Play to win games sell the dream, so why doesn’t everyone play?

The cryptocurrency crash has spooked many investors, but the blockchain brethren have high hopes for a fledgling app: GameFi.

A portmanteau of “gaming” and “decentralized finance,” the model offers the opportunity to earn money by playing games. Players who complete in-game tasks are rewarded with cryptocurrencies and NFTs, which can then be exchanged for real money.

It’s a tempting argument on paper. But playing to win shows signs of stalling before it breaks into the mainstream.

In April, active users dropped 24.9% to 9.22 million, while transaction volumes fell 73.4%, according to Footprint Analytics,

The number of new and active users has decreased even though the number of games has increased.