GameFi, or gaming on the blockchain, was a phenomenal success in 2021. With games like Axie Infinity breaking all charts and changing lives across the world, it comes as no surprise that we are now gearing for the next phase of gaming on blockchain. Many experts predict that in 2022, we will enter GameFi 2.0, or the next generation of gaming on blockchain. However, that might need considerable time to come to fruition. Multinational gaming corporations like Ubisoft and EA Sports will need to play a key role in this development. However, their entry into the GameFi space has been widely criticized by the community. In this respect, it remains doubtful whether GameFi 2.0 will ever gain mainstream adoption. If we consider the first phase of gaming on the blockchain, it has failed to enter the mainstream despite being hugely successful in select circles.
In GameFi 2.0, we can expect to see significant improvement in gameplay, graphics, and other components that make an average game great. In the future, gaming might become an exclusive affair on the metaverse. If GameFi 2.0 is to move in that direction, it will inevitably include a lot of first-person interactive features and AR-VR support.
While many people feel that GameFi will not stand the test of time, it has proven otherwise over the last few years. It is the play-to-earn model that makes GameFi so special. In the second wave of development, we can expect significant improvements in the play-to-earn model as well.