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The crypto craze in 2021 was explosive. With meme and DeFi coins reaching over 10,000% gains by year’s end, along with the Metaverse seeing global adoption; many new millionaires were made in this space. It’s now 2022 and there is yet another new crypto craze bringing new opportunities for investors to rake in millions – “GameFi”, and it offers something others don’t: A clear path to a sustainable future.
Cryptocurrencycontinues to be a global phenomenon, and there are no signs of slowing down. Industries all around the world are looking for more ways to incorporate this revolutionary technology into their core products and services. One such industry is online gaming, which has seen exciting innovation in recent years, and Metaverse, Crypto, and Gaming are the perfect match. Now, thanks to blockchain technology and cryptocurrency, gamers can fully own their digital assets and earn money for engagement.
GameFi: Disrupting the +200 Billion Dollar Gaming Industry
Gaming has been around for decades and is a popular pastime across the world. In the traditional gaming model, players either must pay to play or follow a “play-to-win” model in which they need to grind endlessly just to progress. This can be frustrating, especially when real money is involved to purchase in-game assets and never being able to take that money back out. This was bound to evolve, and well, now it has.
That’s the premise of GameFi, a new way to game that allows players to earn money as they play—yes, real money. With the advent of blockchain technology, a new era of gaming is upon us; play-to-earn. Instead of just winning or losing, you are now able to get paid in crypto for engagement and fully own your digital assets with proof of ownership stored on the blockchain. The term GameFiis derived from two words, “Game” and “Finance”, and it combines gaming, crypto, and NFTs to create the newest gaming experience: P2E (play-to-earn). P2E games can range from simple strategy games and hyper-casual games, all the way up to immersive Metaverse RPG experiences, with diverse elements and a wide array of utilities.
GameFi: Fastest Growing Category in the Crypto Space
With a market cap of just under $3.5 billion, Axie Infinity (AXS) has seen its value grow exponentially as it offers the simple Pokémon-inspired play-to-earn game. Other notable names within this category: The Sandbox (SAND), also boasting a $3.5 billion market cap, while Decentraland is the current market leader with a staggering $4.5 billion market cap.
As blockchain’s potential is firmly established as one of the most exciting and dynamic technologies in recent years, more people are turning their attention to cryptocurrencies in hopes to find the next new project “going to the moon,” as they say in the crypto world.
One new project developing an immersive 3d play-to-earn fantasy game with significant hype surrounding the upcoming ICO: MetaBlaze (MBLZ). A new GameFiCrypto with top coin potential; a blockchain-based gaming company developing what might be, the next big p2e game. Merges GameFi (Gaming Finance) with popular elements ofDeFi (Decentralized Finance), creating a synergistic ecosystem comprised of web 3 technologies. Stands out by offering use cases and earning opportunities that work in tandem for both gamers and non-gamers alike, potentially positioning the community to grow far beyond that of gaming-exclusive cryptos.
The world of cryptocurrency is still in its infancy, and that means there are still plenty of opportunities to get involved and help shape the future. One area that is ripe for development is GameFi. Unlike DeFi, which is already well established, GameFi is still in its early stages. That means there are still opportunities to help shape the standards and protocols that will govern the ecosystem. As more people take part in GameFi, more value will be created. This will create a virtuous circle that has the potential to alleviate poverty. So, if you’re looking for a way to make a difference, now is the time to get involved in GameFi.
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