Delphi Digital stated, "2025 will be a tough year for GameFi. Overall financing has dropped by more than 55% year-on-year, some highly anticipated projects have underperformed upon launch, and market enthusiasm has clearly cooled down. However, looking at the bigger picture, the situation is more complex.

We are witnessing the quiet rise of Web2.5 games. These games treat blockchain purely as an infrastructure layer, often skipping token design altogether, instead competing on real revenue and product experience. Studios like Fumb Games, Mythical Games, and Wemade / Wemix continue to generate considerable revenue while utilizing blockchain in different ways: blockchain helps them improve profit margins, enhance user engagement, or introduce new monetization channels.

In contrast, native Web3 games have also generated six to seven-figure revenues this year, but their player base remains small and largely composed of bots. Once incentive mechanisms dry up, the fun of the game often disappears as well, although some teams are trying new mechanisms to address this issue.

Web2.5 studios are now able to fully leverage the advantages of blockchain without forcing users into speculation or making excuses for clunky user experiences. With the further popularization of stablecoins, this trend will accelerate. Microtransactions, global payment channels, and reward mechanisms based on user engagement will all become more convenient."