The GameFi industry has surged since 2020, with some estimating a market capitalization of $55.4 billion as of February 2022. While others have much lower estimates closer to $3 billion, one thing is for sure: The industry grew rapidly from zero and is poised for continued growth. What matters, however, is not the day-to-day or even month-to-month market cap, but rather the continued rise of users who feel like they’re extracting value.
Games are created so that people have fun. But the rise of “gamification” refers to the application of gaming principles into otherwise boring, but usually value-enhancing, activities. For example, many educational activities can be boring until they are gamified. Technology can be applied to more complicated classes in mathematics and science, but it can also be used to help students learn how to navigate a large university campus. One Arizona State University scavenger hunt, for instance, “guides users to landmarks around ASU’s Tempe campus for a fully virtual experience or to visit in the real world,” gamifying the way students learn about the campus.
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