Are blockchain games financial products or entertainment products? The true value anchoring of the GameFi bull market

When a blockchain game becomes a hit, are you playing a game or speculating on finance? The biggest paradox of GameFi is that it needs to make users enjoy playing while ensuring the economic system doesn't collapse. The reality often is: as long as the token price drops, users exit, proving that 'finance' is the core driver.

A truly sustainable blockchain game must solve three problems:

1. Are players coming for entertainment rather than just for profit?

2. Is the economic system self-consistent with real inflows?

3. Are tokens linked to behavior with exclusive value?

The launch of 'MapleStory N' is a test: can it truly break the curse of 'play-to-earn = Ponzi'? Meanwhile, 'Pixels' demonstrates another path: maintaining the ecosystem through user activity and NFT internal circulation. In the future bull market, it may not be about which token increases a hundredfold that determines the winner, but rather 'who can define what a true blockchain game is.'