After the frenzy of Play-to-Earn (P2E) games between 2021 and 2023, the GameFi market underwent an inevitable maturation process. Many titles that emerged in the heat of the hype failed to sustain their economies or offer a truly engaging gaming experience.

The outcome was predictable: token collapse, abandoned communities, and a strong loss of trust from players and investors. However, as happens in every cycle of innovation, key learnings also emerged. And in 2025, those learnings are shaping a new generation of much more robust crypto-gaming projects.

This new stage is known as GameFi 2.0: proposals focused on gameplay, player retention, and more sustainable economic models. In this article, we explore how they differ from their predecessors, which games are standing out, and whether the traditional gamer world will finally adopt this blockchain variant.

What was (and what failed) in the first P2E wave

The first wave of Play-to-Earn games was primarily based on direct monetary rewards. Titles like Axie Infinity or Bomb Crypto became popular for allowing players to earn tokens by completing repetitive tasks, such as battles against bots or item collection.

This model attracted a huge player base—many of them in emerging countries like Argentina, Venezuela, the Philippines, or Brazil—motivated more by economic return than by entertainment.

The problem: these ecosystems were fragile and depended on the constant influx of new users. As the entry of players slowed down (something inevitable), the supply of tokens grew uncontrollably. Without burning or reinvestment mechanisms, prices collapsed.

This was compounded by limited gameplay, lacking depth or engaging narrative. Once the monetary incentive was exhausted, most players abandoned the game. The collapse was total: devalued tokens, empty communities, and unsustainable models.

The big lesson: financial rewards do not replace a good game with solid fundamentals.

What changes with GameFi 2.0

GameFi 2.0 emerges as a direct response to the failures of the previous cycle. Instead of focusing solely on 'earning and withdrawing', this new phase aims to balance the pillars of the gamer ecosystem: quality gameplay, sustainable economy, and participative community.

A key difference is the transition from Play-to-Earn to Play-and-Earn. That is, the player can still earn, but the central focus returns to the game itself: fun, challenging, with meaningful progression.

Titles like Big Time, Illuvium, and Pixels illustrate this new wave: powerful graphics, expansive worlds, AAA game dynamics that connect with the gamer audience beyond the crypto world.

Another important change is in the economic design. Instead of distributing tokens daily in large volumes, many projects apply deflationary models, dynamic rewards, and dual token systems: one for use within the game, and another for governance.

Furthermore, GameFi 2.0 incorporates DeFi practices such as staking, liquidity pools, and reinvestment, which incentivize holding assets in the ecosystem. We also see NFTs with real utility (lands, skins, unique weapons) and direct community participation in the evolution of the game.

In summary: this new stage prioritizes experience and sustainability. If before the audience was mostly speculative, today there is a clear focus on players who value story, mechanics, and an economy that makes sense beyond the hype.

Promising games in 2025

Some projects that symbolize the advancement of GameFi 2.0 are:

  • Illuvium: open-world RPG with AAA graphics, exploration, battles, and rewards linked to staking and tournaments. It controls token inflation with a well-structured system.

  • Big Time: a mix of RPG and gathering ofNFTs with utility. Robust crafting system, well-thought-out internal economy, and focus on player experience.
    Pixelmon Reforged: after a controversial launch, the project was restructured with a focus on gameplay, community governance, and active development.

These games demonstrate that it is possible to combine entertainment with real economic value. And they mark the path towards a more mature GameFi.

And what about traditional gamers?

A key barrier has been the rejection from traditional gamers, who viewed crypto games as 'pay-to-win' or low-quality titles. But new projects are changing that perception with immersive experiences, advanced graphics, and mechanics comparable to Steam games or consoles.

Technical complexity is also being reduced: custodial wallets, card payments, simplified logins, and integration with more accessible marketplaces. This way, the average player can enter Web3 without even noticing that they are using blockchain.

Is it still possible to make money with GameFi?

Yes, but with a different approach. It's no longer about 'playing for the sake of playing and quickly earning tokens'. Profitability today comes from sustainable economies, NFTs with real value, participation in DAOs, and metrics based on skill or time played.

GameFi 2.0 projects require analysis: understanding the game's economy, reviewing the team, the roadmap, and the real volume of active players. The level of professionalism has increased, and the market demands it.

Did GameFi 2.0 come to stay?

What we see in 2025 is a total reconfiguration of the sector. The euphoria is behind us, and what is advancing are solid projects focused on user experience and economic viability.

There are still challenges: regulation, negative perception of NFTs, and fierce competition with traditional titles. But those who overcome these barriers will be at the forefront of one of the most promising sectors of Web3.

And you? Do you already have any GameFi 2.0 projects in your portfolio?

#GameFi #playandearn #PlayToEarn #TapToEarn

---

Image from Freepik