According to Delphi Digital's latest analysis report, the GameFi sector experienced a challenging 2025, with overall industry performance falling far short of market expectations. Capital in GameFi declined by over 55% year-on-year, while numerous long-awaited titles failed to generate significant buzz upon release, leading to increased caution among investors and the gaming community. This reflects a shift in the risk appetite of the crypto market as a whole, with investors becoming increasingly critical of projects relying solely on tokenomics and price appreciation expectations.
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However, Delphi Digital argues that GameFi is not entering a linear decline or "slow death" cycle as many pessimistic views suggest. Instead, the industry is restructuring in a different direction, notably with the emergence of the "Web2.5 game" concept. These are games that primarily leverage blockchain as their backend infrastructure, serving data storage, digital asset ownership, or transactions, but do not necessarily Token Issuance. These projects do not compete through Airdrop or short-term speculative profits, but focus on actual revenue from players, traditional business models, and gameplay experiences.
