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Research and Insights

Research Analyst
William Wu PhD

Head of Research and Insights
Henry Hon
PhD, CFA

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RESEARCH DISCLAIMER
This report alone must not be taken as the basis for investment decisions. Users shallassume the entire risk of any use made of it. The information provided is merelycomplementary and does not constitute an offer, solicitation for the purchase or sale ofany financial instruments, inducement, promise, guarantee, warranty, or an official
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Contents
Executive Summary

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1. Historical Growth of GameFi

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1.1 The Exponential Growth of GameFi Market Cap

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GameFi Tokens Grew at a Fast Pace Since Nov 2020

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GameFi Market Cap at $40.99B, Exhibiting Exponential Growth Since Jan 2021 10
1.2 The Impressive Growth of GameFi Playerbase

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2. The Present State of GameFi

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2.1 Current Total GameFi Market Cap Is up to $55B

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2.2 Current Playerbase of GameFi Is Around 1M Daily Gamers

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Hive and WAX Were the Top Gaming Blockchains by Daily Gamers

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Splinterlands and Alien Worlds Were the Top Games by Daily Gamers

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2.3 Traditional Gaming Companies Have Significant Plans for GameFi
3. The Promising Future of GameFi

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3.1 Traditional Gaming Market Expected to Grow at 10% CAGR

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3.2 GameFi Market Expected to Grow at 100% CAGR

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3.3 GameFi to Exceed 10M Daily Gamers

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GameFi Daily Active Users to Reach 12M by Q1 2023

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GameFi Is Still at a Nascent Stage Compared with Traditional Gaming

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3.4 Key Drivers of GameFi Growth19

3.5 Other Factors for Consideration

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The Gaming Industry is Pandemic-Proof and Recession-Proof

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Fun First, Earnings Second

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4. Conclusion

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References

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Executive Summary
This report gives an overview of GameFi’s historical growth, present state, and also
future prospects. We also include comparisons to the traditional gaming industry.
Historical Growth of GameFi:●

Axie Infinity, one of the top blockchain games, has seen the market cap of
its governance token AXS rise from $7.75M on 4 November 2020 to a peakof $10.49B on 8 November 2021. This represents an increase of 135,255% injust over one year.

●

We analyse all 230 GameFi tokens listed on CoinGecko and the trajectory of
their combined market cap, as of 8 February 2022. Over a four-year period
from 1 January 2018 to 1 January 2022, the compound annual growth rate
(CAGR) of the total GameFi market cap was 180%.

Present State of GameFi:●

It is estimated that the total GameFi market cap is $55.38B, as of 11
February 2022.

●

DappRadar estimated that there were 1.09M daily blockchain gamers, asof 13 February 2022. Meanwhile, Footprint Analytics estimated that there were1.03M daily GameFi gamers, as of 13 February 2022.

●

Traditional gaming companies such as Ubisoft, Square Enix, Netmarble haveannounced major plans for blockchain gaming.

Future of GameFi:

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Naavik and BITKRAFT Ventures estimated that the blockchain gaming
market will grow at a CAGR of 100%, from $1.5B in 2021 to $50B in 2025.

●

The traditional gaming market is expected to grow at a CAGR of around 10%.
This means that GameFi will grow 10 times as fast as traditional gaming.

●

YGG co-founder Gabby Dizon believes that we will see 10M wallets
interacting daily with blockchain games before the end of 2022.

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1. Historical Growth of GameFi
GameFi, and blockchain gaming in general, has a short but illustrious history. The
honour of being the first blockchain game goes to CryptoKitties, launched in
November 2017. Just one month later in December 2017, CryptoKitties was
already off to an excellent start, with $6.7M in sales and top CryptoKitties sellingfor as much as $114,481.

The year 2018 was when many of the popular blockchain games were firstlaunched. Notable games launched in 2018 include the strategy tower defence
game Crazy Defense Heroes, the turn-based RPG game Axie Infinity, and the
trading card games Splinterlands and Gods Unchained.

1.1 The Exponential Growth of GameFi
Market Cap
GameFi has seen phenomenal growth, especially since mid-2021. Axie Infinity,
one of the top blockchain games, has seen the market cap of its governancetoken AXS rise from $7.75M on 4 November 2020 to $10.49B on 8 November
2021. This represents an increase of 135,255% in just over one year.

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As we can see from the chart below, the market cap of Axie Infinity (AXS) has
declined since its peak in November 2021. Nevertheless, on 3 February 2022, themarket cap of AXS stood at $3.51B, which is still an impressive value.

GameFi Tokens Grew at a Fast Pace Since Nov 2020
In the table below, we calculate the compound annual growth rate (CAGR) of
various GameFi tokens. The CAGR is a measure of an investment’s annual
growth rate over time, with the effect of compounding taken into account.
Since GameFi is very new, most GameFi tokens do not have more than 1.5 years ofdata on cryptocurrency data aggregators such as CoinGecko. Because of that, wechose a time period of 1.25 years (4 November 2020 to 3 February 2022). To beconsistent in using the same time period, we only selected tokens with at least
1.25 years of data.
Our definition of GameFi token includes game governance/utility tokens (e.g. AXS,
SAND, GHST), gaming blockchain tokens (e.g. WAXP), and gaming infra provider
tokens (e.g. ENJ, COCOS, UOS).
We will choose a mix of high, medium, and low market cap GameFi tokens:●

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High Market Cap (Rank 1-100 in terms of market cap): Axie Infinity(AXS), The Sandbox (SAND), Enjin Coin (ENJ)

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●

Medium Market Cap (Rank 101-500): WAX (WAXP), Ultra (UOS),
Aavegotchi (GHST)●

Low Market Cap (Rank >500): Atari (ATRI), COCOS BCX (COCOS), IQeon(IQN)

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Rank

Market Cap(4 Nov 2020)

Market Cap(3 Feb 2022)

Axie Infinity (AXS)#40$7.75M$3.51B

13,200%The Sandbox (SAND)#41$18.74M$3.41B

6,300%

Enjin Coin (ENJ)#68$110.02M$1.59B

750%

WAX (WAXP)#120$44.32M$611.58M

720%

Ultra (UOS)#209$40.79M$285.49M

370%

Aavegotchi (GHST)#374$9.17M$125.98M

710%

Atari (ATRI)#551$6.29M$56.78M

480%

COCOS BCX (COCOS)#571$10.29M$52.92M

270%

IQeon (IQN)#990$8.91M$15.55M

56%

Token

Logo

As of 4 Feb 2022
Sources: CoinGecko, Crypto.com Research* Number of years between 4 Nov 2020 and 3 Feb 2022 is 1.25 years

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Sparkline Chart

CAGR (%)|

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We observe that the CAGRs of GameFi tokens have very high variability, ranging
from 56% (IQN) to 13,200% (AXS). The mean CAGR of the above GameFi tokens
is calculated to be 2,550%, which is a very impressive annual growth rate.

GameFi Market Cap at $40.99B, Exhibiting Exponential
Growth Since Jan 2021
In this section, we will look at the growth rate of the overall GameFi sector. We
analyse all 230 GameFi tokens listed on CoinGecko and the trajectory of their
combined market cap, as of 8 February 2022. For tokens that were notlaunched yet on a particular date, we assign them a market cap of $0 on that date.
Subsequently, the total GameFi market cap is obtained by summing up theindividual market caps of the GameFi tokens.

The two-year period of 1 January 2018 to 1 January 2020 coincided with a ‘crypto
winter’. As expected, the CAGR during that period was negative at -50%. Other
than that, the overall GameFi market performed extremely well. Over a four-year
period from 1 January 2018 to 1 January 2022, the CAGR of the total GameFi
market cap was an impressive 180%.

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CAGR of the Overall GameFi Sector

PeriodYears

InitialMarket Cap

Final
Market Cap

1 Jan 2018
1 Jan 20202

$0.48B$0.12B-50%

1 Jan 2018
1 Jan 2022

4$0.48B$28.00B

180%

As of 10 Feb 2022

Sparkline Chart

CAGR
(%)

Sources: CoinGecko, Crypto.com Research

1.2 The Impressive Growth of GameFi
Playerbase
The number of Daily Active Users (DAU) is an important metric for most, if not all,games. In order for a game to be a success, a large playerbase (population ofactive players) is usually needed.
In this section, we will calculate the historical growth rate of GameFi Daily
Active Users. We will utilise two data sources, Footprint Analytics (~11 months
historical data) and DappRadar (~5 months data). Due to the time period being
less than 1 year, we will calculate the compound monthly growth rate (CMGR)
instead of the CAGR.
CMGR of GameFi Daily Active Users (DAU)
Data Source

PeriodMonthsDappRadar

1 Sep 2021
1 Feb 2022

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Footprint
Analytics

1 Mar 2021
1 Feb 2022

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As of 16 Feb 2022

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Initial DAU

Final DAU

0.69M

1.06M

63K

1.04M

CMGR (%)
9%29%

Sources: DappRadar, Footprint Analytics, Crypto.com Research

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Overall, we observe that the number of gamers playing blockchain games isincreasing consistently at a very fast pace.
Over the 11 month period of 1 March 21 to 1 February 22, the CMGR of daily
gamers was calculated to be 29%. This implies a compound annual growthrate of 2,020%, should the monthly increase persist throughout the year. In
other words, the number of daily gamers increased by 29% each month,approximately equivalent to a 20X increase in a year.
In Section 3, we will use some of these historical growth rates to forecast the
future growth of the GameFi sector.

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2. The Present State of GameFi
2.1 Current Total GameFi Market Cap Is
up to $55B
According to CoinGecko, the GameFi market cap is $22.7B as of 11 February 2022.
On the Crypto.com website, it is estimated that the GameFi market cap is$55.38 billion, as of 11 February 2022. Other estimates of the GameFi market
cap, all on the same date of 11 February 2022, include CoinMarketCap ($29.18B)
and CryptoSlate ($28.94B).

We observe that there is some variability among the numbers. Firstly, thevariability could be due to differences in classification. For example, CoinGecko
does not classify Decentraland (MANA) as GameFi, while Crypto.com does.
There is no ‘official’ definition for GameFi, and while Decentraland is indeed
primarily a metaverse project, users can make money by playing games in
Decentraland. Since GameFi is an amalgamation of the words ‘game’ and‘finance’, any crypto project that involves games and financial rewards could
be broadly classified as GameFi.
Secondly, the Crypto.com price website lists more gaming tokens, which naturally
leads to a higher total market cap. For example, Crypto.com lists 305 gaming
tokens while CoinGecko lists 233, as of 11 February 2022.

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Despite the differences in numbers, it is clear that GameFi is already amultibillion-dollar industry. Overall, the average estimate of the current GameFi
market cap from the sources is $34.05 billion.

2.2 Current Playerbase of GameFi Is
Around 1M Daily Gamers
DappRadar estimated that there were 1.09 million daily blockchain gamers
as of 13 February 2022. Meanwhile, Footprint Analytics estimated that there were1.03 million daily GameFi gamers as of 13 February 2022.

Hive and WAX Were the Top Gaming Blockchains byDaily Gamers

In terms of the number of GameFi players per blockchain, Hive (332,088
gamers) and WAX (329,712 gamers) led the pack on 13 February 2022.
Together, these two blockchains accounted for 64% of the 1.03M gamers on thatday.
A possible reason for the popularity of Hive and WAX is that both
blockchains do not charge gas fees. This makes playing games more affordable
and attractive for gamers. The next most popular blockchains (BSC and Polygon)
are also notable for their low gas fees, which further supports this hypothesis.

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Splinterlands and Alien Worlds Were the Top Games
by Daily Gamers

The top 7 games had 784,059 players on 13 February 2022. This accounted for
76% of the 1.03M gamers on that day. The leading game was Splinterlands at
331,910 players, followed by Alien Worlds with 193,416 gamers.
We remark that calculating the DAU of crypto games could be quite tricky due tothe following reasons:● Not all of the users loading up the app are actually playing the game. For
example, it has been analysed by Decrypt that there is “a solid margin of people
that download and open the game (Axie Infinity), but aren’t actually equipped toplay it yet”. In general, this would lead to an overestimate of DAU.
● Not all of the users playing the game will (regularly) interact with thesmart contracts. Depending on the game, the frequency of interacting withthe smart contracts will differ. For example, it is possible to play Crazy Defense
Heroes without ever linking one’s MetaMask wallet. This would affect data
analytics websites that depend on the on-chain activity of the tracked smart
contracts, such as DappRadar. In general, this would lead to anunderestimate of DAU.

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2.3 Traditional Gaming Companies
Have Significant Plans for GameFi
Several traditional gaming giants have already announced their plans related to
GameFi and blockchain gaming.
Ubisoft, a major name in traditional gaming, has been working with anumber of blockchain gaming companies such as Tezos and Aleph.im.
Furthermore, Ubisoft’s CEO Yves Guillemot spoke highly of the future ofplay-to-earn (P2E) gaming. Notably, Ubisoft is also a founding member of theBlockchain Gaming Alliance, an organisation dedicated to bridging the two
industries of crypto and gaming.
Square Enix, the developer of the highly popular Final Fantasy video game series,
is also investing in decentralised blockchain games. Square Enix’s President
Yosuke Matsuda has stated in a New Year’s Letter that incorporating
decentralised games will be a “major strategic theme” for Square Enix
starting in 2022.
In January 2022, Microsoft announced plans to acquire Activision Blizzard, one of
the leading game developers which developed blockbuster games such as Worldof Warcraft. In a February 2022 interview, Microsoft’s CEO Satya Nadella said
that the “Metaverse is essentially about creating games”. In December 2021,
Microsoft’s venture arm led a $27M funding round for Palm NFT studio. The above
news imply that Microsoft is significantly involved in metaverse, gaming, and NFTs.
Epic Games has mentioned that it is “open to games that support
cryptocurrency or blockchain-based assets” on its game store. This is a sharp
contrast to its competitor Valve, which has banned games that feature blockchain
technology or NFTs from its Steam platform.
Netmarble, the South Korea-based gaming giant behind titles like Marvel Future
Revolution, is set to issue its own crypto token to act as a key currency for its
games. In addition, Netmarble is preparing to launch 20 new games, of which
about 70% will use blockchain technology. Netmarble's first play-to-earn game
A3: Still Alive is expected to be released in March 2022.

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3. The Promising Future of GameFi
3.1 Traditional Gaming Market
Expected to Grow at 10% CAGR
According to Accenture, the value of the traditional gaming industry
exceeded $300 billion as of 29 April 2021. Meanwhile, Mordor Intelligence values
the gaming market at $173.70 billion in 2021. Naavik and BITKRAFT estimate theglobal gaming market size to be $335.5 billion in 2021.

Furthermore, most analysts predict the traditional gaming industry to grow further
in size. Mordor Intelligence estimates that the gaming market will grow at a
CAGR of 9.64% over 2022-2027. According to Fortune Business Insights, theglobal gaming market will grow at a CAGR of 13.20% between 2021 and 2028.
Most other CAGR estimates for traditional gaming are also around 10%: Newzoo(7.2%), Statista (8.17%), Valuates Reports (11%), Grand View Research (12.9%),
Market Research Future (14.5%). On average, the traditional gaming market is
expected to grow at a CAGR of 10.94%.

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3.2 GameFi Market Expected to Grow at
100% CAGR
Naavik and BITKRAFT Ventures estimated that the blockchain gaming
market will grow at a CAGR of 100%, from $1.5B in 2021 to $50B in 2025. This
is 10 times the forecasted ~10% CAGR for the traditional gaming industry.
According to a report from Naavik and BITKRAFT, the primary revenues ofblockchain gaming ($1.5B) will come from video game NFT primary sales ($0.1B),
blockchain virtual world NFTs ($0.1B), and revenues from game economies ($1.3B).
Depending on how traditional gaming companies adopt blockchain
technology, the lines between GameFi and traditional gaming could be
increasingly blurred. For instance, some traditional gaming companies havelaunched or are set to launch their own crypto tokens: ATRI (by video gamecompany Atari), Netmarble, WEMIX (by South Korean gaming company WeMade).
In this case, the GameFi market could further benefit from these new crypto
tokens launched by traditional gaming companies.

3.3 GameFi to Exceed 10M Daily
GamersBased on historical data, we give a forecast of 1,000% CAGR for GameFi Daily
Active Users. Since the limited historical data of 11 months may not be
representative over a longer time frame, we will only forecast 1 year ahead to Q1
2023. Starting with 1.06M in Q1 2022 (1 February 2022), the number of daily
gamers in GameFi is on track to reach 12M by Q1 2023.
According to GameFi veteran and YGG co-founder Gabby Dizon, GameFi could see
more than a 7X increase on the 1.4 million active wallets that interacted daily withblockchain gaming apps as of late 2021. Dizon believes that we will see 10
million wallets interacting daily with blockchain games before the end of2022. Dizon did not share any concrete rationale behind his prediction during his
interview with Cointelegraph.
From our previous analysis, the number of daily gamers historically increased byaround 20X in a year. Hence, according to historical data, Gabby Dizon’s prediction
is quite reasonable.

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GameFi Daily Active Users to Reach 12M by Q1 2023

GameFi Is Still at a Nascent Stage Compared with
Traditional Gaming
To put the forecasted numbers in context, we compare with some of the DAUs of
popular traditional games.
In a report published by Statista on 12 January 2022, the top 5 iPhone gaming
apps in terms of DAU (in April 2021) were: ROBLOX (5.75M), Clash of Clans (3.86M),
8 Ball Pool (3.79M), Candy Crush Saga (3.77M), Minecraft (3.43M). In total, theDAU of these top 5 traditional mobile games summed up to 20.6M.
As we can see, even with an aggressive CAGR of 1,000%, the projected total
GameFi daily active users of 12M by Q1 2023 is still just a fraction of traditional
gaming. GameFi is still at a nascent stage with plenty of room for growth ahead.

3.4 Key Drivers of GameFi Growth
We outline some of the factors that could be the key economic drivers of our
GameFi growth estimation.
Firstly, institutions are recently investing heavily in GameFi companies. For
example, blockchain-based online games received over $1 billion in funding inJanuary 2022 alone. For comparison, for the entire 2021, the sector saw

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investments worth $4 billion. With ample funding received, blockchain gamecompanies can hire more skilled game developers, artists, and music
composers to create better games. This should lead to more gamers playing
high-quality games and create a virtuous cycle of even more investments in the
GameFi sector.
Secondly, crypto itself is poised for explosive growth in terms of users. In amarket sizing report by Crypto.com, we forecast the number of global crypto
owners to reach 1 billion by the end of 2022. Out of the numerous new crypto
users, a sizable percentage of them are likely to be gamers, and it is naturalthat they could gravitate towards blockchain games. For perspective, it isestimated that 2 out of every 5 people (i.e. 40%) across the world is a gamer.
Thirdly, the game development timeline for crypto games (especially AAA
games) strongly suggests that 2022 will be the start of the explosive growthof GameFi. Usually, big-budget games will take anywhere from three to five years
to develop. Considering that blockchain games only started around 2018, thetypical game development timeline implies that the earliest AAA crypto
games should start to appear around 2022-2023. Indeed, that is the targeted
timeline for AAA crypto games such as Illuvium (Public Beta Launch - Q1 2022).

3.5 Other Factors for Consideration
The Gaming Industry is Pandemic-Proof andRecession-Proof
According to Chris Volpe, president and founder of the Ohio Game Developer
Association, the traditional gaming audience grew 11.7% year-over-year in 2020
and is estimated to increase 10.4% year-over-year by 2023. Unlike sports, suchas football and basketball, gaming was able to continue its growth despite
COVID-19 restrictions because games can be played remotely.
The traditional gaming industry is also considered to be recession-proof, to acertain extent. During a recession, even if gamers have less money to spend, they
can still play free-to-play ad-monetised games. In turn, this will attract more ad
revenue to the gaming industry.
In 2008, Blizzard broke the one-day sales record for a PC game by selling morethan 2.8 million copies of a World of Warcraft expansion. Notably, theserecord-breaking sales occurred during the middle of the Great Recession(2007 to 2009).
Similar effects have been observed in GameFi. The rise of GameFi has been
observed to coincide with the COVID-19 pandemic and a rise in

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unemployment. This has created opportunities for individuals to earn money
through GameFi. In many developing economies, this can be a lucrative source ofincome. As an example, many Axie Infinity players are from developing
countries hit hard by COVID-19, including the Philippines, Brazil, andVenezuela.

Fun First, Earnings Second
Sascha Zehe, co-founder of Polemos DAO, tweeted on 14 February 2022, “Weshouldn't forget the vast potential in GameFi for other types of players. The
space needs to cater to all to become what it could be. Fun games first,
earning second.”
The current situation in GameFi is reversed: many GameFi games seem to focus
on earnings first and the fun factor after that. For instance, in an article dated 19
January 2022, the author mentioned that playing Axie Infinity is ‘starting to feel likea chore’ after just one week. Many other people online have echoed the same
sentiment.

Sources: Illuvium, Crypto.com Research

We believe that the situation is about to change for the better soon, with theadvent of upcoming AAA crypto games with top-tier graphics, music andgameplay, such as Illuvium.
Other notable AAA crypto games include StarAtlas, Shrapnel, Realms of Eternity,
Project Quantum, and Guild of Guardians. These games will be covered in depth ina separate article in the Crypto.com Research Hub.

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The arrival of fun and immersive blockchain games, together with theirplay-to-earn aspects, is likely to take GameFi to a totally new level.

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4. Conclusion
In his bio, Vitalik Buterin wrote, “I happily played World of Warcraft during
2007-2010, but one day Blizzard removed the damage component from my beloved
warlock's Siphon Life spell. I cried myself to sleep, and on that day I realized what
horrors centralized services can bring.” Vitalik later went on to become one of the
key co-founders of Ethereum.
From this anecdote, we can see that from day one, gaming and blockchain alreadyhad an inextricable relationship. There are certain limitations of traditional
gaming (e.g. centralisation, lack of ownership of in-game assets) thatblockchain technology is perfectly poised to solve.
GameFi is set for explosive growth both in terms of market cap and the number ofgamers. In this report, we have covered the historical growth, as well as identified
some key drivers of the future growth of GameFi.
GameFi is also highly related to the metaverse, one of the hottest emerging trends
with many major companies heavily invested in it. Facebook even went to theextent of renaming itself as ‘Meta’. If the metaverse succeeds, GameFi will likely
experience great success as well.
Overall, the next few years will be very exciting for GameFi and blockchain gaming.
There will be numerous new blockchain games released, and there is a huge
untapped market of gamers who can potentially transition from traditional games
to blockchain games. The sky is the limit for GameFi.

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