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Using on-chain data to boost GameFi projects

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GameFi is a confluence of gaming and DeFi, driven by blockchain, NFTs, and tokens. 

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Footprint Analytics – GameFi Project Number

Since 2018, GameFi projects have gradually emerged in the blockchain market. According to Footprint Analytics, the number of GameFi projects began to grow rapidly from July.

However, the quality of projects varies. Data can help determine how a project is actually performing.

How to analyze GameFi project data from user behavior

User behavior is generated by users on the product. Users have their behaviors every day. In GameFi projects, transactions are particularly important because they supported the system. Therefore, it is especially important for GameFi project owners to analyze user behavior in a data-driven way. The analysis of project data from the perspective of user behavior can achieve the effects of monitoring front-end customer acquisition, promoting product iteration and upgrading, and driving product decision-making behavior.

  • User data is the source of GameFi data

The number of users refers to the number of players in a GameFi project and is the key to the healthy operation of the GameFi ecosystem.

 

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Footprint Analytics – GameFi User Number

Data shows that the number of GameFi users has grown steadily, which is inseparable from the increase in projects and the continuous development of the GameFi market.

  • For early-stage projects, look at customer acquisition

In the early stage of a project, the front-end customer acquisition and retention is what the project owner needs to do. Currently, GameFi is booming. Every action of the project will bring significant user growth. Therefore, the initial project is mainly to see the amount of user growth. 

If the effect of the activity has been bad, then it may be a problem with the means of customer acquisition, and more promotion methods can be explored. If it is a case of the fast growth of new users but insufficient retention, it is necessary to consider the threshold of entry, the user experience and the user emotion to find the direction of improving the project.

In the case of a small user base, the growth of user numbers will be very obvious. The effectiveness of the campaign can be easily assessed. 

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Footprint Analytics – MetaverseMiner Users & Transactions

  • For mid-stage projects, look at the development status 

In the middle and late stages of GameFi project, the number of users will be stable, so it is time to judge whether the project is in a healthy state by the growth curve of users. It helps to determine whether retention is stable and the growth is obvious.

Metaverse Miner is a Metaverse NFT GameFi on BSC. Metaverse Miner presents its game world in the metaverse in an easy-to-understand and accessible way, giving you the titles of planet “landlord” and “second-hand landlord” in the virtual world. Data shows that MetaverseMiner has been on an overall growth trend since its launch, but has recently entered a slow growth period and needs to focus on ways to become more active.

Transaction data is the lifeline of GameFi data

Users’ transaction data is divided into transaction volume and transaction amount.

  • How to use transaction volume

In GameFi data, the per capita transaction volume not only shows how much user participation there is, but also whether the design of the product and token economy is reasonable. 

For a GameFi project, user engagement is very important. The first generation of GameFi projects declined because of the lack of long-term player engagement. An increase or decrease in transaction volume can help verify the viability of the project behavior in order to make better decisions.

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REVV Racing Users & Transactions

From the data of REVV Racing, we can see that the project has a high quality of users in the early stage, with a larger transaction volume per capita, and slowly transforms to a smaller group with a smaller transaction volume per capita in the later stage as the project develops.

  • How to use transaction amounts

Transaction amount per capita can tell you the position of your users. Then you can check if it matches the kind of user that the project is targeting. For example, if the average transaction amount is high, then you can develop your project on Ethereum. If it is low, you can also choose other chains with a lower gas fee. 

Summary

Data analysis can help GameFi developers make strategic adjustments to their projects. With on-chain data, businesses in the blockchain industry can make the right decisions, accelerate operational efficiency, and allow more great projects to emerge.

This article is contributed by Footprint Analytics community.

What is Footprint Analytics

Footprint Analytics is an all-in-one analysis platform to visualize blockchain data and discover insights. It cleans and integrates on-chain data so users of any experience level can quickly start researching tokens, projects and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anyone can build their own customized charts in minutes. Uncover blockchain data and invest smarter with Footprint.  

Footprint Website:  https://www.footprint.network

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Twitter: https://twitter.com/Footprint_DeFi

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