On-chain data allows businesses in the blockchain industry to make sound judgments, increase operational efficiency, and help more excellent projects to come into existence. Blockchain, NFTs, and tokens are at the heart of GameFi.
GameFi projects have been gradually appearing in the blockchain industry since 2018. According to Footprint Analytics, the number of GameFi projects has been on the rise. However, the quality of projects varies considerably. Data might be useful in assessing how a project is really performing.
What is the best way to interpret GameFi project data from user behavior?
Users make up the product’s user behavior. Users have their own routines on a daily basis. Transaction analysis is particularly significant in GameFi projects since they underpinned the system. As a result, it is critical for GameFi project owners to approach user behavior using data-driven insights. The evaluation of project data from the user’s perspective may be used to execute monitoring functions on the front-end, such as customer acquisition, product iteration and upgrading, and product decision-making behavior.
GameFi data is derived from user data
The number of users is a significant concept in the GameFi ecosystem because it determines how well the system functions. According to statistics, the number of GameFi users has increased steadily, reflecting the continuous expansion of projects and the GameFi market’s development.
Look at customer acquisition for early-stage initiatives
The project owner’s primary job in the early stages of a project is to acquire and retain front-end clients. GameFi is experiencing exceptional growth right now. Every move of the project will result in a large number of users. As a result, the primary goal of the project is to quantify how much user growth has occurred. Consider whether the activity’s impact has been negative. It may be a problem with the marketing method if the result of an activity has been negative, and more promotion tactics could be investigated.
It is critical to consider the threshold of entry, the user experience and the user emotion in order to identify the project’s strengths and weaknesses. When it comes to a small user base, the number of users will rapidly grow. The campaign’s effectiveness is readily measurable.
GameFi’s lifeline is its transaction data
The transaction data of users is divided into volume and amount.
How can you use transaction volume?
In GameFi data, the per capita transaction volume not only indicates how active users are but also whether the product and token economy are fair. User engagement is critical for a GameFi project. The lack of long-term player involvement was the cause of the first generation of GameFi projects failing. An increase or decrease in transaction volume might assist project stakeholders make better judgments by verifying the project’s behavior.
According to our analysis, the project has a high quality of users in the early stage, with a greater transaction volume per capita and an increasing number of participants. In the later stage, as the project grows, it transitions from a bigger group with a lower transaction volume per capita to a smaller group with a higher transaction volume per capita.
How can you use transaction amount?
The size of a transaction is an important indicator of the position of your consumers. Then see whether it corresponds to the type of user targeted by the project. If the average transaction amount is significant, may build your project on Ethereum.
As a summary:
GameFi developers may use data analysis to make strategic adjustments to their projects. Blockchain companies can use on-chain data to make the best judgments, enhance operational efficiency, and allow for more excellent initiatives to flourish thanks.
