[1:58] 2025 was the end of play-to-earn cycle which started in 2021 with Axie Infinity.
[3:10] However, crypto had a great year in terms of Tradfi adoption; ETFs, stablecoins, DATs etc.
[7:50] Why have crypto incentives not worked for blockchain games?
[11:00] Adding real-world value has overwhelmed the other reasons why people play games.
[14:30] The killer feature of blockchain games shouldn't be making money but assets having value.
[17:40] Tokens are dead; at least tokens that are available for trading on centralized
[24:58] Do stablecoins eat all other forms of payment including in games?
[26:01] Mythical Games is launching a new USDC-based NFT marketplace in 2026.
[33:03] Funding for games in general and blockchain games in particular has been
[36:53] In 2025, blockchain game funding was $350 million, $1 billion in 2024, $1.7 billion in 2023.
[41:03] Pixels and its forthcoing Stacked rewards app is going for a mass audience.
[44:44] YGG gave up on mass market guilds and is making Casual Degen games for crypto people.
[49:11] (An aside - the rise of prediction markets.)
[55:06] Another trend is large games like MapleStory and EVE Frontier building an ecosystem.
[1:03:00] The Sandbox is launching its new community memecoin Corners platforms.
[1:04:45] An example of the sector's change in 2025 is Mighty Bear Games rebranding to Wearemighty.
[1:09:25] Immutable also had a significant change of focus from games to marketing in 2025.
[1:13:15] The products that die in 2026 will be the ones with exactly the same strategy as 2025.

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