Play-to-earn sells the dream of gaming for cash — so why isn’t everyone playing?

The crypto crash has spooked many investors, but blockchain bros have high hopes for one nascent application: GameFi. A portmanteau of “game” and “decentralized finance,” the model offers a chance at earning cash by gaming. Players who complete in-game tasks are rewarded with crypto and NFTs, which can then be traded for real money. It’s a tempting pitch on paper. But play-to-earn shows signs of plateauing before it enters the mainstream. In April, active users shrunk by 24.9% to 9.22 million, while transaction volumes fell by 73.4%, according to Footprint Analytics, After consistent growth last year, the number of new…

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