Gaming on DeFi: A New Paradigm

By Achal Arya
Published August 11, 2021 Updated August 11, 2021
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Gaming on DeFi: A New Paradigm

By Achal Arya
Published August 11, 2021 Updated August 11, 2021

Currently, the crypto ecosystem is scarcely used by the crypto-savvy crowd, limiting both the potential and reach that the ecosystem has. Every DeFi and blockchain platform has been working tooth and nail to expand the acceptance of cryptocurrencies and grow communities beyond crypto-savvy individuals.

The gaming industry is one of the industries that can assist the crypto space in reaching out to mainstream audiences. Because the majority of the population has a natural affinity for gaming, focusing on this industry can be profitable. A few DeFi platforms have adopted this blockchain technology use case and are making waves among global gamers. 

KokoSwap is a unique platform which offers a gamified experience for NFTs powered by blockchain. It includes an invite-only celebrity NFT platform, a next-gen decentralized gaming marketplace and a rewarding staking platform. KokoSwap is helping the DeFi gaming industry to become mainstream by offering unparalleled rewards. 

Here are some of the reasons why gaming on DeFi is the new paradigm in the crypto ecosystem.

Mass Reach

While most of the DeFi application focuses on revolutionizing the traditional financial system and bringing financial services to the crypto world, the community is still limited to people with prior knowledge about blockchain technology. The lack of awareness limits accessibility and potential growth.

There are over 100 million cryptocurrency users, but only 1.6 million DeFi users, indicating that the DeFi space has a massive amount of untapped potential. This void can be filled with new, easily accessible use cases that will spread like wildfire.

Blockchain-enabled games can be a quick solution for these problems, and about a dozen platforms are already working on such games. These games can subtly introduce the large community of gamers to the benefits of DeFi. Undoubtedly, the gaming industry has excellent potential for the DeFi community to expand its branches.

Community Spirit

The Crypto community is quickly growing to become one of the most prominent and active communities globally, with members from all around the world with different affinities. From the original crypto experts that first-hand saw the evolution of cryptocurrencies, to the social media community actively following all the achievements, this industry is a collaborative enterprise. 

However, the gaming community is a much older and larger community that can uplift the DeFi community significantly. This collaborative effort can make the gaming experience more immersive and promote crypto adoption simultaneously. 

In-Game Purchases

The majority of gamers are well-versed with using currency to purchase features, tools, upgrades, etc., in their favorite games. Additionally, some games reward the player for their achievements, but sadly, these rewards cannot be used in the real world, at least not yet. 

By adding in-game cryptocurrencies, players could use the rewards they earn in-game on the outside, making the gaming experience more rewarding. Cryptocurrencies can facilitate in-game purchases and let the players use the rewards to stake and earn. 

Staking

Gamers can diversify their income using the staking platform and get high returns on their ideal assets. Users can choose between different staking platforms to stake and earn interest to generate passive income. KokoSwap offers an unparalleled gaming experience with great staking rewards. 

NFTs

NFTs are non-fungible tokens that have a great application in the gaming industry. Different platforms assign NFTs to unique characters, items and accessories in MMORPG games. These NFTs can be collected and traded or used to play in the game to have a more personalized experience.

Blockchain-powered gaming platforms provide one-of-a-kind products that combine the DeFi world with the excitement of NFT gaming. Gamers can participate in a variety of immersive games to collect rare NFT collectibles and stake or trade them for profit. It will be a game changer for the DeFi community, establishing a new use case.

For some time now, the blockchain and DeFi communities have been testing the waters of the gaming industry to assess its potential. Few platforms such as KokoSwap have successfully designed games that promote the adoption of the DeFi world among the gaming community.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Achal Arya
527 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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