The firm’s investment strategy is driven by conviction in blockchain’s long-term gameplay integration potential.
“My bet is that gaming will not exist, but it will be multiples bigger than it is today,” Halstead explained. “You don’t get this level of conviction in too many themes. Ignoring gaming will be a big mistake.”
From Play-to-Earn Rush to Post-Pump Realignment
The explosive “play-to-earn” (P2E) model common during 2022 led to a dramatic crash by the end of the year (AXS fell ~91%). Following this downturn, new crypto game studios began promoting a “play-and-earn” (P&E) approach.
In this era, many studios and investors pushed back against purely financialized games, advocating for a methodology prioritizing entertainment value over resource accumulation, claiming they would “make a good game first.”
The Interoperability Dream, Hindered Reality
Interoperability of in-game assets via NFTs was once a primary selling point for crypto games. However, enthusiasm for metaverse concepts in 2023 dampened interest in this vision.
Halstead attributes the current skepticism partly to a crypto feedback loop: “I just think there’s a fundamental lack of understanding of games in general.” He noted that expectations often don’t align with reality due to short feedback cycles.
Looking Ahead: Where Crypto Adds Value
Despite challenges, Halstead and Bitkraft see opportunities for blockchain beyond P&E models.
- Creator Economies & Cosmetic Assets: Integration enabling player-created content and unique visual items.
- Social Elements: Token-gating or NFT-based access to exclusive club benefits.
- The Continued Relevance of GameFi: Games incorporating betting or risk elements with a core entertainment function.
- Risk-to-Earn: Examples include Loot Labs’ NFT loot boxes, aligning early risk-taking with crypto’s ethos.
Prudent Monetization Cautions
Bitkraft advises its portfolio game studios against “demanding early monetization.” They counsel against selling NFTs or launching tokens pre-launch, or with low traction, fearing high expectations and potential backlash if outcomes fall short.
“We certainly believe that on average, the right decision is not trying to monetize your community too early,” emphasized General Partner Carlos Pereira. The firm avoids high-stakes launchpad speculation or large NFT sales before game engagement validates the user base.
As the industry evolves beyond hype cycles, analysts suggest success requires genuine game design integration rather than tokenizing the user base prematurely.
The updated date reflects a correction from the original publication date.
Note: The date 5/16/25 is retained as per the source, though typically current events would list a more recent date format.论证 Session style is appropriate for news content, using a neutral tone and summarizing key points professionally.
