According to Delphi Digital, funding for blockchain games fell more than 55 percent year over year, and many of the most anticipated titles failed to deliver.
But zoom out, and the story gets more interesting. Beneath the headlines, a quieter shift is underway. Instead of loud token launches and hype-driven economies, a new group of games is using blockchain in the background, focusing on real players and real revenue.
The Rise of Web2.5 Games
Delphi Digital points to the steady rise of what it calls Web2.5 games. These are games that use blockchain as infrastructure rather than as the main attraction. In simple terms, players may never notice the chain at all. There may be no token, no wallet pop up, and no promise of quick profits.
Studios like Fumb Games, Mythical Games, and Wemade with its Wemix platform are leading this approach. Mythical Games, for example, has built titles where players buy, trade, and own digital items, but the experience feels familiar to anyone who has played a mobile or console game. Blockchain helps behind the scenes by improving margins, tracking ownership, and opening new revenue streams.
2025 was a rough year for GameFi.
Funding is down over 55% YoY. The most anticipated launches underdelivered and enthusiasm is muted.
But the overall picture is more nuanced.
We are seeing the quiet rise of Web2.5 games. These are games that treat blockchain as pure… pic.twitter.com/99655FSG3E
— Delphi Digital (@Delphi_Digital) December 29, 2025
This model is working. While many Web3 native games struggled to keep users, these studios continue to generate meaningful revenue. Blockchain is not the product. It is the tool.
Why Tokens Alone Are Not Enough
Web3 native games have still managed to generate six to seven figures in revenue this year, according to Delphi Digital. But there is a catch. The player base remains small, and much of the activity comes from bots chasing rewards. Once incentives dry up, engagement often drops off a cliff. Some teams are experimenting with new ideas to fix this problem, from skill based rewards to social driven progression. Still, the lesson of 2025 is clear. Fun must come first. Speculation cannot carry a game on its own.
All three of our Year Ahead 2026 reports are now live!
As an early Christmas gift, we’re giving them away to the first 150 people.
RT and Comment with your boldest crypto prediction for 2026 along with your report of choice. We’ll gift it to you for free. pic.twitter.com/lJwh98bUUP
— Delphi Digital (@Delphi_Digital) December 22, 2025
This is where stablecoins may change the equation. As dollar backed stablecoins become easier to use, developers can offer tiny payments, global purchases, and simple rewards without pushing volatile tokens on users. Nanotransactions and cross border payments suddenly make sense inside games.
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