Seraph Official
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Burning Tokens, Leaving Fun: Laying Out Play-to-Own
Once touted as a model for 'everyone can mine and cash out,' the play-to-earn (P2E) model is now in deep trouble.
Since the first quarter of 2025, Web3 game financing has plummeted by more than 70%, with many star projects ceasing operations one after another, leading to a significant decline in player activity.
This crisis reveals a fundamental problem: when the returns of a game are tied to volatile tokens, everyone is forced to become a speculator, and every update may trigger a round of market turmoil.
This model links the fun of gaming to real money, relying on the fantasy that there will always be new players entering the market for sustainability. Once the momentum for token appreciation is lost, the entire system can quickly collapse.
Since the first quarter of 2025, Web3 game financing has plummeted by more than 70%, with many star projects ceasing operations one after another, leading to a significant decline in player activity.
This crisis reveals a fundamental problem: when the returns of a game are tied to volatile tokens, everyone is forced to become a speculator, and every update may trigger a round of market turmoil.
This model links the fun of gaming to real money, relying on the fantasy that there will always be new players entering the market for sustainability. Once the momentum for token appreciation is lost, the entire system can quickly collapse.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.