The Rise and Fall of “X to Earn”: There is no doubt that 2021 was considered the Gamefi year. The leading game “Axie Infinity”, a non-fungible token-based online video game developed by Vietnamese studio Sky Mavis, utilized the model of P2E(Play to Earn) and opened a brand new chapter for games in Web3. Tracing back to the history of P2E, “Second Life”, a game from 2003, was one of the first games that enabled players to earn real money in the real world. The game allowed players to create an...