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 infrastructure and often skip the token entirely to compete on real revenue. Studios like Fumb Games, Mythical Games, and Wemade/Wemix continue generating significant revenue while leveraging blockchain in their own unique ways. The chain improves margins, increases engagement, or introduces new revenue streams. Web3 native games have generated six to seven figures in revenue this year, but the player pool remains small and populated by bots. The fun stops once incentives dry up, though some teams are experimenting with novel models to combat this. Web2.5 studios can now leverage blockchain's advantages without forcing speculation onto users to justify clunky UX. Stablecoin adoption should accelerate this trend. Nanotransactions, global payment rails, and engagement based rewards all become easier.(Delphi Digital)