The Evolution and Future of GameFi – Sustainable Models vs. Speculative Hype

Yaroslav Lomovskikh

Bakalářská práce

Abstract:

This research offers a systematic analysis of the evolution of the GameFi industry over the period 2017-2025. The work examines three successive waves of development in the sector. The methodology is based on a combination of critical analysis of theoretical concepts of blockchain, business modelling and game design with empirical research into market dynamics. Representative projects are studied in detail: CryptoKitties, Axie Infinity, STEPN, and Notcoin. The study shows consistent quantitative patterns in GameFi projects. The system takes into account the specifics of the sector. The main scientific contribution of the work is the development of an adapted system for assessing the sustainability of GameFi projects. It provides effective methodologies through a three-level classification by risk type (A/B/C) based on quantitative criteria of correlation, volatility, and user retention. These tools can be used by developers, investors, and players. The practical significance of the study lies in delivering a complete set of tools for assessing the viability of projects. Interestingly, this is especially pertinent in the context of ongoing investment in the sector and mass participation by users from developing countries. The study shows an evolutionary improvement in fundamental elements from the first to the third wave. Factors correlating with the relative stability of projects in the highly volatile environment of cryptocurrency markets are identified.

Keywords

GameFi, Blockchain, Digital assets, Smart contracts, P2E (Play-to-Earn), Cryptocurrency, Non-Fungible Tokens (NFTs), Decentralized finance (DeFi), Tokenomics

Jazyk práce: angličtina

Datum vytvoření / odevzdání či podání práce: 3. 12. 2025

Obhajoba závěrečné práce

• Obhajoba proběhla 4. 2. 2026
• Vedoucí: Jared Daniel Jacques
• Oponent: Ivan Hrbek, Ing.

Česká zemědělská univerzita v Praze

Provozně ekonomická fakulta

Bakalářský studijní program:
Business Administration