Main winner 2025: RWA, not AI and GameFi
According to the results of 2025, the best narrative by profitability was the tokens of real assets (RWA) with a result of about +170–180% per annum, while trendy DeFAI, DeSci, GameFi, and modular networks closed the year with a decline of –80% to –97%. User interest on social networks shifted from 'pure hype' to sectors with real cash flows: RWA, stablecoins, privacy, and infrastructure.
What this says about the market:
• 'Magical' AI-DeFi narratives without a real product have been dismissed by the market, while simple models like tokenized bonds have become favorites.
• Meme coins and RWA surpassed NFT collections and 'smart' ideas, showing that liquidity goes to emotion or cash flow.

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