GameFi Funding Collapse in 2025: Delphi Digital Report Highlights Structural Flaws
The once-booming GameFi sector saw funding plummet 55% year-over-year in 2025, with quarterly deals dropping from 60+ to under 15. Delphi Digital's report pinpoints incentive dependence as the Core issue—play-to-earn models failed to retain users when token rewards dwindled.
Major launches on chains like SOL, ETH, and SAND underperformed despite early hype. Exchanges including Binance and Bybit listed gaming tokens that later collapsed, reflecting broader market skepticism. The report notes a quiet pivot toward sustainable gameplay mechanics, suggesting 2026 may favor quality over speculative yield.