User activity and retention → Determines whether the project has a real user base
Asset circulation situation → Determines whether NFTs/tokens are of "real demand"
Economic model design → Determines whether it can operate long-term without relying on issuing tokens for survival
A truly good GameFi project is not just a "gold mining tool," but a blockchain world that combines gameplay, community, and intrinsic value.
Although GameFi easily attracts users with "play to earn," most projects are also short-lived economies. To determine whether a blockchain game is worth delving into, I think you can refer to these three types of data: user retention, asset liquidity, and economic model stability.
1. User Data: Is the game fun? The data doesn't lie#
The most important foundation of a good game is: Are there people playing, and do they play for a long time? Many GameFi projects are very popular in the first week after launch but drop to zero in the second week, with the core issue being that they fail to retain players.
What data to look at?
DAU/MAU (Daily/Monthly Active Users): The core indicator of user activity
Next day/7-day/30-day retention rate: The user retention curve, which clearly shows game stickiness
On-chain user behavior: Are they frequently interacting, or do they withdraw and run as soon as they log in?
New vs. lost user ratio: If losses far exceed new users, it indicates a lack of sustainability.
Recommended tools:
DappRadar: View the active user trends of specific GameFi projects
Footprint Analytics: User analysis including retention rates and wallet behavior
Dune Analytics: Visualize custom user growth and loss trend charts
Tip: Don't be fooled by "over a million users in the first 7 days"; what you need to look at is retention! Failing to retain users = poor gameplay = gold mining bubble.
2. Asset Liquidity: Is there real demand for tokens and NFTs?#
GameFi is not just a game; it is also an economic system. If no one buys or uses the game tokens and NFTs, they are just air chips.
What data to look at?
Number of token holders: Are they concentrated in an inner circle or dispersed among real users?
Trading volume vs. transfer volume: Is there frequent buying and selling or just mutual airdrops?
NFT trading activity: Are equipment/items genuinely circulating, or are they listed without any movement?
Token price fluctuations vs. user changes: A spike in price followed by a surge in users is a speculative signal; stable user growth is the foundation of value.
Recommended tools:
NFTScan: Check the activity, listings, and transactions of NFTs related to blockchain games
Dexscreener: Analyze token trading trends and liquidity pools
Nansen (paid): Analyze whether "smart money" is participating in blockchain game economic activities
Tip: Check whether these equipment, tokens, and items are "use-and-discard" types of consumption or if they are tied to advanced systems, upgrade mechanisms, and other "intrinsic demands" in the game.
3. Economic Model and Incentive Structure: The key is whether it can last long#
The biggest problem with GameFi is that many projects "spend all the money first" and then think about how to make a game. By understanding the economic model, you can see whether the project can sustain itself.
What data to look at?
Token distribution structure: Is the token allocation among the team, investors, and users healthy? (Is there a long-term incentive reserved?)
Incentive mechanism design: Does it encourage "participation in gameplay" rather than just "more play, more gain"?
Deflation/inflation adjustment mechanisms: Are there burning mechanisms, upgrade consumption, etc., for balance?
DAO governance and adjustment mechanisms: Can it dynamically adjust the model based on community data?
Recommended tools:
Project whitepaper + TokenUnlocks: Check the token release rhythm and distribution structure
Messari: Check the token design logic of major GameFi projects
Dune self-built dashboard: Track token inflows and outflows, and fund pool trends
Tip: Projects that rely solely on "gold mining rebates" typically have a lifecycle of only two to three months. Those that can last more than a year usually have a good incentive rhythm + real gameplay + user loyalty.
Summary: How to interpret GameFi data? Three types of indicators to help you avoid short-lived blockchain games#
User activity and retention → Determines whether the project has a real user base
Asset circulation situation → Determines whether NFTs/tokens are of "real demand"
Economic model design → Determines whether it can operate long-term without relying on issuing tokens for survival
A truly good GameFi project is not just a "gold mining tool," but a blockchain world that combines gameplay, community, and intrinsic value.
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