The rapid collapse of decentralized game economies, often characterized by the \textit{death spiral,} remains the most formidable barrier to the mass adoption of Web3 gaming. This paper proposes that the sustainability of an open game economy is predicated on three necessary and sufficient conditions: Anti-Sybil Resilience, Anti-Capital Dominance, and Anti-Inflationary Saturation. The first section establishes a theoretical proof of these conditions, arguing that the absence of any single dimension leads to systemic failure. The second section explores the dialectical relationship between these dimensions, illustrating how unchecked automation and capital-driven monopolies accelerate asset hyperinflation. In the third section, we introduce the Identity-Bound Asset Integrity Model (IBAIM) as a comprehensive technical solution. IBAIM utilizes Zero-Knowledge (ZK) biometric hashing and Account Abstraction (AA) to anchor asset utility to unique human identities through a privacy-preserving and regulatory-compliant architecture. By exogenizing biometric verification to trusted local environments and utilizing Zero-Knowledge Proofs of Identity (zk-PoI), the model ensures absolute user privacy. Furthermore, by implementing an Asymmetric Utility Decay (AUD) engine-whereby assets suffer a vertical 50% utility cliff upon secondary transfer-and an entropy-driven thermodynamic degradation mechanism., the model successfully decouples financial speculation from in-game merit. Finally, we apply this framework to analyze prominent historical failures in the GameFi sector, demonstrating that their collapse was an inevitable consequence of violating these core economic constraints. Our findings suggest that trading a degree of asset liquidity for system integrity is the only viable path toward long-term economic viability in decentralized virtual worlds.

翻译：去中心化游戏经济体系的迅速崩溃（常表现为“死亡螺旋”）仍是Web3游戏大规模普及面临的最大障碍。本文提出，开放游戏经济的可持续性取决于三个充要条件：抗女巫攻击韧性、反资本垄断性及反通胀饱和性。第一部分建立这些条件的理论证明，论证任一维度的缺失都将导致系统失效；第二部分探讨各维度间的辩证关系，揭示无节制的自动化与资本驱动的垄断如何加速资产恶性通胀；第三部分提出身份绑定资产完整性模型（IBAIM）这一综合性技术解决方案。IBAIM通过零知识（ZK）生物特征哈希与账户抽象（AA）技术，在兼顾隐私保护与合规监管的架构下，将资产效用锚定于唯一人类身份。通过将生物特征验证外置于可信本地环境，并采用零知识身份证明（zk-PoI），模型确保用户绝对隐私。此外，通过实施非对称效用衰减（AUD）引擎——资产在二次转让时触发效用垂直下降50%的效用悬崖——以及熵驱动的热力学退化机制，模型成功将金融投机与游戏内价值解耦。最终，我们运用该框架分析GameFi领域著名历史失败案例，论证其崩溃是违反这些核心经济约束的必然结果。研究结论表明，以资产流动性的一部分换取系统完整性，是去中心化虚拟世界实现长期经济可行性的唯一路径。