Why Are GameFi Projects Crucial Contributors To Crypto Adoption?
23 Mai 2022 - 11:15AM
NEWSBTC
The gaming industry is pegged to hit the $200 billion mark by 2024
and is constantly outperforming expectations. Play-to-Earn (P2E) is
trending in GameFi, besides being a significant catalyst for crypto
adoption. According to Triple-A, the total revenue from blockchain
gaming has risen from $321 million in 2020 to $1.5 billion in 2021.
Blockchain-based games have attracted 1.22 million unique active
wallets (UAW) in Q1 2022. Popular titles like Axie Infinity and
Decentraland accounted for 22,000 of those. The promise of
decentralized ownership, inclusive decision-making procedures, and
attractive financial incentives are the primary factors drawing
gamers to P2E. GameFi’s success has been a massive push for crypto
and blockchain’s acceptance and legitimacy, propelling adoption.
GameFi — Gaming That Pays for Real GameFi combines gaming and
finance, as the name suggests. It is the financialization of video
games using blockchain-based methods to let users monetize their
gaming experiences. Play-to-Earn (P2E) is a primary feature of this
model. Traditional games have centralized business models where
producers retain the maximum profit share, whereas in-game assets
aren’t interoperable. Gamers thus have little or no way to monetize
grinding or in-game achievements. Moreover, gaming studios have the
final say over the game’s development trajectory, the supply of
in-game assets, and their use cases. On the other hand, P2E games
adopt the principle of decentralization, letting gamers receive
crypto-based rewards for achieving in-game goals. Gamers also
retain their in-game items—like avatars, modifications, weapons,
pets, and land—in non-fungible tokens (NFTs). GameFi thus
ensures genuine ownership of in-game assets while making them
interoperable and tradable in secondary markets. Crypto Community’s
Response to GameFi Projects There is a growing recognition that
GameFi boosts engagement in the entertainment sector by integrating
gaming and financial processes as giants like Epic Games and
Ubisoft are diversifying their ventures to develop blockchain games
that support crypto and blockchain-based assets. Games like Fights
of the Ages (FOTA) are on a quest to provide more immersive
blockchain gaming experiences. FOTA is a AAA multiplayer online
battle game with a fantasy universe inhabited by various races. The
game utilizes NFTs to allow digital property ownership and let
users own valuable assets, collectable through the gameplay. The
in-game economy enables players to earn by competing in tournaments
and races. FOTA’s metaverse integrates Microsoft Mesh, the world’s
first platform supporting Mixed Reality (MR). This provides players
with a highly immersive experience, blurring the virtual and real
worlds. Final Thoughts GameFi creates an environment where gamers
can use their skills to earn crypto while playing. This provides an
incentive for gamers and educates them on the benefits of using
cryptocurrencies. Gamers also benefit from faster and more secure
crypto transactions. This makes gaming a more enjoyable experience
since players no longer worry about waiting long durations for
their payments. Though blockchain games are still in the nascent
stages of development, they are positioned to compete with
traditional pay-to-play and free-to-play games while disrupting the
gaming sector. The economic incentives they carry will push the
adoption of cryptocurrencies, blockchain, and digital assets
forward.
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